USEC EstablishedOctober 1992
USEC is established by Congress through the Energy Policy Act of 1992.
USEC Begins OperationsJuly 1993
USEC begins operations as a government corporation as it completes the transition from the U.S. Department of Energy (DOE).
Megatons to Megawatts Contract SignedJanuary 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.
First Megatons to Megawatts ShipmentJune 1995
The first shipments of Russian uranium under the Megatons to Megawatts program arrive at the Portsmouth Gaseous Diffusion Plant in Piketon, Ohio.
USEC Privatization Act SignedApril 1996
President Clinton signs the USEC Privatization Act into law, paving the way for the sale of the corporation to the public.
NRC Certifies GDPsNovember 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.
Privatization Plan AuthorizedJuly 1997
President Clinton authorizes the implementation of USEC privatization plan to sell the company to the public through an initial public offering of stock.
USEC IPOJuly 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.
USEC Assumes Operations of GDPsMay 1999
USEC takes over direct operations of the Paducah and Portsmouth Gaseous Diffusion Plants from its contractors.
Cooperative Research on Centrifuge BeginsSeptember 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.
Enrichment Operations Consolidated at PaducahMay 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.
Department of Commerce Supports USEC's Claim of Unfair Trade PracticesDecember 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.
DOE-USEC Agreement on Advanced Technology DeploymentJune 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.
U.S. and Russian Governments Approve Contract AmendmentJune 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.
USEC, UT-Battelle and DOE Extend Centrifuge CRADASeptember 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.
Demonstration Facility Site SelectedDecember 2002
USEC announced that it would site its American Centrifuge Demonstration Facility at its Portsmouth plant in Piketon, Ohio.
NRC Re-Certifies GDPsDecember 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.
10th Anniversary of Megatons to Megawatts ProgramJanuary 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.
American Centrifuge Plant Site SelectedJanuary 2004
USEC announced that its commercial American Centrifuge Plant would be sited in Piketon, Ohio.
NRC Issues Demonstration Facility LicenseFebruary 2004
The U.S. Nuclear Regulatory Commission issued a license that authorizes USEC to construct and operate its American Centrifuge Demonstration Facility.
USEC Acquires NAC InternationalJuly 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.
Centrifuge Machine Testing BeginsJanuary 2005
USEC began testing a full-size centrifuge machine at its K-1600 facility in Oak Ridge.
Welch Appointed CEOSeptember 2005
John Welch is appointed President and CEO of USEC.
USEC and DOE Execute Centrifuge Facility Lease and Technology LicenseDecember 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.
NRC Issues Construction and Operating License for Commercial PlantApril 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.
American Centrifuge Plant Construction BeginsMay 2007
USEC and Fluor began construction on the commercial plant infrastructure for the American Centrifuge Plant.
Lead Cascade Test Program BeginsAugust 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.
USEC Completes A Public Offering of Common Stock and Convertible SecuritiesSeptember 2007
USEC completes a public offering of common stock and convertible securities.
USEC Submits First Part of DOE Loan Guarantee ApplicationJuly 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.
NRC Recertifies USEC's GDPsDecember 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.
Supreme Court Sides with USEC on Trade LawJanuary 2009
U.S. Supreme Court sides with USEC's position that enriched uranium is a good and subject to U.S. trade laws
Megatons to Megawatts Contract Amendment Approved by U.S. and Russian GovernmentsJuly 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.
DOE Defers Decision on Loan Guarantee ApplicationAugust 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.
AC100 Cascade Begins OperationsMarch 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.
B&W and Toshiba Agree to Invest in USECMay 2010
Toshiba Corporation and Babcock & Wilcox sign a definitive agreement to make a $200 million investment in USEC.
USEC De-leases Major Portions of Portsmouth GDPDecember 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.