An amendment to the US-Russian HEU-LEU agreement, known as the Megatons to Megawatts program, has been approved by both the US and Russian governments, Usec said 20 July.
The amendment, which was entered into in February, implements a new pricing methodology for deliveries of low enriched uranium (LEU) from TENEX starting in 2010 and continuing through the end of the contract in 2013.
The new pricing methodology is intended to enhance the stability of future pricing for both parties through a formula that combines a different mix of price points and other pricing elements from the previous methodology.
The U.S. government approved the contract amendment on 2 April and the government of the Russian Federation approved it on 11 July. T
The Megatons to Megawatts program is a unique, commercially financed government-industry partnership in which 500t of weapons-grade uranium from dismantled Russian nuclear warheads are being recycled into LEU used to produce fuel for American nuclear power plants.
As of end of June 2009, 367t of weapons-grade highly enriched uranium from Russian nuclear warheads had been recycled into 10,621t metric tons of LEU, equivalent to 14,686 nuclear warheads eliminated.
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