Centrus Energy
Centrus Energy is a U.S. nuclear-fuel supplier developing uranium-enrichment and high-assay low-enriched uranium technologies for commercial and government use.
Last updated August 25, 2026
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Overview
Centrus Energy is an American nuclear-fuel company whose business centers on supplying enriched uranium and related nuclear-fuel services to nuclear-power operators, while also developing centrifuge technology for commercial and national-security applications. The company operates under the Centrus name following the 2014 restructuring of USEC Inc., itself descended from the United States Enrichment Corporation established by the U.S. government under the Energy Policy Act of 1992. The company’s historical role was closely associated with the U.S. uranium-enrichment infrastructure. USEC assumed control of Department of Energy enrichment facilities in July 1993 and was privatized through an initial public offering on July 28, 1998. It operated gaseous-diffusion enrichment plants at Piketon, Ohio, near the former Portsmouth site, and at Paducah, Kentucky. These facilities were strategically important but highly energy intensive. Enrichment at Piketon ended in 2001, with remaining enrichment activity consolidated at Paducah. The Paducah plant subsequently ceased uranium-enrichment operations on May 31, 2013, after a period of downsizing. USEC also served as the U.S. executive agent for the U.S.–Russia Highly Enriched Uranium Purchase Agreement, commonly associated with the Megatons to Megawatts program. Under that arrangement, material derived from dismantled Russian nuclear weapons was converted for use as reactor fuel, linking the company to one of the most significant nuclear nonproliferation and commercial-fuel programs of the post-Cold War period. A major strategic turning point came with USEC’s attempt to commercialize American centrifuge technology. The company planned a demonstration and subsequent full-scale enrichment facility at Piketon using its American Centrifuge technology. In 2009, the Department of Energy declined to provide the requested loan guarantee for the planned facility. USEC suspended the project and began demobilization, although the government provided funding for additional research. The failed financing effort contributed to the company’s later financial difficulties. On December 16, 2013, USEC announced a prearranged and voluntary Chapter 11 restructuring with the support of a majority of its debt holders. The company emerged from bankruptcy on September 30, 2014, under the new name Centrus Energy Corp. The restructured company retained its nuclear-fuel supply activities while continuing to pursue centrifuge technology and government-supported enrichment opportunities. Centrus’s current strategic importance is particularly connected to high-assay low-enriched uranium, or HALEU. HALEU contains more uranium-235 than the low-enriched uranium used in most existing light-water reactors, while remaining below the threshold for highly enriched uranium. Many advanced-reactor concepts require HALEU for improved fuel efficiency, reactor size, or operating characteristics. Beginning in 2019, Centrus worked under a U.S. Department of Energy contract to build a 16-centrifuge cascade at Piketon to demonstrate HALEU production. In June 2021, the Nuclear Regulatory Commission approved a license amendment allowing the facility to enrich uranium to a uranium-235 concentration of up to 20 percent, making it the first U.S. facility licensed for HALEU production. The company has also entered agreements with advanced-reactor developers, including TerraPower, X-energy, and Oklo, intended to support future HALEU availability. Its business therefore combines conventional nuclear-fuel supply with a technology-development role connected to advanced reactors and U.S. energy and national-security policy. Centrus reported a return to profitability in 2020 after several years of losses, attributing the result to declining supply costs and other factors; the reference material reports net income of $54 million for 2020 and $175 million for 2021.
History
Centrus Energy’s corporate history begins with the creation of the United States Enrichment Corporation under the Energy Policy Act of 1992. The legislation converted the Department of Energy’s civilian uranium-enrichment activities into a government-owned corporation. USEC took over operation of the relevant Department of Energy facilities in July 1993 and was subsequently privatized through an initial public offering on July 28, 1998. The privatization generated approximately $3 billion for the U.S. government, according to the cited historical material. During its early private-company period, USEC operated gaseous-diffusion enrichment facilities at Piketon, Ohio, and Paducah, Kentucky. The Nuclear Regulatory Commission assumed regulatory authority over the Portsmouth facility in March 1997. In June 1998, the regulator investigated alleged weaknesses involving control of components with uranium deposits, maintenance and testing of safety valves, equipment operation, and compliance with possession limits for uranium enriched above 20 percent. The available material describes this as an investigation; it does not establish a broader scandal finding. USEC ended uranium-enrichment operations at Piketon in May 2001 and consolidated enrichment activity at Paducah. Transfer and shipping operations were also consolidated at Paducah the following year. The Paducah plant was extremely energy intensive, reaching approximately 3,000 megawatts of peak electricity consumption. It drew power from the Tennessee Valley Authority, whose generation mix at the time included substantial coal-fired capacity as well as nuclear generation. After downsizing, the