Energy department selling surplus uranium
The department announced the sales will take place every three months, with no more than 450 metric tons put on the market per quarter.
The uranium, which can be processed as fuel for nuclear power plants, will help cover the cost of cleaning up the Portsmouth uranium enrichment plant in Ohio.
Energy Secretary Steven Chu approved the transfers after he determined the sales would not hurt domestic uranium producers, the department said. U.S. uranium production rose 14 percent last year to 4.2 million pounds.
However, an analysis prepared for the department concluded that the average spot price for uranium could fall 4.9 to 8.9 percent during the period from the November 30, 2010 spot price of $60.25 per pound. The current spot price for uranium is near $70 a pound.
The Energy Department built up an inventory of about 58,000 tonnes of natural uranium for military use during the Cold War and has been selling the stocks gradually over the past 25 years.
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Egypt's renewable energy to reach 6.6 GW by year-end
CAIRO - Egypt is planning to expand into renewable energy projects in a bid to increase its contribution to the energy mix, the country’s minister of electricity and renewable energy Mohamed Shaker said.
Renewable power is expected to add 6.6 gigawatts (GW) by the end of 2020, with plans to reach 8,200 megawatts (MW) after the completion of the renewable energy projects currently under consideration, Shaker added in a statement on Tuesday.
This came during the minister’s video-conference meeting with the British ambassador to Egypt Geoffrey Adams to explore the potential means for cooperation between the two countries in the electricity sector.
