"This new agreement reflects the long-standing relationship between NMC and USEC and highlights USEC's commitment to provide customers with a reliable, competitive source of enriched uranium fuel for years to come," said John M.A. Donelson, USEC vice president of marketing and sales. "USEC continues to see strong market demand for enriched uranium, and we are very pleased that NMC has chosen to extend its business relationship with us through the duration of the Megatons to Megawatts program. Support from customers like NMC greatly assists our transition to the American Centrifuge Plant to be built in Piketon, Ohio."
USEC is in the midst of demonstrating and deploying the American Centrifuge, which will replace its existing gaseous diffusion technology and is expected to be the world's most efficient uranium enrichment technology. The American Centrifuge Plant will use modular architecture that allows capacity to be added incrementally, thus allowing USEC to meet the growing demand for nuclear fuel.
The Megatons to Megawatts program is the result of an historic 1993 nonproliferation agreement between the United States and Russia to convert highly enriched uranium taken from dismantled Russian nuclear warheads into low-enriched uranium fuel. As U.S. Executive Agent for this program, USEC purchases the fuel, transports it from Russia and markets it to its utility customers.
"We are pleased to establish this long-term agreement with USEC. Through Megatons to Megawatts and its own domestic production, USEC provides a stable, diverse supply of fuel that is critical to the U.S. nuclear industry," said Michael B. Sellman, NMC president and chief executive officer.
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 USEC's actual future results to differ materially from those expressed in our forward-looking statements. More information about these factors is contained in USEC's filings with the Securities and Exchange Commission, including USEC's annual report on Form 10-K and quarterly reports on Form 10-Q, which are available on USEC's website www.usec.com. USEC does not undertake to update its forward-looking statements except as required by law.
USEC Inc., a global energy company, is a leading supplier of enriched uranium fuel for commercial nuclear power plants.
SOURCE: USEC Inc.
USEC Inc.
Media:
Elizabeth Stuckle, 301-564-3399
or
Investors:
Steven Wingfield, 301-564-3354