Washington (Platts)--29Sep2008

The US is prepared to help other countries develop nuclear energy,
including by "assisting with the necessary financing," President Bush told the
International Atomic Energy Agency's General Conference in Vienna Monday.

Bush's message was delivered as part of more extensive remarks by US
Energy Secretary Samuel Bodman, who also said, "We must make the development
of a global commercial nuclear infrastructure a priority."

Bodman also called on other IAEA member states to establish an
international fuel bank that would begin operations by the end of the year.
The fuel bank's goal would be to provide an incentive to countries with new
nuclear power programs to refrain from pursuing indigenous uranium enrichment
programs.

The Nuclear Threat Initiative in 2006 pledged $50 million for the fuel
bank if other sources provided $100 million. The US has pledged $50 million.
Congress voted in 2007 to provide the funds. The UAE has promised $10 million
and Norway $5 million.

Bodman also touted efforts to make commercial nuclear power widely
available on a global scale through the Global Nuclear Energy Partnership.
This US-led effort was launched in 2006 to promote the global expansion of
nuclear energy while developing new kinds of fast-neutron reactors and spent
fuel reprocessing plants.

GNEP currently has 21 members. Bodman said he expected more to join
during a ministerial meeting on GNEP in Paris this week.

--Daniel Horner, daniel_horner@platts.com