Paducah plant ceased uranium-enrichment operations on May 31, 2013. The Department of Energy retained responsibility for cleaning up materials left at the sites from the period before 1993. In parallel, USEC pursued a new generation of gas-centrifuge technology. A demonstration plant at Piketon was intended to support initial commercial operation in 2009, followed by a larger plant planned for 2012. The project depended in part on a proposed $2 billion Department of Energy loan guarantee. In July 2009, the Department declined to grant the guarantee, stating that the proposed facility was not ready for commercial production and therefore did not qualify. USEC suspended work on July 28, 2009, and began demobilization. The Department offered approximately $45 million over the following 18 months for additional research if USEC withdrew its loan-guarantee application. USEC also occupied a significant role in international nuclear-fuel diplomacy. It acted as the U.S. executive agent for the Highly Enriched Uranium Purchase Agreement between the United States and Russia. Through the Megatons to Megawatts program, uranium from dismantled Russian nuclear weapons was converted into reactor fuel, making the company an intermediary between arms-reduction policy and commercial nuclear-fuel markets. The company’s financial and strategic pressures culminated in a prearranged voluntary Chapter 11 restructuring. On December 16, 2013, USEC announced an agreement with a majority of its debt holders to pursue bankruptcy protection. It emerged from the proceedings on September 30, 2014, with the new corporate identity Centrus Energy Corp. The renamed company continued nuclear-fuel supply activities while maintaining a focus on enrichment technology. On March 5, 2015, the Centrus board appointed Daniel B. Poneman president and chief executive officer and added him as a director, with the appointment taking effect on or before April 1. Later that year, a Department of Energy report to Congress assessed options for restoring U.S.-technology enrichment capability for national-security needs and identified Centrus’s AC100 centrifuge as the most technically advanced and lowest-risk option in the assessment. Centrus subsequently shifted substantial attention toward HALEU, a fuel form needed by many advanced-reactor designs. In 2019, it entered a Department of Energy contract to build a 16-centrifuge cascade at Piketon to demonstrate HALEU production. The company also signed agreements with advanced-reactor developers such as TerraPower, X-energy, and Oklo. In June 2021, the Nuclear Regulatory Commission approved a license amendment allowing enrichment to as much as 20 percent uranium-235, making the facility the first in the United States licensed for HALEU production. This work positioned Centrus as both a conventional nuclear-fuel supplier and a potential domestic producer for the emerging advanced-reactor market. After several years of losses, Centrus announced in March 2021 that it had returned to profitability in 2020. The cited material attributes the improvement to lower supply costs and other factors and reports net income of $54 million in 2020 and $175 million in 2021. The company’s later strategic profile therefore combines commercial fuel supply, domestic enrichment capability, advanced-reactor fuel development, and national-security-related technology.
- 2021
NRC authorizes enrichment up to 20 percent uranium-235
[1]The Nuclear Regulatory Commission approves a license amendment enabling the Piketon facility to produce HALEU.
- 2019
HALEU demonstration contract begins
[1]Centrus begins Department of Energy-supported construction of a 16-centrifuge cascade at Piketon to demonstrate HALEU production.
- 2015
Daniel B. Poneman becomes chief executive
[1]Centrus appoints Daniel B. Poneman president and chief executive officer and elects him to its board.
- 2014
Company emerges from bankruptcy as Centrus Energy
[1]USEC completes its Chapter 11 restructuring and adopts the Centrus Energy identity.
- 2013
Paducah enrichment operations cease
[1]The Paducah Gaseous Diffusion Plant ends uranium-enrichment operations after downsizing.
- 2009
American Centrifuge project is suspended
[1]USEC suspends its planned commercial centrifuge-enrichment project after the Department of Energy declines a loan guarantee.
- 2001
Piketon enrichment ends
[1]USEC stops uranium-enrichment operations at Piketon and consolidates enrichment at Paducah.
- 1998
USEC is privatized
[1]The U.S. government privatizes USEC through an initial public offering.
- 1993
USEC takes over Department of Energy facilities
[1]USEC assumes control of the Department of Energy’s civilian uranium-enrichment facilities.
- 1992
United States Enrichment Corporation is created
[1]The Energy Policy Act creates the United States Enrichment Corporation as a government-owned enterprise for civilian uranium enrichment.
Products and positioning
A U.S.-based nuclear-fuel supplier and enrichment-technology developer positioned at the intersection of commercial reactor fuel, advanced-reactor deployment, and national-security requirements.
Nuclear fuel
Enriched uranium
Centrus supplies enriched uranium for use in nuclear power plants. This business reflects the company’s historical role as a U.S. uranium-enrichment enterprise and its continuing position in commercial nuclear-fuel markets. The available material does not specify individual fuel-product brands, reactor customers, or contract volumes.
Nuclear-fuel services
Uranium-enrichment services
The company provides or develops enrichment-related capabilities for commercial and government uses. Its historical gaseous-diffusion operations at Paducah and Piketon have ended, while its strategic work has moved toward centrifuge-based enrichment and domestic supply capability.
