History

Test
1992

USEC Established

October 1992

USEC is established by Congress through the Energy Policy Act of 1992.

1993

USEC Begins Operations

July 1993

USEC begins operations as a government corporation as it completes the transition from the U.S. Department of Energy (DOE).

1994

Megatons to Megawatts Contract Signed

January 1994

USEC and Tenex are appointed executive agents to U.S., Russian governments for managing the 20-year contract to downblend and sell low enriched uranium derived from Russian nuclear warhead material.

1995

First Megatons to Megawatts Shipment

June 1995

The first shipments of Russian uranium under the Megatons to Megawatts program arrive at the Portsmouth Gaseous Diffusion Plant in Piketon, Ohio.

1996

USEC Privatization Act Signed

April 1996

President Clinton signs the USEC Privatization Act into law, paving the way for the sale of the corporation to the public.

1996

NRC Certifies GDPs

November 1996

The U.S. Nuclear Regulatory Commission certified USEC's Paducah and Portsmouth Gaseous Diffusion Plants, marking the transition from regulation by DOE to the NRC.

1997

Privatization Plan Authorized

July 1997

President Clinton authorizes the implementation of USEC privatization plan to sell the company to the public through an initial public offering of stock.

1998

USEC IPO

July 1998

USEC is privatized through an initial public offering of 100,000,000 shares of stock on the New York Stock Exchange and begins trading under the symbol USU.

1999

USEC Assumes Operations of GDPs

May 1999

USEC takes over direct operations of the Paducah and Portsmouth Gaseous Diffusion Plants from its contractors.

2000

Cooperative Research on Centrifuge Begins

September 2000

USEC, UT-Battelle and the U.S. Department of Energy sign an initial cooperative agreement on U.S. centrifuge development.  Over the next year, USEC and UT-Battelle perform cooperative research in three key areas: design of key centrifuge components, refurbishment and restart of facilities to manufacture and test centrifuge components and planning for the potential deployment and operation of a centrifuge enrichment plant.

2001

Enrichment Operations Consolidated at Paducah

May 2001

USEC consolidates enrichment operations at the Paducah Gaseous Diffusion Plant, generating cost-savings of $55 million annually.  The company begins maintaining the Portsmouth Gaseous Diffusion Plant in a cold-standby condition under a contract with the U.S. Department of Energy.

2001

Department of Commerce Supports USEC's Claim of Unfair Trade Practices

December 2001

The U.S. Department of Commerce issues a final determination in its trade case investigation of imports of enriched uranium from Europe, finding dumping and unfair subsidization by USEC’s European competitors. It subsequently imposed import tariffs on the material coming into the United States.

2002

DOE-USEC Agreement on Advanced Technology Deployment

June 2002

USEC and the U.S. Department of Energy sign a memorandum (the DOE-USEC Agreement) establishing a framework and setting milestones for USEC to demonstrate, deploy U.S. centrifuge technology.

2002

U.S. and Russian Governments Approve Contract Amendment

June 2002

The U.S. and Russian governments approve implementation of the contract amendment for the remaining 12 years of the program. The new, market-based pricing terms will go into effect in January 2003.

2002

USEC, UT-Battelle and DOE Extend Centrifuge CRADA

September 2002

USEC, UT-Battelle and DOE finalize a $121 million extension for their cooperative research and development agreement (CRADA) for to deploy U.S. centrifuge technology.

2002

Demonstration Facility Site Selected

December 2002

USEC announced that it would site its American Centrifuge Demonstration Facility at its Portsmouth plant in Piketon, Ohio.

2003

NRC Re-Certifies GDPs

December 2003

The U.S. Nuclear Regulatory Commission recertifies USEC's uranium enrichment plants in Paducah, Kentucky and Piketon, Ohio for five years. The recertification represents the commission’s determination that the plants are in compliance with NRC safety, safeguards and security regulations.

2004

10th Anniversary of Megatons to Megawatts Program

January 2004

USEC and TENEX mark the 10th anniversary of commercial implementation of the Megatons to Megawatts program and announce the elimination of bomb material equivalent to 8,000 warheads. The companies also issue a Joint Statement.

2004

American Centrifuge Plant Site Selected

January 2004

USEC announced that its commercial American Centrifuge Plant would  be sited in Piketon, Ohio.

2004

NRC Issues Demonstration Facility License

February 2004

The U.S. Nuclear Regulatory Commission issued a license that authorizes USEC to construct and operate its American Centrifuge Demonstration Facility.

