FOR IMMEDIATE
RELEASE:
September 10, 2009
Exelon Signs Contract to Purchase SWU from USEC's
American Centrifuge Plant
-
Contract worth $1.2 billion -
BETHESDA, Md. - USEC Inc. (NYSE: USU) today
announced that Exelon Generation Company LLC has signed a contract to
purchase SWU (separative work units) from USEC's American Centrifuge Plant to
fuel its reactors. Exelon operates
the largest fleet of commercial nuclear reactors in the United States and the
third largest in the world. The
contract starts in 2012 and is valued at nearly $1.2 billion.
USEC has customer commitments valued at over
$3.4 billion for the American Centrifuge Plant's output.
"Our customers believe in
the American Centrifuge technology and support our efforts to complete the
plant," said John K. Welch, USEC's president and chief executive
officer. "We appreciate
Exelon's support and look forward to continuing to provide them with the same
quality, reliable service they have come to expect from USEC."
"The American Centrifuge
Plant is important to Exelon as a source for increasing fuel supply
diversity, but it is also important for the country as an important component
of energy and national security," said Chris Crane, president and chief
operating officer of Exelon Corporation.
"We strongly support the deployment of the American Centrifuge
technology and look forward to continuing our long relationship with
USEC."
USEC has been
building the American Centrifuge Plant to provide the dependable, long-term
nuclear fuel production capability needed to support the world's nuclear
power plants. The American
Centrifuge technology is based on U.S. gas centrifuge technology originally
developed by the U.S. Department of Energy (DOE) but with significant design,
material and manufacturing improvements incorporated by USEC. As America's only commercial uranium
enrichment facility using U.S. centrifuge technology, the American Centrifuge
Plant has an important role in America's energy security and national
security.
USEC has
applied for a loan guarantee from DOE and in August 2009 DOE and USEC agreed
to delay final review of USEC's application for six months or more. As a result of delays and uncertainty
in funding, USEC began demobilization of certain project activities in August
2009 while it works o resolve DOE's technical and financial concerns.
USEC Inc., a global energy company, is a leading supplier
of enriched uranium fuel for commercial nuclear power plants.
###
Forward-looking
Statements
This news release contains forward-looking statements
(within the meaning of the Private Securities Litigation Reform Act of 1995)
that involve risks and uncertainty. 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: risks related to the deployment of the American Centrifuge
technology, including risks related to performance, cost, schedule and
financing; our success in obtaining a loan guarantee for the American
Centrifuge Plant; the impact of the demobilization of the American Centrifuge
project and the uncertainty regarding our ability to remobilize the project;
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; the competitive environment for our
products and services, including our ability to secure commitments for the
remaining output of the American Centrifuge Plant, and to execute transaction
documentation for commitments not yet under contract; and other risks and
uncertainties discussed in our filings with the Securities and Exchange
Commission, including our Annual Report on Form 10-K and quarterly reports on
Form 10-Q, which are available on our website www.usec.com. We do not
undertake to update our forward-looking statements except as required by law.
Contact:
Media: Jeff Donald (301) 564-3418
Investors: Steven Wingfield (301) 564-3354
|