BETHESDA, Md.--(BUSINESS WIRE)--Sept. 17, 2001--USEC Inc. (NYSE:USU) announced today that it has signed a long-term contract with Arizona Public Service Co. to supply enriched uranium fuel for the three power reactors comprising the Palo Verde Nuclear Generating Station.
The terms of the nearly half billion-dollar contract call for USEC to provide up to 100 percent of Palo Verde's enriched uranium requirements from October 1, 2003 through the end of 2008, with options for extensions into later years. USEC already supplies fuel for the Palo Verde station under an existing contract. The three-unit, 3,810 megawatt power station near Phoenix produces more electricity per year than any other generating facility in the United States and ranks among the nuclear industry's lowest-cost producers.
"We are delighted to be APS' long-term supplier of enriched uranium fuel," said USEC President and CEO William H. Timbers. "We look forward to maintaining our partnership with this industry leader through the end of the decade and beyond."
Palo Verde is owned by several entities, led by operator Arizona Public Service Co. Other owners are Salt River Project (Ariz.), El Paso Electric (Texas), Southern California Edison, Public Service Company of New Mexico, Southern California Public Power Authority and Los Angeles Department of Water and Power.
USEC Inc., a global energy company, is the world's leading supplier of enriched uranium fuel for commercial nuclear power plants.
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| CONTACT: | USEC Inc. |
|---|---|
| Charles Yulish. 301/564-3391 | |
| or | |
| Elizabeth Stuckle, 301/564-3399 | |