Platts - Wednesday, February 04, 2004
http://www.platts.com

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USEC reports increased profits for 2003

Washington (Platts)--3Feb2004

USEC Inc. reported that its gross profit for 2003
increased to $165.1-million, up from $92.1-million in
2002. Increases in both uranium sales and revenue from
government contract work accounted for the rise. Sales
of enrichment services in 2003 decreased slightly to
$1.13-billion, from $1.19-billion in 2002. The company
reported increased spending on developing advanced
centrifuge technology--$44.8-million in 2003, from
$22.9-million in 2002. USEC's selling, general and
administrative expenses also increased in 2003 to $69.4-
million, from $54.1-million in 2002. USEC said that
increase was related to higher consulting fees, higher
insurance premiums, higher franchise taxes, and costs
incurred from the early retirement of two senior
executives. USEC said it expects its 2004 revenue to be
about $1.4-billion. It also said it expects to spend
about $70-million in 2004 on developing its advanced
centrifuge enrichment technology, including about $20-
million on a commercial plant. USEC hopes to submit a
license to NRC in August to build a commercial
centrifuge plant.

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Record $907-million sought for FY-05 DOE waste program

Washington (Platts)--2Feb2004

The administration is seeking a record $907.4-million
for DOE's waste program in fiscal 2005, saying that
amount would allow the department to prepare a license
application and to begin repository operations in 2010.
If licensed, DOE will dispose of roughly 70,000 metric
tons of nuclear waste inside the facility at Nevada's
Yucca Mountain, 90 miles outside Las Vegas. Funding
increases would be used for such purposes as supporting
finalization of the preliminary design of subsurface and
surface repository facilities, DOE said in budget
documents released Feb. 2. The Yucca Mountain project
would receive $559-million in FY-05, up from $403.6-
million appropriated in FY-04, and transportation would
receive $186-million, up from $63.6-million. The
increased funding would provide for initial procurement
of transportation casks and auxiliary equipment, and the
acceleration of operational capability, DOE said. The
program allocation includes $749-million from the
ratepayer-funded Nuclear Waste Fund and $131-million in
DOE defense waste fees. The White House Office of
Management & Budget projected the fund's balance at the
end of FY-05 at $15.3-billion.

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