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Annual Report 2023 banner

Annual Report 2023

Annual Report 2023 banner

Annual Report 2023

Hear from our board members

  • Stephen Billingham


    Outlines how the importance and pace of our work increased significantly in 2023.

  • Boris Schucht

    Chief Executive Officer

    Explains how renewed interest in nuclear energy is driving customer demand.

  • Ralf ter Haar

    Chief Finance Officer

    Discusses our financial performance in 2023

  • Justin Manson

    Chair, Sustainability Committee

    Describes how we have progressed on our sustainability goals in 2023.

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Financial highlights



(2022: €1,716.5m)

Cash generated from operations


(2022: €1,133.7m)



(2022: €824.6m)

Capital expenditure


(2022: €184m)

Net income/loss post exceptionals


(2022: €1,173.2m)

Net income/loss pre exceptionals


(2022: €285.1m)

Net cash


(2022: €627.2m)

Sustainability highlights

Reduced our water use by 10.6% compared to our baseline year of 2020

30.1% reduction in carbon emissions (scope 1 and 2) from our baseline year of 2019

Enriched enough uranium to generate an estimated 760,000 GWh of electricity from nuclear power, avoiding approximately 380 million tonnes of carbon emissions

Invested over €3.5 million in our social impact programme since 2021

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Sustainability at Urenco means delivering for a net zero world whilst minimising our own impact on the environment, operating in an open and accountable manner and supporting our local communities.

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Markets overview

  • Location Flag Belgium

    Engie, the French operator of Belgium's nuclear power plants, has signed an agreement with the Belgian government to extend operation of its Tihange-3 and Doel-4 reactors by 10 years. Belgium had previously intended to phase out its entire nuclear fleet by 2025.

  • Location Flag Canada

    In March, the Canadian Government introduced a new 15% refundable Clean Electricity Investment Tax Credit which will take effect from 2024-2025 through to 2034-2035. Nuclear projects − large-scale and SMRs − are eligible for the credit, which is available to both new projects and the refurbishment of existing facilities. The Ontario Government has announced it is starting pre-development work to build up to 4.8 GW of new nuclear capacity at Bruce Power's existing site, in what would be Canada's first large-scale nuclear build in more than 30 years. At the same time, the Ontario Government also announced it is working with Ontario Power Generation (OPG) to begin planning and licensing for three additional GEH BWRX-300 SMRs at the Darlington plant site. Construction of the first unit is scheduled to be completed by late 2028, with power being supplied to the grid in 2029. In New Brunswick, NB Power published its own strategic plan highlighting the need to phase out coal by 2030 and achieve net-zero electricity supply by 2035. The roadmap included in the strategy report expects the first 150 MWe of SMR capacity to come online in 2030- 2031, with another 450 MWe starting up in 2035. 

  • Location Flag China

    China's State Council has approved the construction of 10 nuclear power units - Ningde-5 & -6, Shidaowan-1 & -2, Xudabao-1 & -2, Taipingling-3 & -4 and Jinqimen-1 & -2. The approvals mark the second year that China has approved 10 new reactors.

  • Location Flag Czech Republic

    In order to meet EU goals for cutting carbon emissions, the Czech Government has adopted a national climate and energy plan that would see nuclear capacity in the country rise from 4.3 GW to 5.9 GW by 2050. The plan envisages three large reactors, each up to 1.1 GW.
    Separate plans by CEZ, the operator of the nuclear fleet in the Czech Republic, indicate that the power company has an overall target of 10 SMRs, each with a capacity of 300 MW, to be in operation by 2050.

  • Location Flag Finland

    In June, a newly formed coalition Government committed to build new nuclear reactors in the country. The new Government recognises the reliability of nuclear energy production and the intermittent nature of renewable energy. This followed Olkiluoto-3, Europe’s largest nuclear power reactor, beginning commercial operations in May. It will produce about 15% of Finland's total electricity consumption.
    Teollisuuden Voima Oyj (TVO), the operator of the Olkiluoto units, also announced it had initiated plans to extend the operations of units 1 and 2 through to around 2048 – a 10-year extension.
    In addition, the Finnish Government granted an operating licence extension to its two-unit Loviisa nuclear power plant, allowing it to continue generating power until the end of 2050.

