“The United States Enrichment Corporation (USEC) is currently developing a centrifuge plant in Piketon, Ohio as the culmination of an R&D program. Estimated project costs have now increased from $1.7 billion in 2007 to $5 billion in 2012. To date, the company has invested a total of $1.95 billion in the project and expects to invest another $2.8 billion to fully fund project development.”
This plant will be used to enrich uranium to be used at nuclear energy plants.
“In December 2009, Moody’s Investor Service downgraded its ratings for USEC to junk grade status citing “expectations of weak credit metrics over the next several years, increased competition and liquidity risks.” Further, since 2002 USEC has received four consecutive credit downgrades and is now in danger of losing its stock listing in the New York Stock exchange.”
“Currently, USEC is awaiting Congressional approval of up to $150 million in research, development and demonstration funds which were requested in the President’s FY2013 budget and are now being considered in the highway bill, energy and water appropriations bill, and National Defense Authorization Act (NDAA).”
and even more stunning….
USEC is in line for a possible $2 BILLION loan, from the Department of Energy’s Loan Guarantee program.
So..a company with deep and long-standing financial troubles is waiting to get “bailed out” with your money. and my money.
I think we need a massive sign hung from the Capitol Dome that flashes in blinding neon green and white letters…”The Money Store”
on a fun note….with the addition of The Who’s I Can See For Miles, I have hit 1500 songs in my iTunes library.