Slovenské elektrárne, the largest electricity producer in Slovakia, has concluded a new long-term contract with the Canadian company Cameco for the supply of natural uranium hexafluoride (UF6) to be used in nuclear power plants in Slovakia. The contract including the supply of uranium and conversion services is to provide a diversified and reliable source of natural UF6 to meet a significant portion of the needs of Slovenské elektrárne until 2036. Thanks to this contract the Mochovce and Bohunice power plants will have a stable and reliable source of fuel from 2028 onwards.
The signing of the contract was announced on behalf of Slovenské elektrárne by Pierre Poncik, Director of Trade, Market, Regulation and Dispatching, and Róbert Kňažek, Head of Fuels and Back End of Nuclear Energy, together with Cameco representatives, at an informal event during the World Nuclear Association Symposium in London on 5th September 2025.
“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. 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.
Branislav Strýček, Chairman and CEO of Slovenské elektrárne
Conversion is the chemical process by which natural uranium, usually in the form of uranium oxide (the so-called “yellowcake”), is converted into uranium hexafluoride (UF₆) – a substance that can be easily converted into a gas and is essential for the next step in the fuel cycle, which is enrichment. This process takes place in specialised facilities where uranium oxide is chemically treated with fluorine. Resulting UF₆ is then hermetically sealed in special containers and transported to enrichment facilities where the fissile isotope fraction of U-235 is increased. Conversion is therefore a key link in the nuclear fuel chain – without it, it would not be possible to prepare uranium for use in nuclear reactors.
“We are proud to play a key role in securing nuclear fuel for Slovakia. With this long-term contract, we are expanding our operations into a new market while supporting Slovakia with a stable and reliable supply of uranium fuel that will contribute to strengthening energy security in the region.”
Tim Gitzel, CEO of Cameco
Slovenské elektrárne generates more than 87% of its electricity from nuclear sources, positioning it among Europe’s climate leaders. After shutting down the last coal-fired power plant in 2024, the Company’s entire production is now free from direct CO₂ emissions. Thus, the contract with Cameco directly contributes not only to strengthening Slovakia’s energy security but also to achieving climate neutrality goals and maintaining reliable and stable electricity supply for households and industry in Slovakia.
With a share exceeding 60% of total electricity production in Slovakia, Slovenské elektrárne is the country’s largest electricity producer. Since shutting down its last coal-fired power plant at the end of Q1 2024, all electricity generated by the company is free from direct CO₂ emissions. It operates 5 nuclear reactors, 31 hydroelectric power plants, and 2 photovoltaic plants.
The Company’s commitment to producing electricity from low-carbon sources makes it a leader in sustainable energy production in Central and Eastern Europe. The Company has been listed four times in the prestigious Europe’s Climate Leaders index, published since 2021 by The Financial Times and Statista.
Slovenské elektrárne has two shareholders. The majority shareholder, holding a 66% stake, is Slovak Power Holding B.V. (SPH), owned by the Czech energy group Energetický a průmyslový holding (EPH). The other shareholder is the Slovak Republic, holding a 34% stake in the Company.
Cameco is one of the world’s largest suppliers of the uranium fuel needed to secure energy future. Our competitive advantage lies in our controlling ownership of the world’s largest and most concentrated, low-cost uranium deposits, as well as our extensive investments in the entire nuclear fuel cycle – including stakes in Westinghouse Electric Company and Global Laser Enrichment. Energy companies around the world rely on Cameco as a partner in providing safe, reliable and carbon-free nuclear fuel. The company’s shares are traded on the Toronto and New York stock exchanges. The company is headquartered in Saskatoon, Saskatchewan, Canada.