  • Location Flag France

    The French Government continues to deliver on its pledge to build up to 14 new nuclear reactors by 2050. This year, the French Parliament approved a bill to accelerate the construction of new nuclear reactors and the Energy Transition Ministry expects future construction times to be reduced by at least two years. In addition, a prior plan to cap nuclear power’s share of the energy mix to 50% by 2035 was abandoned. In June, EDF, the operator of France’s fleet of nuclear reactors, returned to full state ownership. The decision to renationalise EDF was motivated by the need to secure energy independence and will facilitate
    the building of at least six new EPR reactors. In November, EDF reported that preparatory work on the construction of France’s new generation of EPRs could begin in the summer of 2024, with commissioning in 2035.

  • Location Flag Italy

    As an example of a nation reconsidering nuclear energy, Italian Government ministers have announced plans to restart nuclear generation within the next 10 years. Following this, Edison, an Italian energy company, announced its ambition to construct two nuclear power plants based on EDF's SMR technology between 2030 and 2040, if the conditions are created for the return of nuclear energy to Italy.

  • Location Flag Germany

    The last three nuclear power units in Germany, Neckarwestheim II, Emsland and Isar II, were shut down on 15 April as the final stage of the country's nuclear phase-out policy, which dates back more than two decades, drew to a close.

  • Location Flag Japan

    The Japanese parliament has passed an amended energy law that allows reactors in the country to operate beyond the current 60 year limit. The revised nuclear law contains the "stop count" measure that excludes from the 60 year limit the periods when units are shut due to reactor safety reviews by the Nuclear Regulation Authority. In addition, the Economy, Trade and Industry Ministry has appointed Mitsubishi Heavy Industries as the core company overseeing the design of next generation nuclear power plants. This move aims to accelerate the development of nuclear power plants and achieve a balance between stable energy supply and decarbonisation. The number of reactors restarted in Japan has now reached 12 units as both Kansai’s Takahama-1 and -2 resumed operations after being taken offline more than 12 years ago.

  • Location Flag Netherlands

    Talks are being held with three potential suppliers regarding the construction of the two new nuclear power stations that are expected to be located in Borssele, the location of the country’s current sole operating nuclear power plant. Additionally, the Dutch province of Zeeland has started a two stage consultation on Government plans to build those units in addition to prolonging the operation of the existing Borssele reactor beyond its scheduled closure in 2033.

  • Location Flag Poland

    Poland continues to move closer to realising its nuclear power ambitions as several projects have received a ‘decision-in-principle’ from the Ministry of Climate and Environment. Projects to receive the decision include, Polskie Elektrownie Jądrowe’s (PEJ) plan to construct a nuclear power plant using Westinghouse's AP1000 reactor technology in Pomerania; the PEJ and Ze Pak joint venture that will deploy two South Korea-supplied APR1400 reactors planned for the Patnow-Konin region; copper and silver producer KGHM Polska Miedz’s plan to build a NuScale Voygr SMR plant with a capacity of 462 MW; and Orlen Synthos Green Energy’s plans to build 24 GE-Hitachi (GEH) BWRX-300 SMRs in six locations across the country.

  • Location Flag Slovak Republic

    The Slovak Government is evaluating whether to build one large reactor or SMRs at the Bohunice nuclear plant site in the west of Slovakia. The Ministry of Economy and nuclear operator, Slovenské elektrárne, signed a memorandum of cooperation with a range of partners to support the development of SMRs in Slovakia, including applying for funding from the USA's Project Phoenix. This aims to accelerate the global clean energy transition by supporting feasibility studies and providing technical assistance for the pursuit of the conversion of coal- fired power plants to reliable and safe zero-carbon SMR nuclear energy generation plants.