Enrichment technology
American Centrifuge technology
American Centrifuge, including the AC100 technology referenced in a 2015 Department of Energy assessment, is Centrus’s centrifuge-enrichment technology platform. It was developed to provide a more modern alternative to energy-intensive gaseous diffusion and has been evaluated for commercial and national-security applications.
Advanced-reactor fuel · 2019
High-assay low-enriched uranium (HALEU)
HALEU is enriched to a uranium-235 concentration above the approximately 5 percent level associated with conventional low-enriched uranium, but no more than 20 percent. Centrus is developing domestic HALEU production through a Department of Energy-supported 16-centrifuge demonstration cascade at Piketon. The fuel is intended for many advanced-reactor designs and government applications.
Brand decisions
2021
Regulatory authorization for HALEU productionGeneration changeBackground
The Piketon demonstration required regulatory authorization to enrich uranium to the concentration needed for HALEU.
Action taken
The Nuclear Regulatory Commission approved a license amendment permitting enrichment to a uranium-235 concentration of up to 20 percent.
Aftermath
The facility became the first U.S. facility licensed for HALEU production, strengthening Centrus’s role in the emerging advanced-reactor fuel supply chain.
2019
Launch of the Piketon HALEU demonstration programProduct launchBackground
Advanced-reactor developers require HALEU for many next-generation reactor designs, but domestic production capacity was limited.
Action taken
Centrus entered a Department of Energy contract to build a cascade of 16 centrifuges at Piketon to demonstrate HALEU production.
Aftermath
The program became the basis for the company’s renewed domestic enrichment strategy and its relationships with advanced-reactor developers including TerraPower, X-energy, and Oklo.
2013
Prearranged Chapter 11 restructuringOtherBackground
After financial pressure associated with its operating and technology-development challenges, USEC reached an agreement with a majority of its debt holders.
Action taken
The company announced a voluntary, prearranged Chapter 11 restructuring and subsequently reorganized under the Centrus Energy name.
Aftermath
Centrus Energy emerged from bankruptcy on September 30, 2014, retaining its nuclear-fuel business and enrichment-technology strategy.
2009
Suspension of the commercial American Centrifuge projectStrategyBackground
USEC sought to build a commercial uranium-enrichment facility at Piketon using centrifuge technology, with the project relying on a proposed Department of Energy loan guarantee.
Action taken
After the Department of Energy declined to provide the loan guarantee, USEC suspended work and began demobilizing the project. The company also considered or accepted additional government support for research.
Aftermath
The planned commercial facility did not proceed as originally envisioned, although the company continued developing centrifuge technology and later pursued government-supported HALEU work.
Proposed loan guarantee. $2 billion requested (2009)
Recent events
- 2021
NRC approves Centrus license amendment for HALEU enrichment[1]
Regulation · Product launch
The Nuclear Regulatory Commission approved a license amendment permitting Centrus to enrich uranium to a uranium-235 concentration of up to 20 percent, making the Piketon facility the first U.S. facility licensed for HALEU production.
- 2021
Centrus reports return to profitability[1]
Other
Centrus announced that it had returned to profitability in 2020 after several years of losses. The reference material attributes the improvement to declining supply costs and other factors and reports net income of $54 million for 2020 and $175 million for 2021.
- 2019
Centrus begins DOE-supported HALEU demonstration work[1]
Product launch
Centrus began work under a Department of Energy contract to construct a 16-centrifuge cascade at Piketon, Ohio, intended to demonstrate production of HALEU for advanced-reactor and government applications.
- 2015
Centrus appoints Daniel B. Poneman as president and CEO[1]
Leadership change
Centrus appointed Daniel B. Poneman president and chief executive officer and elected him to the company’s board, effective on or before April 1, 2015.
- 2015
DOE report identifies AC100 as a leading U.S. enrichment option[1]
Other
A Department of Energy report to Congress evaluating options for restoring U.S.-technology uranium enrichment for national-security purposes identified Centrus’s AC100 centrifuge technology as the most technically advanced and lowest-risk option among those evaluated.
- 2014
Company emerges from bankruptcy as Centrus Energy[1]
Bankruptcy · Leadership change
The reorganized company emerged from bankruptcy under the Centrus Energy Corp. name, marking the formal transition from the USEC identity.
- 2013
USEC announces prearranged Chapter 11 restructuring[1]
Bankruptcy
USEC announced that it had reached an agreement with most of its debt holders to pursue a voluntary, prearranged Chapter 11 restructuring.
- 2009
USEC suspends American Centrifuge project after loan-guarantee decision[1]
Other
USEC suspended work on its planned commercial uranium-enrichment facility at Piketon after the Department of Energy declined to provide a requested loan guarantee. The company began steps to demobilize the project, while the Department of Energy offered support for further research.
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