This is yet another step towards USEC meeting the criteria for a loan guarantee. I know that USEC will submit the financial documents to the U.S. Department of Energy soon, and I encourage the Department to review the information expeditiously so the loan guarantee process continues to move forward
– Edited by Stephen Heiser –
U.S. Senator George V. Voinovich (R-OH) issued a statement today on USEC’s announcement that Babcock & Wilcox Investment Company, an affiliate of The Babcock & Wilcox Company (B&W), and Toshiba Corporation have reached a definitive agreement to invest $200 million in USEC.
“I spoke with John Welch, president and chief executive officer of USEC Inc., and was pleased to learn that USEC was announcing the formation of its financial partnership,” Sen. Voinovich said. “This is yet another step towards USEC meeting the criteria for a loan guarantee. I know that USEC will submit the financial documents to the U.S. Department of Energy soon, and I encourage the Department to review the information expeditiously so the loan guarantee process continues to move forward. At the peak of construction of USEC's American Centrifuge Project at the Portsmouth site in Piketon, Ohio, the project is expected to create approximately 8,000 jobs nationally, with almost half located in Ohio. It is also important that the United States continues to support critical technological development, like that of USEC’s domestic centrifuge project, in order to reduce our dependence on foreign sources of energy and diversify our energy supply.”
This investment will strengthen USEC’s financial position as it transitions its uranium enrichment technology to gas centrifuge and works toward building the American Centrifuge Plant in Ohio. It will also strengthen USEC’s loan guarantee application, and USEC anticipates that it will submit an update to the U.S. Department of Energy (DOE) this summer to complete its application. In July 2009, DOE identified technical and financial criteria that needed to be addressed before USEC’s application for a loan guarantee could be approved. This investment will help address DOE’s financial criteria that adequate funding be available to support the construction and operation of the commercial plant.
Since August 2009, Sen. Voinovich has met with U.S. Energy Secretary Steven Chu and senior DOE officials to discuss the next steps needed to move forward in the loan guarantee process. Sen. Voinovich sent a letter to Secretary Chu in December 2009 highlighting the importance of USEC’s project for manufacturing jobs and developing new sources of energy. The letter also emphasized support for the DOE’s investment of $45 million in USEC over 18 months to further demonstrate the technical strength of USEC’s centrifuge project.
As former-Chairman and Ranking Member, and current EPW Clean Air and Nuclear Safety Subcommittee member, Sen. Voinovich is committed to the safe and secure growth of nuclear power. The senator believes that without nuclear power we will not be able to reach our goal of reducing carbon emissions or provide the base-load electricity our growing country demands – and we will miss an amazing opportunity to strengthen our U.S. manufacturing base and create good-paying jobs.
At a time when we are struggling to regain our economic footing, the domestic manufacturing industry has an incredible opportunity when it comes to nuclear energy, which offers thousands of well-paying jobs in all stages of development and production. Sen. Voinovich, along with Sen. Tom Carper (D-DE), recently led a bipartisan congressional letter to President Obama requesting that the White House join them in hosting a nuclear energy summit to bring together key leaders, stakeholders and innovators to discuss and plan for America’s nuclear energy future.