Cameco Secures Long-Term UF6 Supply Agreement with Slovenské Elektrárne, Strengthening Slovakia’s Energy Security
Cameco Corporation, one of the world’s leading uranium producers, has officially announced the signing of a long-term supply agreement with Slovenské elektrárne (SE), Slovakia’s largest power-generating company. The contract, which extends through 2036, ensures that SE will have a secure and diversified supply of natural uranium hexafluoride (UF6) to support the fuel needs of its nuclear power plants.
The agreement encompasses both the supply of uranium and associated conversion services, forming a comprehensive package designed to meet SE’s long-term nuclear fuel cycle requirements. Deliveries under the agreement are set to begin in 2028 and will specifically support the safe and reliable operations of SE’s Bohunice and Mochovce nuclear facilities, which are central to Slovakia’s power generation and energy security.
A Milestone Partnership
To commemorate the milestone, representatives from Cameco’s marketing team joined executives from Slovenské elektrárne for a celebratory gathering in London earlier this month. The signing highlights a growing partnership between Canadian and Slovak energy sectors at a time when global energy markets are undergoing significant transformation.
For Cameco, the deal marks a new expansion into the Slovak market, broadening the company’s already extensive commercial portfolio. With customers across North America, Europe, and Asia, the Canadian uranium giant continues to solidify its reputation as a dependable supplier of nuclear fuel, particularly in regions seeking greater energy security and independence from geopolitically sensitive supply chains.
Cameco’s Commitment to Slovakia
Tim Gitzel, President and CEO of Cameco, emphasized the importance of this agreement, both for Slovakia and for Cameco’s global strategy.
“Cameco is proud to play an essential role in helping Slovakia meet its nuclear fuel needs. With this long-term agreement, we are adding a new market to our global commercial portfolio and supporting Slovakia with a stable, reliable supply of uranium fuel that is expected to enhance energy security in the region,” said Gitzel.
The CEO further underscored the value of such agreements in today’s energy landscape. Nuclear power, often described as a cornerstone of low-carbon energy production, has seen renewed global interest as countries aim to reduce reliance on fossil fuels while maintaining reliable baseload electricity. For Slovakia, nuclear already provides more than half of the country’s electricity, making fuel supply contracts such as this one critical for long-term planning.
Slovenské Elektrárne’s Strategic Perspective
From the Slovak side, Branislav Strýček, Chairman of the Board and CEO of Slovenské elektrárne, highlighted the strategic importance of the contract.
“Conversion is one of the most critical parts of the nuclear fuel cycle – the process by which natural uranium is converted into a form suitable for enrichment and reprocessing. Slovenské elektrárne has succeeded in securing a long-term and reliable supply of a significant share of this key raw material until 2036, which is a significant step for Slovakia’s energy security,” said Strýček.
He added that the deal represents more than just a commercial arrangement—it is a cornerstone of Slovakia’s future energy stability. “The contract is strategic for Slovenské elektrárne – allowing us to diversify our suppliers, reduce our dependence on one source, and at the same time guarantee the smooth operation of our nuclear power plants.”
Strengthening Energy Security in Europe
The timing of the agreement is notable. In recent years, European energy security has become a pressing issue, with geopolitical challenges and shifting energy markets reshaping how countries source critical fuel supplies. For Slovakia, which relies heavily on nuclear power to maintain both affordability and sustainability in its energy mix, ensuring a secure and diversified supply of nuclear fuel is a top national priority.
By entering into this contract with Cameco, Slovenské elektrárne is effectively reducing its exposure to supply risks and ensuring the continued operation of its nuclear plants, which provide consistent low-carbon electricity to Slovak households and industries.
Nuclear Power’s Role in a Low-Carbon Future
The Cameco-Slovenské elektrárne agreement also reflects the broader trend of nuclear energy’s resurgence in Europe and beyond. As nations pursue ambitious net-zero targets, nuclear is increasingly recognized as a reliable, low-carbon technology capable of supporting renewable energy sources such as wind and solar.
For Slovakia, nuclear is not only a tool for emissions reduction but also a mechanism for enhancing economic stability and energy independence. Agreements like this one reinforce the infrastructure needed to maintain that trajectory, providing certainty in an otherwise uncertain global energy market.
