Yes, which is why a lot of research and work is being done to reprocess the spent rods to reuse as fuel for more nuclear energy. 90% of the energy in spent rods can be reused. Spent rods are still radioactive and contains 96% of its uranium (although only 1% of the fissionable uranium) and 1% of plutonium. The current method of storage is putting these spent rods into pools with boric acid.
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