Nuclearelectrica seeks majority participation in builder of Cernavoda-based reactors 3 and 4

Nuclearelectrica seeks the majority participation in the project company that is to build reactors 3 and 4 of the Cernavoda nuclear power plant, Minister of Economy and Finance Varujan Vosganian said on April 17.
"In two weeks we will come up with an association formula in the project company, set forth under a draft Government Resolution, and we seek a majority participation for the Romanian state in the entity," said Vosganian.
According to the Minister, one of the reasons to seek majority in the company is that the Romanian state is responsible for managing nuclear wastes.
Vosganian said that the state wants to continue negotiations with the six companies willing to participate in the construction of the two nuclear units. "We hope to meet the deadline," he added.
Speaker of the Chamber of Deputies Bogdan Olteanu too said that it is normal for the state to negotiate this position within the project company, to better represent its interests.
Contrary to what CEZ – one of the investors – had announced, talks for the establishment of the project company for reactors 3 and 4 were not frozen, but carry on in a new framework – given the fact that the government wants a higher participation for Nuclearelectrica in the company, representatives of the Ministry of Economy and Finance told Rompres on April 16.
"On April 15 Minister Vosganian informed the six investors with whom the establishment of the project company is being negotiated about the government’s decision that Nuclearelectrica’s participation should be higher than the initially established 20 pct," said the cited sources.
They said none of the six interested investors has given an official response to challenge the new association terms in the project company.
"Talks continue under the new conditions. The six investors will notify their parent companies in their countries of origin and it will take a little before they reach a decision," said MEF representatives.
Nuclearelectrica announced recently that a cooperation agreement was signed with the six investors interested in participating in the construction of Reactors 3 and 4 and the project company should have been established in May, after the government would have approved the report of the negotiation commission.
In March 2008, CEZ confirmed that it would take over a 15 pct stake in the consortium that will build and operate Reactors 3 and 4 of the Cernavoda nuclear power plant. The state-owned Nuclearelectrica and the six companies interested in participating in the construction of the two reactors – ArcelorMittal, CEZ, Electrabel, Enel, Iberdrola and RWE Power – had inked an association agreement for the establishment of the project company.
At the end of March, Minister of Economy and Finance Varujan Vosganian announced that the government is to decide if Nuclearelectrica’s stake of 20 pct in the future project company is satisfactory.
The costs for the accomplishment of the two nuclear reactors are estimated at 2.3 bln euro.
The investment duration is 64 months, as the commissioning is due in 2014 and 2015, respectively.
Each of the two reactors will have an installed capacity of 720 MW, supplying each 5.2 TWh a year for an estimated selling price of 28.2 – 32.5 euro/MWh. The service life of a unit is 30 years with, an extension possibility to 40 years.
The Cernavoda nuclear power plant currently operates with two nuclear units. The first reactor was commissioned in 1996, the second reached maximum rated power in September 2007 and was inaugurated in early October. Reactors 1 and 2 jointly produce 18 pct of the total energy generated in Romania.

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