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PostPosted: Jul 28, 2009 11:09 pm 
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DOE denies loan guarantee for Ohio uranium plant

USEC Denied Loan Guarantees


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PostPosted: Jul 28, 2009 11:11 pm 
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A new/better fuel cycle is needed.


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PostPosted: Jul 29, 2009 4:59 am 
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Till one is developed, the enrichment is 'outsourced' to France or Russia.
http://www.world-nuclear-news.org/C-Six ... 07094.html
Meanwhile the software or back office work outsourcing is frowned upon. Vive le G-8. Or is it down with nuclear energy? I find it difficult to understand even Indian politics and the US is on far side of the globe.


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PostPosted: Jul 29, 2009 12:50 pm 
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Location: Idaho Falls, Idaho
Does mean this loan will be given to Areva to build their eagle rock plant near Idaho Falls?


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PostPosted: Jul 29, 2009 2:01 pm 
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Areva is as good as a French govt undertaking. Do they need a US guarantee?


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PostPosted: Jul 29, 2009 6:04 pm 
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charlesH wrote:
A new/better fuel cycle is needed.

Sure, but we'll need enrichment capacity for a long long time. We'll want it for enriching startup fuel for new LFTRs, lithium-7, not to mention LWR fuel for the hundreds of plants that will be around for decades.


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PostPosted: Jul 29, 2009 7:12 pm 
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Location: Columbus, OH
This was mentioned at work today.

The facility was to be built about 100 miles South of my work site and it was an enormous hit to the area.

I can only imagine that USEC will continue to run the Paducah facility.

http://www.usec.com/NewsRoom/NewsReleas ... Denies.htm

The USEC new releases on their website seems to indicate that they are rather upset with the DOE.

Does anyone have details of why the DOE really scrubbed this?


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PostPosted: Jul 29, 2009 7:34 pm 
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cld12pk2go wrote:
Does anyone have details of why the DOE really scrubbed this?


I don't know, but it did seem like there was an abundance of enrichment capability going in. Right off the top of my head I think of the USEC Piketon plant, the Areva plant in Idaho Falls, and the Urenco plant in New Mexico. Was there enough market to sustain all these players, and why should the DOE play favorites with one or another?


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PostPosted: Jul 29, 2009 7:41 pm 
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jagdish wrote:
Areva is as good as a French govt undertaking. Do they need a US guarantee?


The important thing about a Federal loan guarantee is that it means that if the federal government tries to pull the plug on the project, then they are in the tank for the money, which means they are a lot less likely to pull the plug. Any savings on interest is trivial compared to that.

Also Areva just started building a new factory in Newport News that will employ American workers. For me, that is more important than what language the CEO happens to speak.

In any case, our choices are limited. We've got Westinghouse(Toshiba) and GE(Hitachi). I wouldn't be surprised, when we start building AP1000 reactors, if a lot of the components don't come from China. They are already building factories over there for them.

I'm an American and I wish the United States would reclaim their leadership in Nuclear power, but humanity needs nuclear power and if we won't do it, then I glad someone is.

It's ironic that our long slide was started by an ex-nuke, Jimmy Carter, but then he always had a genius for doing the wrong thing for the right reason.


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PostPosted: Jul 31, 2009 8:00 am 
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Rod Adams published a nice article about the topic: http://atomicinsights.blogspot.com/2009 ... e-and.html


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PostPosted: Sep 28, 2009 10:22 pm 
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1,000 jobs lost at uranium enrichment plant

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USEC Inc. said Monday about 120 employees and more than 850 workers for suppliers have lost their jobs since the Energy Department delayed a final review of the company's application for a $2 billion loan guarantee to finance a uranium-enrichment plant in southern Ohio.

USEC suspended work on the project in August after the government's decision over its plans for the American Centrifuge plant in Piketon.

Job losses have occurred in eight states with Ohio and Tennessee having the largest losses.


I saw some of the work on this going on at a factory near me. Fine, fine work of exquisite quality. These people losing their jobs is a real shame.


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PostPosted: Oct 15, 2009 10:39 pm 
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DOE: No $30M for Ohio Plant

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The Department of Energy said Thursday it no longer expects to give $30 million for demonstration work at a uranium-enrichment plant in southern Ohio.

Congress didn't grant its funding request, and the department doesn't see a way to provide the money for work at the American Centrifuge site, the DOE said. It also noted that USEC Inc. recently reported equipment delays at the location.

"For both of these reasons, the Department does not see a path to providing the $30 million in technology demonstration funding at this time," the DOE statement said.


