Company News

Exelon Corp signs uranium supply deal with Russia

MOSCOW, June 3 (Reuters) - U.S. utility Exelon Corp EXC.N signed a long-term uranium supply contract with Russian nuclear fuel exporter Tenex, the Russian firm said in a statement on Wednesday.

Under the contract, state-owned Tenex will provide direct supplies of uranium to Exelon between 2014 and 2020, the statement said, without stating the amount of uranium to be supplied or its price.

Last month, Tenex signed three landmark deals to supply over $1 billion worth of uranium directly to U.S. electricity firms PG&E PCG.N, Ameren Corp AEE.N and Luminant. [ID:nLQ948928]

U.S. anti-dumping laws, which were relaxed last year, had previously only allowed Russia to sell the United States uranium recovered from dismantled Soviet nuclear weapons. These sales are carried out through U.S. uranium trader USEC Inc USU.N.

Exelon, of Chicago, owns and operates more than 38,000 MW of generating capacity, markets energy commodities, and transmits and distributes electricity to about 5.4 million customers in northern Illinois and southeast Pennsylvania and natural gas to about 480,000 the Philadelphia area. (Reporting by Simon Shuster)