Revelation Nuclear Insights & Resources explores the history, policy, and commercial dynamics shaping the global nuclear industry. From the Megatons-to-Megawatts program and post-Soviet nuclear commerce to uranium markets, nonproliferation, and fuel cycle strategy, this section provides historical perspective, industry analysis, and commentary informed by decades of firsthand experience across the nuclear sector.
MEGATONS TO MEGAWATTS PROGRAM ORAL HISTORY PROJECT
Secondary supply—uranium sourced outside of primary production—has long been bolstered by the re-enrichment of depleted uranium, particularly through contracts between Western enrichers and Russia. This process once added meaningful volume to the market.
Utilities don’t just buy uranium—they buy enriched uranium, a mix of raw material and processing. For years, enrichers used less uranium (a practice called “underfeeding”), creating extra supply. But as of mid-2025, they’re underfeeding less, meaning more uranium is being consumed and less is left over for the market.