Exelon Signs Contract to Purchase SWU from USEC's American Centrifuge Plant

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 to 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.

SOURCE: USEC Inc.

USEC Inc. 
Media: 
Jeff Donald, 301-564-3418 
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Investors: 
Steven Wingfield, 301-564-3354