699 Ohio jobs reported from federal agency stimulus spending so far

Quote:
Ohio's total dollar amount is being driven by a $118 million Department of Energy contract to a New Mexico company for a massive demolition and remediation at the Portsmouth Gaseous Diffusion Plant in Piketon, which was a uranium enriching site. Besides the demolition of 11 buildings, large quantities of soil must be removed, as well as uranium material and other dangerous chemicals.


No money to do work but plenty of money to tear things down to a level needed to appease the "linear, no-threshold" economic model...


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PostPosted: Mar 25, 2010 12:48 pm 
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USEC and DOE Fund Continued American Centrifuge Activities
Last Update: 3/23/2010 4:09:00 PM

USEC and DOE Fund Continued American Centrifuge Activities

BETHESDA, Md., Mar 23, 2010 (BUSINESS WIRE) -- USEC Inc. (USU) and the Department of Energy (DOE) today announced an agreement to provide $45 million in funding to USEC to fund on-going American Centrifuge technology demonstration and manufacturing activities. USEC will match the DOE funding on a 50-50 cost-share basis. The work will support approximately 355 highly skilled jobs, primarily in Ohio, Tennessee, and West Virginia.

USEC recently announced the start of the Lead Cascade of production-ready AC100 centrifuge machines in a commercial-plant configuration in Piketon, Ohio. The Company has operated centrifuges for more than 338,000 machine hours during the Lead Cascade testing program, which includes both prototype machines and the AC100 series machines. The funding under the cost-share cooperative agreement supports increased operational run-time of the Lead Cascade as well as production of additional machines by USEC's manufacturers and rotor process improvement activities in preparation for full, high-rate production.


"We appreciate DOE's vote of confidence in the American Centrifuge technology," said USEC President and CEO John K. Welch. "We have made significant progress and continue to work hard to address the recommendations of DOE's independent engineer. This funding will boost those efforts and preserve approximately 355 jobs dedicated to centrifuge machine manufacturing and operation of the American Centrifuge machines. These activities will give us valuable operational data and experience as we prepare to update our loan guarantee application."

Under terms of the agreement, DOE will provide financial support for this work by taking the disposal obligation for a limited quantity of depleted uranium tails from USEC, releasing $45 million in cash for investment in American Centrifuge demonstration that USEC had otherwise committed to future tails disposition obligations. USEC will match the $45 million, for a total investment of $90 million.

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 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 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, including our ability to address the technical and financial concerns raised by the U.S. Department of Energy ("DOE") and the impact of a potential loan guarantee award to a competitor; the impact of the demobilization of the American Centrifuge project and uncertainty regarding our ability to remobilize the project and the potential for termination of the project; our ability to meet milestones under the June 2002 DOE-USEC Agreement related to the deployment of the American Centrifuge technology; changes in U.S. government priorities and the availability of government funding, including loan guarantees; and other risks and uncertainties discussed in our filings with the Securities and Exchange Commission (the "SEC"). Investors are urged to carefully review and consider the various disclosures made in our filings with the SEC, including our annual report on Form 10-K, that attempt to advise interested parties of the risks and factors that may affect our business. We do not undertake to update our forward-looking statements to reflect events or circumstances that may arise after the date of such statements except as required by law.

Photos/Multimedia Gallery Available:

SOURCE: USEC Inc.


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PostPosted: Dec 16, 2013 1:31 pm 
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Uranium company USEC says expects to file for bankruptcy

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USEC Inc, a supplier of enriched uranium for commercial nuclear power plants, said it expected to file for bankruptcy protection as part of a deal with its bondholders, sending the company's shares down as much as 52 percent.

USEC, which has been struggling to fund projects and has posted losses for the past four quarters, said it expected to file a prearranged Chapter 11 petition in the first quarter.


USEC to File for Chapter 11 as Part of Debt-Restructuring

Quote:
USEC plans to replace the convertible notes scheduled to mature in October 2014 with $200 million in new debt, the Bethesda, Maryland-based company said in a statement today. The anticipated filing in U.S. Bankruptcy Court in Delaware won’t affect operations or customer deliveries, it said.

Under the restructuring, bondholders will get 79 percent of the new equity that will replace the existing equity. Preferred-equity holders Toshiba Corp. and Babcock & Wilcox Investment Co. stand to receive 16 percent of the new stock and $40 million of debt. Existing shareholders will get 5 percent of the new stock.


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PostPosted: Oct 23, 2015 6:07 pm 
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http://www.chillicothegazette.com/story ... /74471388/


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