This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Energy Department Backs Ohio Energy Plant Project


CINCINNATI (AP) â¿¿ President Barack Obama's administration said Wednesday it is making sure that work will continue to develop and test a southern Ohio plant that would enrich uranium for nuclear power plants.

The U.S. Department of Energy announced a new cost-sharing and cooperation deal with USEC Inc. for the American Centrifuge Plant in Piketon. The department said the agreement will enable critical research to proceed. Secretary Steven Chu called it "a major milestone."

The $350 million project is meant to demonstrate that the plant's uranium enrichment technology will work on a commercial basis, reducing financial risks that have held up a $2 billion loan guarantee that the Energy Department has balked at providing Bethesda, Md.-based USEC.

The department said it will provide $88 million for this year's work that includes taking and disposing of enriched uranium byproducts called "tails." The Obama administration says it will continue to work with Congress on future appropriations. USEC is providing 20 percent of the total costs.

A Democratic congressional critic of the project called the new agreement a waste of taxpayer money. Plant backers say it's important for national security and energy supplies.

The Energy Department still isn't committed to the loan guarantee, but says the new agreement increases its project involvement. It will take ownership of centrifuges and other equipment that would be transferred back to the plant if it moved ahead for commercial use. The agreement also includes new performance measures for monitoring progress, and federal rights to technical data and intellectual property.

"Our agreements reflect the importance of the U.S. technology to our national security and will validate the readiness of the American Centrifuge technology for commercial deployment," John Welch, USEC president and CEO, said in a statement.

The announcement came one day before an Obama campaign appearance in Cleveland, while Republican challenger Mitt Romney was headed Wednesday to Ohio, a key swing state in November.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.74 0.00%
FB $117.58 0.00%
GOOG $693.01 0.00%
TSLA $240.76 0.00%
YHOO $36.60 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs