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USEC, TENEX contract amendment approved

BETHESDA, Md., July 21 (UPI) -- Energy company USEC Inc. says a contract amendment for its work on the Megatons to Megawatts program has been approved by both the United States and Russia.

U.S. company USEC announced its contract amendment with JSC Techsnabexport, a Russian government entity known as TENEX, has been approved by the governments of Russia and the United States.

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The amendment is for a new pricing agreement for the U.S.-Russian Highly Enriched Uranium-Low Enriched Uranium agreement known as the Megatons to Megawatts program. The program is designed to recycle weapons-grade uranium from dismantled Russian nuclear warheads into commercial nuclear fuel.

According to a news release, the amendment changes the pricing methodology starting in 2010 for deliveries of low-enriched uranium from TENEX as part of an effort 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."

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