Supplemental Appropriations Act Removes Hindrance to USEC Loan Guarantee
BETHESDA, Md.--(BUSINESS WIRE)--Jun. 25, 2009--
The Supplemental Appropriations Act of 2009, which the President signed
into law today, removes an impediment to USEC (NYSE:USU) receiving a
loan guarantee from the U.S. Department of Energy.
Removing this obstacle reflects strong Congressional support to proceed
quickly with a loan guarantee for this project of national importance.
With this obstacle resolved, prompt action by DOE that will provide loan
guarantee funding by October 2009 is needed to protect thousands of
current and future jobs.
The Omnibus Appropriations Act (H.R. 1105), which the President signed
on March 11 inadvertently contained language that could have negatively
affected USEC by potential disqualifying it from competing for a loan
guarantee.
In a March 10 colloquy, a number of U.S. Senators expressed concern over
the Omnibus language and stated their intention to correct the language
as soon as possible. Those senators further encouraged DOE to not delay,
slow down or stop its processing of any pending loan guarantee
applications. Last month, key members of the House expressed their
strong support for the language to correct this flaw in the Omnibus
Appropriations Act. USEC is very grateful for the timely support
expressed by members in both Houses.
USEC needs a loan guarantee commitment quickly to ensure that the only
U.S.-owned and operated advanced uranium enrichment technology is
deployed and the resulting new jobs are created.
USEC applied for a loan guarantee for its American Centrifuge Plant over
10 months ago. We believe that our project is ideally suited for the
Loan Guarantee since it represents the early commercial use of
innovative and new technology and the avoidance of emissions of air
pollutants and greenhouse gases.
USEC has already invested over $1.4 billion in the project. The American
Centrifuge Plant will play an important role in America’s energy
security and national security, provide a reliable, competitive supply
of fuel for America’s nuclear power plants, and create over 8,000 jobs
across America.
USEC Inc. (NYSE:USU), a global energy company, is a leading supplier of
enriched uranium fuel for commercial nuclear power plants.
Source: USEC Inc.
USEC
Media: Elizabeth Stuckle, 301-564-3399
Investors:
Steven Wingfield, 301-564-3354
