LONDON: Britain said on Monday that the £75 million ($90.5 million) fund, intended to help boost domestic production of nuclear fuel for power plants and reduce reliance on uranium nuclear supplies from Russia, is now open for applications.

The fund, announced in July, will fund companies involved in the conversion of uranium, a key step in the process of creating nuclear fuel from the metal. It will remain open for applications from Monday to February 20. Russia currently has about 20% of the world's uranium conversion capacity.

The record global gas prices, due to Putin's illegal invasion of Ukraine, have highlighted the need for renewable energy in the country, as well as for nuclear energy, said the Minister of Energy. Production in the United Kingdom—by building more power plants and increasing domestic fuel capacity," said Climate Change Minister Graham Stuart.

The government says up to £13 million has been allocated to the Springfields nuclear fuel production site in north-west England. Energy supply has been the main goal since his invasion of Ukraine sent costs skyrocketing.

The planned addition of nuclear power generation capacity would reduce Britain's reliance on natural gas, which will provide around 45 percent of electricity production by 2021.

Britain announced in November that it would become a 50% shareholder in the Sizewell C nuclear project by providing £700 million in funding for the plant, planned in south-east England.