BETHESDA, Md.--(BUSINESS WIRE)--March 5, 2008--The Megatons to Megawatts program has eliminated the equivalent of 13,000 nuclear warheads, USEC Inc. (NYSE:USU) announced today.
To date, 325 metric tons (MT) of highly enriched uranium (HEU) from Russian nuclear warheads have been downblended to low enriched uranium (LEU) as part of this landmark energy and nonproliferation program. The LEU downblended to date could be used to generate enough electricity to meet the annual needs of 361 million U.S. households.
USEC, as executive agent for the U.S. government, implements the 20-year agreement with its Russian counterpart at no cost to U.S. taxpayers. The commercial program is now in its 14th year. By the program's completion in 2013, 500 MT of HEU, the equivalent of 20,000 nuclear warheads, will be downblended into LEU.
Through 2007, Russia has received more than $5.1 billion from USEC. The price USEC pays Russia is set by a market-based pricing formula that has risen steadily since 2002 along with world prices for SWU (separative work units), ensuring that Russia is fairly compensated for the LEU that USEC purchases.
USEC President and CEO John K. Welch said, "The Megatons to Megawatts program is a cornerstone of U.S.-Russian nonproliferation cooperation that has also served the country's need for reliable, environmentally friendly electricity. In a time of energy, environmental and geopolitical crises, it should serve as a model to anyone or any nation wanting to institute solutions that work."
USEC Inc., a global energy company, is a leading supplier of enriched uranium fuel for commercial nuclear power plants.
CONTACT: USEC Inc.
Media: Elizabeth Stuckle, 301-564-3399
Investors: Steven Wingfield, 301-564-3354
SOURCE: USEC Inc.