  • Location Flag South Korea

    The Government is considering building a new nuclear power plant under its forthcoming long-term energy policy plan amid rising electricity demand. The final draft of the 11th Basic Plan for Long-Term Energy Supply and Demand, which covers 2024 through to 2038, is expected to be published as early as the first half of 2024. If the construction of a new nuclear plant is to be incorporated, it will be the first new nuclear facility to be built since Shin-Hanul-3 and -4 from the 7th Basic Plan in 2015. Preparatory groundwork is set to begin for the construction of Shin Hanul-3 and -4 following the approval by the South Korean Government of the project's implementation plan. Construction of the units is expected to begin next year. This project had been suspended due to the previous administrations’ policy of phasing out nuclear power.

  • Location Flag Spain

    The Government has confirmed plans to close the country's nuclear plants between 2027 to 2035 as it presented energy measures including extended deadlines for renewable projects and adjusted renewable auctions.

  • Location Flag Sweden

    The Swedish Government has forecast that its decarbonisation efforts will require a doubling of electricity production and that in the future, nuclear power will provide an increased proportion of projected demand. Sweden adopted a new energy target which paves the way for nuclear to support its targets. To further aid a nuclear expansion, Sweden's parliament cleared the way for new nuclear power in the country by removing the current limit on the number of nuclear reactors in operation, as well as allowing reactors to be built on new sites. The government also said that it aims to build the equivalent of two new large scale nuclear reactors by 2035 to meet demand for clean power from industry and transport and was prepared to take on some of the costs. By 2045 the government is targeting the equivalent of 10 new reactors, some of which are expected to be SMRs.

  • Location Flag UK

    In July, the UK launched Great British Nuclear (GBN), a new government body designated with the task of delivering the Government’s long term nuclear programme and its ambition to deliver up to 24GW, quadrupling nuclear power in the UK by 2050. Its first act was to launch a competition for SMR vendors to bid for funding support for the development of new reactors which resulted in Rolls-Royce, EDF, GE-Hitachi, Holtec, Westinghouse and NuScale Power moving on to the next stage of the process. In terms of large reactor new build, the UK Government has released over two thirds of previously allocated funding to take forward development work to prepare the Sizewell C site "for future construction, procure key components from the project’s supply chain, and expand its workforce".

  • Location Flag Ukraine

    The country gave the go-ahead to begin work on project documentation for the construction of two Westinghouse AP1000 reactors at the Khmelnitsky nuclear power plant.
    According to the country's energy's ministry, the target date to complete construction and start-up is 2030-2032. In addition, up to 20 Holtec SMR-160 plants will be built in Ukraine under a cooperation agreement signed between Holtec and nuclear operator Energoatom. The agreement calls for the first plant to begin supplying power by March 2029. Finally, Ukraine's State Nuclear Regulatory Inspectorate has granted permission for a 10-year lifetime extension for South Ukraine-1, through to December 2033.

  • Location Flag USA

    Despite the setback in November of the failed NuScale six reactor, a 462 MW, project with the Utah Associated Municipal Power Systems, the market fundamentals for nuclear energy in the US continue to improve, buoyed by the Inflation Reduction Act of 2022. The IRA, which includes a tax credit for the production of zero-emission nuclear power, will dramatically improve the economics of existing nuclear reactors and also provide additional support for nuclear new-build as well. The tax credit has already led to significant plans to invest in the capacity and operating life of plants across the country.

    The Nuclear Fuel Security Act was also enacted in December 2023 as part of the National Defense Authorization Act. The Nuclear Fuel Security Act authorises the US Department of Energy to take various actions to support new domestic LEU production and accelerate efforts to establish a domestic HALEU production capability. The current administration has supported significant new funding to enhance the US’ enrichment capabilities for both of these advanced fuels.

    Urenco has responded to these changes in the US nuclear market, and in July 2023 we announced that we would deliver extended capacity at our New Mexico plant, adding centrifuges in the coming years.

    In July, the USA’s newest nuclear reactor, Vogtle 3, began commercial operations, with Vogtle 4 expected to come online in 2024. Meanwhile, the Palisades plant, which shut down in May 2022, could become the first successfully restarted nuclear power plant in the USA following owner Holtec's request to formally begin the process of resuming power operations. Holtec also plans to deploy two units of its advanced reactor design, called the SMR-300, side-by-side with the original plant at Palisades by mid-2030.

