BETHESDA, Md.--(BUSINESS WIRE)--June 23, 2005--USEC Inc. (NYSE:USU) and Exelon Generation Company LLC have reached agreement to extend and expand USEC's contract to supply separative work units (SWU) to fuel Exelon's 17 nuclear power reactors. SWU is the standard unit of measurement for uranium enrichment. The approximately $400 million extension maintains USEC's position as Exelon's primary SWU supplier through 2012.
This new agreement builds upon a nearly $700 million contract the companies signed in 2003 for the 2005-2010 period. Exelon Generation operates 17 reactors at 10 sites in Illinois, Pennsylvania and New Jersey. Its nuclear operations produce about one-fifth of all nuclear-generated electricity in the United States.
James Malone, Exelon vice president, nuclear fuels, said, "Every day, our 5.2 million customers are receiving reliable, low-cost electricity generated by nuclear power. Our strong partnership with USEC helps ensure our plants are fueled with dependable, competitively priced enriched uranium."
Robert Van Namen, USEC senior vice president, said, "USEC values this important partnership, which supports our program to demonstrate and deploy next-generation American Centrifuge uranium enrichment technology. By 2008, we expect the American Centrifuge Plant to be operational, providing a highly efficient fuel source for the world's nuclear reactors."
USEC Inc., a global energy company, is the world's leading supplier of enriched uranium fuel for commercial nuclear power plants.
This news release contains forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995) that involve risks and uncertainty. Economic, business, market, regulatory, technology and other factors could cause our actual future results to differ materially from those expressed in our forward-looking statements. More information about these factors are contained in our filings with the Securities and Exchange Commission, including our annual report on Form 10-K, which are available on USEC's website www.usec.com. We do not undertake to update our forward-looking statements.
CONTACT: USEC Inc.
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SOURCE: USEC Inc.