$900M DOE Order Fuels Centrus Energy's Multi-Billion-Dollar Piketon Expansion
Centrus Energy plans a multi-billion-dollar expansion of its Piketon, Ohio enrichment facility, including domestic centrifuge manufacturing and a 150,000-sq-ft operations center, supported by a $900 million DOE task order for HALEU. Separative work unit spot prices hit record highs in Q4 2025, underpinning tight LEU market.
1. Market Tightness and Pricing Environment
Global uranium enrichment markets entered structural tightness in late 2025, with separative work unit spot prices reaching record highs as utilities shift away from Russian services. Restarting reactors and new nuclear build plans are intensifying competition for limited Western enrichment capacity.
2. Piketon Expansion Details
Centrus Energy is advancing a multi-billion-dollar upgrade at its Piketon, Ohio plant, adding domestic centrifuge manufacturing and a new 150,000-sq-ft training, operations and maintenance facility. These investments aim to boost both low-enriched uranium and advanced HALEU production capacity.
3. DOE-backed $900M Task Order
In January 2026, a $900 million milestone-based task order from the U.S. Department of Energy was awarded to support HALEU enrichment expansion. This funding structure reduces equity dilution risk while enabling scalable capacity growth at the Piketon site.
4. HALEU Production Outlook
Centrus expects its first new HALEU enrichment cascade to be operational by 2029, with partial production slated before 2030. The company aims for roughly 12 metric tons of annual HALEU output after 2030 to supply next-generation nuclear reactors.