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DOE to reconsider USEC loan bid

05 August 2009– The U.S. Department of Energy said it will delay the review of USEC Inc’s application for a loan guarantee for a planned gas centrifuge uranium enrichment plant.

The loan guarantee was supposed to fund the planned American Centrifuge Plant in Piketon, Ohio. DOE said it agreed to delay the final application review to allow USEC to address technological and financials goals set by the department.

USEC so far has invested $1.5 billion in the project, using funds from the equity and debt markets, but still needs another $2 billion. Reuters reported that USEC is beginning layoffs that would affect nearly 2,000 USEC and contractor jobs.

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