Centrus Subsidiary Completes Return of Paducah Gaseous Diffusion Plant to DOE
21 Outubro 2014 - 10:54AM
Business Wire
United States Enrichment Corporation, a subsidiary of Centrus
Energy Corp. (NYSE: LEU), today returned full control of the
750-acre uranium enrichment complex near Paducah, Ky. to the U.S.
Department of Energy (DOE). The transfer of control occurred at
7:00 a.m. CT and followed a year-long process to prepare the plant
for a return to full DOE control.
United States Enrichment Corporation had leased the Paducah
Gaseous Diffusion Plant from DOE since it was privatized by the
U.S. Government in 1998 and enriched uranium there for the global
nuclear fuel market until May 2013. DOE has responsibility for the
decontamination and decommissioning of the 60-year old complex and
has contracted with Fluor Federal Services, Inc. to begin
deactivation activities at the site.
“For more than a decade, United States Enrichment Corporation
employees in Paducah operated this plant at record-high levels of
productivity in a safe and environmentally responsible manner,”
said Steve Penrod, vice president of American Centrifuge for
Centrus and former general manager at Paducah. “When enrichment
ceased in 2013, this same team came together to safely and
diligently wind down operations and work closely with DOE to effect
a smooth and successful de-lease and return of full control of the
site to DOE. I want to thank them and our counterparts at DOE for
the tremendous efforts that led to this successful outcome.”
John Castellano, interim president and chief executive officer
of Centrus, added, “With the successful handover of the Paducah
plant complete, Centrus can focus on serving its utility customers,
improving its business and maintaining the American Centrifuge
technology for national security needs and future commercial
deployment. We are well positioned to deliver value to our
customers and shareholders as a smaller company with a stronger
balance sheet.”
Castellano noted that the turnover of the Paducah plant to DOE
will have no effect on customers or their deliveries.
Turnover Process
Turnover activities began in May 2013 when United States
Enrichment Corporation ceased enrichment at the plant because its
high cost of operations made it uncompetitive in a depressed global
nuclear fuel market. In early 2014, the Company began the process
of repackaging inventory and moving it to other licensed storage
locations. All transfers of enriched uranium product to off-site
licensed locations were completed by April 2014. Other turnover
activities and facility preparations continued in anticipation of a
fall 2014 turnover to DOE.
Legacy of Service
The Paducah Gaseous Diffusion Plant, built in the 1950’s as a
government owned and operated facility, supplied enriched uranium
for national security and energy production for 60 years. In its
initial years of operation, it was an integral part of the
country’s production of enriched uranium for national security
purposes. Later in its life, it supplied nuclear fuel to commercial
nuclear reactors in the United States and around the world to
produce clean, reliable electricity. The plant also served as the
U.S. destination for low enriched uranium fuel produced in Russia
during the recently concluded Megatons to Megawatts program, which
transformed the equivalent of 20,000 Russian nuclear warheads into
fuel for commercial nuclear power plants.
Over its 60-year history, the Paducah plant helped fuel western
Kentucky’s regional economy. The plant’s management and workforce
gave generously to support community service projects, charities
and schools. The local community consistently supported the plant,
as did local, state and federal legislators, who recognized both
the local and national benefits of the plant.
Nothing about the Paducah Gaseous Diffusion Plant is small.
During its operations, it produced more than 300 million SWU, or
separative work units, a measure of nuclear fuel production, enough
to fuel every U.S. reactor for 25 years. The plant covers 750 of
the 3,425 acres on the Federal site. It is comprised of 161
buildings, including four giant process buildings, each averaging
74 acres under roof.
About Centrus Energy Corp.
Centrus Energy Corp. is a trusted supplier of enriched uranium
fuel for a growing fleet of international and domestic commercial
nuclear power plants. Centrus is working to deploy the American
Centrifuge technology for commercial needs and to support U.S.
energy and national security.
