ESA ANNUAL REPORT

2018

Mr Dariusz KOZAKEuratom Supply AgencyNuclear Fuel Market Observatory Sector

21 March 2019, Luxembourg

Fresh fuel loaded into EU reactors

2018 2017Change

(%)

Fuel Loaded

(tLEU)2 225 2 232 -

Enrichment assay

(%)3.96 3.92

FeedNatU (tU) 15.912 16.084 -1

RepU (tU) 565 460 22

tSWU 12 075 12 101 -

Tails assays (%) 0.23 0.23

Source Quantities (tU) Share (%)

Uranium

originating

outside the EU

15 912 92.4

Indigenous

sources (1)1 291 7.6

Total annual

requirements 17 203 100

Natural uranium equivalent includedin fuel loaded by source in 2018

(1) reprocessed uranium and savings from usage of

MOX fuel and small quantities of underfed material and

re-enriched tails

2018 2017 Change (%)

MOX Fuel Loaded

(kg PU)8 080 10 696 -24.5

Savings in NatU

(tonnes)726 993

Savings in SWU

(tonnes)510 691

MOX Fuel loaded into the EU reactors

Deliveries of natural uranium in 2018

2018 2017 Change (%)

Uranium delivered (tU) 12 835 14 312 -10

Nr of deliveries 140 141

Long-term contracts (%) 95 96

Spot contracts (%) 5 4

Natural uranium equivalent feed contained in fuelloaded into EU reactors and natural uranium

equivalent delivered to utilities under purchasingcontracts (tonnes NatU)

Reactor requirements for uranium and separative work in the EU-28 (in tonnes NatU or SWU)

Reactor requirements for uranium and separative workin the EU-28 (in tonnes NatU or SWU). Comparison of

the forecasts of 2013 and 2018

Origins of uranium delivered to EU utilities in 2018 (% share)

Origins of uranium delivered to EU utilities in 2018 (tU)

Origin Quantity Share (%)Change in quantities

2018/2017 (%)

Canada 3 630 28.28 -11.4

Niger 2 067 16.10 -3.9

Australia 1 909 14.87 -8.7

Russia 1 759 13.70 -19.8

Kazakhstan 1 754 13.66 -15.0

Namibia 1 046 8.15 13.4

Uzbekistan 166 1.29 -52.5

Re-enriched tails 161 1.25 -6.0

South Africa 118 0.92 -

United States 110 0.85 -42.9

Other (1) 80 0.62 -

Ukraine 19 0.15 -

EU 18 0.14 -

Total 12 835 100.0 -10.32

(1) material saved through underfeeding, mixed origin and unknown

ESA U Price Indices

• ESA Spot U3O8 price: weighted average of U3O8 prices paid by the EU utilities for U delivered under spot contracts in 2018

• ESA Long-term U3O8 price: weighted average of U3O8 prices paid by the EU utilities for U delivered under long-term contracts with deliveries in 2018

• ESA MAC-3 U3O8 price: weighted average of U3O8 prices paid by the EU utilities for U delivered only under newly signed long-term contracts i.e. signed/amended within the last three years (2016-2018) with deliveries in 2018

9

• Deliveries database

o made under Nat U or EUP purchasing contracts by EU utilities during the reference year i.e. 2018

• Currency Conversion

o converted into EUR

o ECB annual average exchange rates

o ECB EUR/USD (2018) = 1.18

• Unit Conversion

o kg U in the chemical form U308, using conventional conversion factors

• ESA average conversion price

o If included, deducted to obtain the net natural uranium price as U308

o ESA Conversion Price (2018) = €7,28/kgU

o ESA Conversion Price is based on the NatU long term contracts

ESA Prices Calculation Methodology

10

2018 2017 Change (%)

EUR/kgU EUR/kgU

44,34 55,16 -20

US$/lbU3O8 US$/lbU3O8

20,14 23,97 -16

• Based on prices in SPOT contracts

• 5% of total deliveries

• 6 deliveries

• Based on fixed prices or index-based

formulae

• Deliveries accounted for 635 tonnes

of uranium

ESA Spot U3O8 prices

2018 2017 Change (%)

EUR/kgU EUR/kgU

73,74 80,55 -8

US$/lbU3O8 US$/lbU3O8

33,50 35,00 -4

• Based on prices in long term

contracts

• Contracts signed 9 years earlier on

average

• 95% of total deliveries

• 134 deliveries

• Based on fixed prices or index-

based formulae

• Deliveries accounted for 12 200

tonnes of uranium

ESA Long-term U3O8 price

ESA ‘MAC-3’ Multiannual U3O8 price

2018 2017 Change (%)

EUR/kgU EUR/kgU

74,19 80,50 -8

US$/lbU3O8 US$/lbU3O8

33,70 34,98 -4

• 57% of total deliveries

• 66 deliveries

• Deliveries accounted for 7 279

tonnes of uranium

• Based on deliveries made only

under newly signed or newly

amended multiannual contracts

over the last 3 years

ESA average price indices

ESA average price indices

ConverterQuantity in

2018 (tU)

Share in

2018

(%)

Quantity in 2017

(tU)

Share in 2017

(%)

Change in

quantities

2018/2017 (%)

Orano (EU) 5 685 48 5 166 40 10

Rosatom (Russia) 2 017 17 2 668 21 -24

Cameco (Canada) 1 969 17 2 149 17 -8

ConverDyn (US) 1 562 13 2 010 16 -22

Unspecified 636 5 823 6 -23

Total 11 869 100 12 816 100 -7

Supply of conversion services to the EU utilities

2018 2017 Change (%)

tSWU 10 899 10 862 -

EUP tU 1 763 1 731 -

Uranium feed tU 13 580 13 540 -

AV enrichment assay (%) 4,10 4,12

AV tails assay (%) 0,22 0,23

Provider of service

Quantities

in 2018

(tSW)

Share in

2018

(%)

Quantities

in 2017

(tSW)

Share in

2017

(%)

Change in

quantities

2018/2017

(%)

Orano/GBII and Urenco (EU) 7 151 66 7 691 71 -7

Tenex/TVEL (Russia) 3 462 32 2 524 23 37

Russian blended (1) 286 2 447 4 -36

Centrus (formerly USEC) (US) 0 - 200 2 -

TOTAL (2) 10 899 100 10 862 100 2

Providers of enrichment services to EU utilities

Provision of enrichment services to EU utilities

Total natural uranium equivalent inventories owned by EU

utilities at the end of the year, 2013-2018 (in tonnes)

110%

108%

77%

72%

88%

101%

67%

43%

30%

50%

70%

90%

110%

130%

2019 2020 2021 2022 2023 2024 2025 2026 2027

Enrichment services coverage rate

Natural uranium coverage rate

Coverage rate for natural uranium and

enrichment services, 2019-2027 (%)

69%

82%

73% 72%

79%83%

79%

44%41%

26%

36%33% 33%

26%

17%19% 19%

24%

94%

119%

107%104% 105%

100% 98%

63%66%

0%

20%

40%

60%

80%

100%

120%

140%

2019 2020 2021 2022 2023 2024 2025 2026 2027

Separate conversion contracts Other contracts Total

Coverage rate for conversion services

2019-2027 (%)

Mr Dariusz KOZAK

EURATOM Supply Agency

e-mail: Dariusz.Kozak@ec.europa.eu

http://ec.europa.eu/euratom/index_en.html