History
The Energy Policy Act of 1992, a U.S. federal law, created USEC to privatize uranium enrichment for civilian use, and in July 1993 USEC took over the facilities. The sale of USEC was completed on July 28, 1998 through an initial public offering of USEC stock. The U.S. government received about three billion dollars for USEC.
USEC had gaseous diffusion plants at Piketon, Ohio near Portsmouth. In May 2001, USEC ceased uranium enrichment operations in Piketon and consolidated operations in Paducah, Kentucky. The following year, transfer and shipping operations were also consolidated at Paducah.
A demonstration gas centrifuge plant was being built at Piketon for initial commercial operation in 2009, with a full-size plant is planned there for operation in 2012. However, in July 2009 the DOE did not grant a $2 billion loan guarantee for a planned uranium-enrichment facility in Piketon, Ohio, "causing the initiative to go into financial meltdown," the company USEC spokesperson Elizabeth Stuckle said, adding "we are now forced to initiate steps to demobilize the project."
On July 28, 2009 the company said that it was suspending work on the project because of the Department of Energy's decision not to provide loan guarantees. The Energy Department said that the proposed plant was not ready for commercial production and therefore ineligible for the loan guarantees. The department said that if USEC withdraws its application, it will receive $45 million over the next 18 months to conduct further research.
At peak operation, the Paducah facility consumes about 3,000 megawatts of electricity. Power for the Paducah gaseous diffusion plant comes from Tennessee Valley Authority, which operates six nuclear reactors itself and is constructing one more."
The Department of Energy remains responsible for clean-up of the sites of materials left there prior to 1993.
USEC is the executive agent in the U.S./Russia Highly Enriched Uranium Purchase Agreement, implemented under the Megatons to Megawatts Program.
USEC is currently awaiting approval of a 2 billion dollar loan guarantee from the Department of Energy.
Furthermore, USEC provides used nuclear fuel solutions through its subsidiary, NAC International.
Read more about this topic: United States Enrichment Corporation
Famous quotes containing the word history:
“Revolutions are the periods of history when individuals count most.”
—Norman Mailer (b. 1923)
“English history is all about men liking their fathers, and American history is all about men hating their fathers and trying to burn down everything they ever did.”
—Malcolm Bradbury (b. 1932)
“The history of persecution is a history of endeavors to cheat nature, to make water run up hill, to twist a rope of sand.”
—Ralph Waldo Emerson (1803–1882)