Forward-Looking Statements
This news release contains “forward-looking statements” within
the meaning of Section 21E of the Securities Exchange Act of 1934 -
that is, statements related to future events. In this context,
forward-looking statements may address our expected future business
and financial performance, and often contain words such as
“expects”, “anticipates”, “intends”, “plans”, “believes”, “will”
and other words of similar meaning. Forward-looking statements by
their nature address matters that are, to different degrees,
uncertain. For Centrus Energy Corp., particular risks and
uncertainties that could cause our actual future results to differ
materially from those expressed in our forward-looking statements
include, uncertainty regarding our ability to maintain the listing
of our common stock on the NYSE; uncertainty of our ability to
improve our operating structure, financial results and
profitability following emergence from Chapter 11; risks related to
the ongoing transition of our business, including the impact of our
ceasing enrichment at the Paducah gaseous diffusion plant and
uncertainty regarding our ability to deploy the American Centrifuge
project; risks related to the underfunding of our defined benefit
pension plans and potential actions the Pension Benefit Guaranty
Corporation could pursue in connection with ceasing enrichment at
the gaseous diffusion plants or with any demobilization or
termination of the American Centrifuge project or otherwise
including the involuntary termination of the plans, imposition of
liens or requiring additional funding; the impact of uncertainty
regarding our ability to continue as a going concern on our
liquidity and prospects; and other impacts of United States
Enrichment Corporation, a subsidiary of Centrus, ceasing enrichment
at the Paducah gaseous diffusion plant and returning the plant to
DOE; the continued impact of the March 2011 earthquake and tsunami
in Japan on the nuclear industry and on our business, results of
operations and prospects; the impact and potential extended
duration of the current supply/demand imbalance in the market for
low enriched uranium (“LEU”); uncertainty concerning customer
actions under current contracts and in future contracting due to
the delay and uncertainty in deployment of the American Centrifuge
technology and/or as a result of changes required due to our
cessation of enrichment at Paducah; the potential for DOE to seek
to terminate or exercise its remedies under the 2002 DOE-USEC
agreement, or to require modifications to such agreement that are
materially adverse to Centrus’ interests; changes in U.S.
government priorities and the availability of government funding or
support, including loan guarantees; risks related to our ability to
manage our liquidity without a credit facility; our dependence on
deliveries of LEU from Russia under a commercial supply agreement
(the “Russian Supply Agreement”) with a Russian government entity
known as Techsnabexport (“TENEX”) and limitations on our ability to
import the Russian LEU we buy under the Russian Supply Agreement
into the United States and other countries; risks related to
actions that may be taken by the U.S. Government, the Russian
Government or other governments that could affect our ability or
the ability of TENEX to perform under the Russian Supply Agreement,
including the imposition of sanctions, restrictions or other
requirements; risks related to our ability to sell the LEU we
procure under our fixed purchase obligations under the Russian
Supply Agreement; the decrease or elimination of duties charged on
imports of foreign-produced LEU; pricing trends and demand in the
uranium and enrichment markets and their impact on our
profitability; movement and timing of customer orders; changes to,
or termination of, our agreements with the U.S. government; risks
related to delays in payment for our contract services work
performed for DOE, including our ability to resolve certified
claims for payment filed by United States Enrichment Corporation
under the Contracts Dispute Act; the impact of government
regulation by DOE and the U.S. Nuclear Regulatory Commission; the
outcome of legal proceedings and other contingencies (including
lawsuits and government investigations or audits); the competitive
environment for our products and services; changes in the nuclear
energy industry; the impact of volatile financial market conditions
on our business, liquidity, prospects, pension assets and credit
and insurance facilities; the timing of recognition of previously
deferred revenue; 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.
Revenue and operating results can fluctuate significantly from
quarter to quarter, and in some cases, year to year. We do not
undertake to update our forward-looking statements except as
required by law.
Centrus Energy Corp.Media: Jeremy Derryberry,
301-564-3392Investors: Steven Wingfield, 301-564-3354
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