2004

USEC Acquires NAC International

July 2004

USEC Inc. and Pinnacle West Capital Corporation enter into an agreement under which USEC will acquire NAC International (NAC), a leading provider of spent fuel storage solutions, nuclear materials transportation and fuel cycle consulting.

The acquisition will enable USEC to offer nuclear utility customers an
expanded portfolio of products and services, including transportation and storage systems for spent nuclear fuel and a wide range of nuclear and energy consulting services.

2005

Centrifuge Machine Testing Begins

January 2005

USEC began testing a full-size centrifuge machine at its K-1600 facility in Oak Ridge.

2005

Welch Appointed CEO

September 2005

John Welch is appointed President and CEO of USEC.

2006

USEC and DOE Execute Centrifuge Facility Lease and Technology License

December 2006

USEC signed agreements with DOE for the long-term use of the American Centrifuge Plant facilities in Piketon, Ohio and for the gas centrifuge technology license for the U.S. centrifuge technology.

2007

NRC Issues Construction and Operating License for Commercial Plant

April 2007

The U.S. Nuclear Regulatory Commission issued a construction and operating license for the American Centrifuge Plant. The license, which is good for 30 years, includes authorization to enrich uranium up to an assay level of 10 percent U235.

2007

American Centrifuge Plant Construction Begins

May 2007

USEC and Fluor began construction on the commercial plant infrastructure for the American Centrifuge Plant.

2007

Lead Cascade Test Program Begins

August 2007

USEC began the Lead Cascade testing program at the American Centrifuge Demonstration Facility to test prototype centrifuge machines in a closed-loop cascade configuration under various operating conditions.

2007

USEC Completes A Public Offering of Common Stock and Convertible Securities

September 2007

USEC completes a public offering of common stock and convertible securities.

2008

USEC Submits First Part of DOE Loan Guarantee Application

July 2008

USEC submitted part I of its application to DOE for $2 billion from the loan guarantee program. In supporting its application, USEC noted the project represents the early commercial use of a new or significantly improved technology and will significantly reduce emissions of air pollutants and greenhouse gases.

2008

NRC Recertifies USEC's GDPs

December 2008

The U.S. Nuclear Regulatory Commission recertified USEC’s operations at the gaseous diffusion uranium enrichment plants in Paducah, Ky., and Piketon, Ohio, for five years. The renewed certificates of compliance represent the determination that USEC’s operations at the plants comply with all NRC safety, public health, environmental and security regulations.

Based on its review of the certificate renewal applications, the NRC staff has concluded that “in combination with the existing certificate conditions, USEC provides reasonable assurance of adequate safety, safeguards and security and compliance with NRC requirements,” according to the NRC notice published in the Federal Register of the renewal of the certificates of compliance.

2009

Supreme Court Sides with USEC on Trade Law

January 2009

U.S. Supreme Court sides with USEC's position that enriched uranium is a good and subject to U.S. trade laws

2009

Megatons to Megawatts Contract Amendment Approved by U.S. and Russian Governments

July 2009

The U.S. and Russian governments approved an amendment to USEC’s contract with TENEX for the Megatons to Megawatts program. The amendment implements a new pricing methodology for deliveries of low enriched uranium from TENEX starting in 2010 and continuing through the end of the contract in 2013.

The new pricing methodology is intended to enhance the stability of future pricing for both parties through a formula that combines a different mix of price points and other pricing elements from the previous methodology.

2009

DOE Defers Decision on Loan Guarantee Application

August 2009

DOE and USEC announced an agreement to defer a decision on USEC's loan guarantee application. As a result, USEC initiated steps to demobilize the American Centrifuge project until greater certainty regarding financing to finish the project could be obtained. Plant construction work was suspended and manufacturing was curtailed.

2010

AC100 Cascade Begins Operations

March 2010

USEC began operations of a cascade of approximately two dozen production-ready AC100 centrifuge machines in cascade configuration simulating commercial plant conditions and assay levels.

2010

B&W and Toshiba Agree to Invest in USEC

May 2010

Toshiba Corporation and Babcock & Wilcox sign a definitive agreement to make a $200 million investment in USEC.

2010

USEC De-leases Major Portions of Portsmouth GDP

December 2010

USEC de-leases major portions of the Portsmouth Gaseous Diffusion Plant site back to the Department of Energy to facilitate Decontamination and Decommissioning of the site.