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USEC Provides American Centrifuge Update

Stocks in this article: USU

In June 2012, we entered into a cooperative agreement with DOE to provide cost-share funding for the RD&D program. The cooperative agreement provides for 80 percent DOE and 20 percent USEC cost sharing for work performed during the period June 1, 2012, through December 31, 2013, with a total estimated cost of $350 million. DOE’s total contribution would be up to $280 million and our contribution would be up to $70 million.

The cooperative agreement is being incrementally funded, and $177.8 million of DOE funding has been provided. Most recently, $44.4 million was provided this month by DOE transferring the separative work unit component of low enriched uranium to USEC that DOE had previously acquired from us in 2012 in exchange for the transfer of quantities of our depleted uranium tails to DOE. The remaining obligated funding has not yet been authorized and is subject to congressional appropriations, congressional transfer or reprogramming authority to permit the use of DOE funds previously appropriated for other programs, or other sources available to DOE. Although we have adjusted our program spending to accommodate changes to the timing and amount of federal funding, we remain on schedule and budget to complete the RD&D program by the end of 2013. The amount of federal funding made available to date is expected to fund RD&D program activities through mid-June 2013, and we will continue to work with Congress and the administration to fully fund the RD&D program through December 2013 and achieve the remaining program milestones.

Under the cooperative agreement, we and our newly created subsidiary American Centrifuge Demonstration, LLC (ACD) are carrying out the RD&D program. ACD has put in place a program management and enhanced program execution structure, which includes a board of managers who oversees and directs the management of the RD&D program. The seven-person board is comprised of two independent managers, two managers appointed by USEC, and one manager appointed by each of Babcock & Wilcox Technical Services Group, Inc., Toshiba America Nuclear Energy Corporation and Exelon Generation Company, LLC.

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