US to pay Russia more in HEU-LEU agreement

Publish date: February 23, 2009

USEC and Techsnabexport, or Tenex, have agreed to amend the pricing methodology used for the final years of the US-Russia high-enriched uranium agreement, USEC said in a February 20 filing with the US Securities and Exchange Commission.

USEC estimated that under the new methodology, the total
amount Russia receives under the 20-year contract, which expires at the end of 2013, "will substantially exceed $8 billion," the Platts financial newswire reported the filing as reading.  

In a filing a year ago, USEC said the contract allows adjustments to be made after 2007 to ensure that
Tenex "receives at least approximately $7.6 billion." USEC also said, "We do not expect that any adjustments will be required."

The amendment applies to deliveries in the years 2010-2013. The amendment must be approved by the US and Russian governments, USEC said. USEC and Tenex are their governments’ executive agents for the HEU agreement, Platts reported.