BETHESDA, Md.--(BUSINESS WIRE)--Oct. 4, 2007--The U.S. Department of Energy (DOE) today finalized its regulations for the loan guarantee program authorized by Title XVII of the Energy Policy Act of 2005 (EPACT).
"USEC actively participated with others in the nuclear industry in the development of DOE's final regulations," said USEC President and CEO John K. Welch. "We are pleased that many of the concerns raised by the nuclear industry and financial community have been incorporated."
In addition, DOE today invited 16 non-nuclear projects that submitted pre-applications in 2006 to submit full applications for a loan guarantee. While the American Centrifuge Project was not among those invited to submit a full application today, USEC intends to continue to pursue a DOE loan guarantee and will submit a full application when the DOE invites nuclear projects to apply. USEC believes the American Centrifuge Project is well suited to meet the objectives and criteria established by EPACT.
"The DOE loan guarantee program is important for our country's energy future, and we urge Congress to appropriate additional funding to ensure that DOE is able to extend invitations for nuclear projects," said Welch.
The American Centrifuge technology is an innovative technology that is significantly more efficient than the country's existing enrichment technology, gaseous diffusion. The American Centrifuge Plant, located in Piketon, Ohio, will provide a long-term, reliable, competitive fuel source for the world's growing number of nuclear power plants, while supporting America's energy security and national security interests.
USEC Inc. (NYSE:USU), a global energy company, is a leading supplier of enriched uranium fuel for commercial nuclear power plants.
This statement contains "forward-looking statements" -- that is, statements related to future events. In this context, forward-looking statements may address our expected future business and financial performance, and often contain words such as "expects", "anticipates", "intends", "plans", "believes", "will" and other words of similar meaning. Forward-looking statements by their nature address matters that are, to different degrees, uncertain. For USEC, particular risks and uncertainties that could cause our actual future results to differ materially from those expressed in our forward-looking statements include, but are not limited to: the success of the demonstration and deployment of our American Centrifuge technology including our ability to meet our performance targets, target cost estimate and schedule for the American Centrifuge Plant and our ability to secure required external financial support; changes to, or termination of, our contracts with the U.S. government and changes in U.S. government priorities and the availability of government funding, including loan guarantees; changes in the nuclear energy industry; and other risks and uncertainties discussed in our filings with the Securities and Exchange Commission, including the prospectus supplements dated September 24, 2007. We do not undertake to update our forward-looking statements except as required by law.
CONTACT: USEC Inc.Media:
Elizabeth Stuckle 301-564-3399
or
Investors:
Steve Wingfield 301-564-3354
SOURCE: USEC Inc.