US Centrus Energy Corp announced on 17 May that it had secured new nuclear fuel sales contracts and commitments valued at approximately $225 million over the past 12 months. Centrus President and CEO Daniel B Poneman said the last 12 months “has been the strongest period for new sales since 2015, with prices rising again and utilities coming back into the market to make multi-year orders”. He added that the new sales added value into Centrus’s long-term order book.
Most of Centrus's revenues come from multi-year contracts with major utilities, often signed years in advance. The new sales contracts and commitments cover deliveries in North America, Asia, and Europe from 2021 through 2027, with revenues to be recognised in the year of delivery. The approximately $225 million total includes the more than $100 million in contracts and commitments secured between November 2020 and the end of January 2021 that were disclosed in the Company's Annual Report for the year ended 31 December 2020.
Centrus Energy supplies low-enriched uranium (LEU) for commercial NPPs in the USA. It is also engaged in the development of uranium enrichment technology and undertakes research and demonstration work to support US energy and national security. Originally the United States Enrichment Corporation, a government corporation, it was privatised in 1998 as USEC Inc. From 1993 to 2013, it played a key role in the US-Russia “Megatons to Megawatts” deal, marketing downblended former Soviet nuclear weapons material as nuclear fuel for US NPPs. Following bankruptcy in 2014, the company re-emerged as Centrus Energy Corp. Under a 2019 contract with the US Department of Energy’s (DOE’s) Office of Nuclear Energy, Centrus is licensing and constructing a cascade of 16 AC100M centrifuges at a facility in Piketon, Ohio to demonstrate production of High-Assay, Low-Enriched Uranium (HALEU), which is expected to begin production next year.