    X-energy demonstrated its adaptability to challenging projects by changing plans to build the company's first demonstration project, a four-unit Xe-100 facility, in Washington State. The project is now planned to be built in a partnership with Dow at its UCC Seadrift Operations manufacturing site in Texas. The aim is for the project to be completed by the end of the decade.

    In December, the Nuclear Regulatory Commission directed staff to issue a construction permit to Kairos Power for the company’s proposed Hermes non-power test reactor in Oak Ridge, Tennessee. The permit authorizes Kairos to build a 35-megawatt thermal advanced reactor that would use molten salt to cool the reactor core: the first of its kind.

    At the state level, Illinois passed legislation lifting a three-decade moratorium on development of nuclear reactors in the state, permitting the deployment of SMRs from January 2026. North Carolina lawmakers passed a bill that would redefine "renewable energy" as "clean energy" to include nuclear and fusion power. Virginia has signed into law two bills that will support state ambitions to include SMRs as part of an "all-of- the-above" energy plan released in 2022. Several nuclear power plants initiated or progressed plans to request new license renewals (taking units from 60 to 80 years of operation) in 2023. Dominion Energy filed a license amendment request to operate its Summer unit while Xcel Energy and Indiana Michigan announced plans to submit license renewal applications in 2026 and 2027 for their two-unit Prairie Island and Donald C Cook nuclear plants. In addition, PG&E filed an initial 20-year license renewal with the US Nuclear Regulatory Commission (NRC) for its Diablo Canyon units, preserving the opportunity for the state to keep the facility open beyond the five-year extension that California lawmakers placed on the table in 2022.

Our performance

Our strategy

In 2023, we reaffirmed our strategy for growth and expansion, to meet the world’s need for secure, sustainable energy. Our long term focus is on meeting increased demand in the market with a flexible, resilient and sustainable operation. In order to achieve this, we are implementing our refurbishment and extension plans which are taking place at each one of our sites, as well as increasing our decommissioning and deconversion capabilities.

Stakeholder engagement

  • September 2023

    COO, Bridget Sparrow, met Minister for Nuclear & Networks, Andrew Bowie MP, at the UK's Nuclear Week in Parliament.

    September 2023

    COO, Bridget Sparrow, met Minister for Nuclear & Networks, Andrew Bowie MP, at the UK's Nuclear Week in Parliament.

  • November 2023

    Our CEO, Boris Schucht, spoke on a panel on the opening day of the COP28 summit regarding nuclear fuel capacity and ensuring the industry could play its role in reaching net zero. 

    November 2023

    Our CEO, Boris Schucht, spoke on a panel on the opening day of the COP28 summit regarding nuclear fuel capacity and ensuring the industry could play its role in reaching net zero. 

  • November 2023

    Urenco co-hosted an energy “dinner debate” in the European Parliament, Strasbourg, in conjunction with the European Energy Forum (EEF) and EDF.

    November 2023

    Urenco co-hosted an energy “dinner debate” in the European Parliament, Strasbourg, in conjunction with the European Energy Forum (EEF) and EDF.

  • November 2023

    A group of almost 100 suppliers from all over the world attended the first Urenco Global Supplier Day at our site in Almelo.

    November 2023

    A group of almost 100 suppliers from all over the world attended the first Urenco Global Supplier Day at our site in Almelo.

  • November 2023

    Urenco visited one of the newest reactors operated by longstanding customer, TVO, in Finland, joined by the British Ambassador to Finland, Theresa Bubbear. 

    November 2023

    Urenco visited one of the newest reactors operated by longstanding customer, TVO, in Finland, joined by the British Ambassador to Finland, Theresa Bubbear. 

  • November 2023

    Urenco's Young Persons Network (YPN) attended the Nuclear Institute’s Young Generation Network (NI YGN) Annual Seminar and Dinner. 

    November 2023

    Urenco's Young Persons Network (YPN) attended the Nuclear Institute’s Young Generation Network (NI YGN) Annual Seminar and Dinner. 

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Section 172 Statement

Section 172 of the Companies Act 2006 requires a director of a company to act in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole. Information about our Section 172 Statement can be found on page 66-67 of our annual report.


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