BETHESDA, Md., Jun 10, 2003 (BUSINESS WIRE) -- USEC Inc. (NYSE:USU) announced today that it has reached agreement with Exelon Generation Company, LLC, subject to Exelon's internal approval, to supply SWU for a period of six years for the 17 nuclear power reactors operated by Exelon.
Exelon President and Chief Operating Officer Oliver D. Kingsley Jr. and USEC President and Chief Executive Officer William H. Timbers agreed to the new terms at the utility's headquarters in Chicago. The nearly $700 million agreement would establish USEC as Exelon's primary SWU supplier from 2005 through 2010.
"This agreement will strengthen and extend USEC's long-term partnership with Exelon, the nation's leading nuclear utility," Timbers said. "Exelon is our largest customer and we look forward to supplying its nuclear fuel needs into the next decade and beyond."
Kingsley said, "Exelon Generation Company is pleased to move forward towards a strategic partnership with USEC. Through this agreement, we will play an important role in USEC's Megatons to Megawatts national security program as well as its demonstration and deployment of American Centrifuge enrichment technology."
With 17 reactors at 10 sites in Illinois, Pennsylvania and New Jersey, Exelon Generation's nuclear operations produce about one-fifth of all nuclear-generated electricity in the United States.
This news release contains forward-looking information (within the meaning of the Private Securities Litigation Reform Act of 1995) that involves risks and uncertainty, including certain assumptions regarding the future performance of USEC and market pricing trends. Actual results and trends may differ materially depending upon a variety of factors, which are described in USEC's periodic filings with the Securities and Exchange Commission. These SEC filings are available on USEC's website www.usec.com.
USEC Inc., a global energy company, is the world's leading supplier of enriched uranium fuel for commercial nuclear power plants.
SOURCE: USEC Inc.
USEC Inc.
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