Centrus Energy Corp. announced Sept. 25 that it plans to expand its uranium enrichment plant in Piketon, Ohio, if it secures federal funding from the U.S. Department of Energy (DOE). The project is expected to involve a multi-billion-dollar investment aimed at boosting America’s uranium enrichment capacity and reducing reliance on foreign suppliers.
The expansion could create 1,000 temporary construction jobs, 300 permanent operations jobs, and preserve 127 current positions at the facility. Company officials said the project would also support jobs across its supply chain and contribute to U.S. nuclear energy and security interests.
Economic and security impact
Centrus Energy Corp. said the initiative would strengthen domestic uranium enrichment, a critical part of the nuclear fuel supply chain. The company is currently the only U.S.-based firm licensed by the Nuclear Regulatory Commission to produce High-Assay, Low-Enriched Uranium (HALEU), which is needed for advanced reactors.
“Expanding our Piketon facility is a vital step toward securing America’s energy future,” said a Centrus spokesperson. “This investment will create good-paying jobs in Ohio while supporting national security priorities.”
The DOE has not yet announced whether it will provide the funding necessary to move forward with the project. Federal officials are expected to weigh the proposal against broader efforts to strengthen U.S. energy infrastructure and reduce dependence on imported nuclear materials.
Market and industry context
News of the expansion plans coincided with a 13.11 percent rise in Centrus stock (LEU) on Sept. 25. The company’s market capitalization currently stands at about $5.03 billion. Analysts have given the stock a “Hold” rating with a price target of $164, citing strong financial performance and strategic positioning but noting revenue challenges and leverage concerns.
Industry experts say the expansion could play an important role in ensuring a stable domestic supply of nuclear fuel. The U.S. has long relied on imports from Russia and other countries to meet its uranium needs, a dependence viewed as a vulnerability in light of geopolitical tensions.
Centrus Energy Corp. has supplied nuclear fuel and services for more than 25 years, providing utilities with over 1,850 reactor years of fuel. The company says this output is equivalent to more than 7 billion tons of coal, underscoring nuclear energy’s role as a carbon-free power source.
Next steps
If approved, the Piketon expansion will advance both economic development in southern Ohio and national efforts to strengthen clean energy production. Supporters of the project argue that increasing domestic uranium enrichment capacity is necessary to meet future electricity demand while reducing greenhouse gas emissions.
The DOE’s decision on funding is expected in the coming months. Until then, Centrus Energy Corp. will continue operating its existing facility while preparing plans for potential large-scale construction.
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