Low-Enriched Uranium (LEU) Nuclear Fuel

TENEX is the commercial arm of Rosatom State Atomic Energy Corporation for uranium enrichment services and nuclear fuel exports. TENEX is responsible for enrichment contracts with Western utilities and has historically supplied ~35–40% of enrichment services consumed by US and European nuclear power plants, and approximately 40% of global enrichment capacity when combined with ROSATOM's domestic operations. TENEX operates centrifuge enrichment cascades at four Russian sites (Novouralsk, Zelenogorsk, Seversk, Angarsk) with total capacity ~26.5 million SWU/year — the world's largest enrichment capacity under a single organization. Subject to US Prohibiting Russian Uranium Imports Act (signed May 13, 2024), prohibiting Russian LEU imports into the US from August 2024 (with waiver period through January 2028).

Anglo-German-Dutch uranium enrichment consortium with operations in UK, Netherlands, Germany, and USA (Urenco USA at Eunice NM — the sole US enrichment facility). Key Western alternative to Russian enrichment for US nuclear fuel.

French state-majority-owned nuclear fuel cycle company. Revenue ~€4.5B (2024). Operates Georges Besse II enrichment plant at Tricastin (France) — ~7.5 million SWU/yr capacity. Also mines uranium in Niger and Kazakhstan, and provides conversion services. The largest single Western enrichment facility. Signed multiple long-term supply contracts with US utilities post-Russian import ban. Orano is 80% owned by French state via CEA and Caisse des Dépôts.

US nuclear fuel supplier and the company deploying the only American-designed uranium enrichment technology (American Centrifuge). Centrus operates a small demonstration cascade of AC100M centrifuges at Piketon, OH (the American Centrifuge Plant, ACP), licensed by NRC in 2021 — the first new US enrichment license in decades. Revenue ~$340M (2024). Also purchases and resells SWU (separative work units) from Urenco, Orano, and historically TENEX. Centrus is the primary vehicle for potential US enrichment scale-up.