USEC ESTABLISHES BOARD FOR AMERICAN CENTRIFUGE R&D PROGRAM

USEC reached a milestone yesterday in the Department of Energy’s research, development and deployment program for the American Centrifuge technology, establishing a board of managers for the program. Under an agreement with the Department, forming such a board allows DOE to spend an additional $61.3 million on the project, which is expected to fund it through November. “We have identified and attracted a board with strong project management, nuclear operations and technology deployment experience. The board includes representatives from the largest U.S. nuclear operator, our strategic partners and other noted experts,” USEC President and CEO John Welch said in a statement. The seven-person board includes USEC Vice Presidents Philip Sewell and Robert Van Namen, Randall Spickard of Babcock & Wilcox, Toshiba Executive Hitoshi Yabuta, former Nuclear Regulatory Commission official Luis Reyes and Bruce Rash of Exelon. The announcement comes as USEC released its second quarter earnings, reporting a net loss of $92.0 million on revenue of $364.8 million. The company will hold a call with investors this morning.