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Vattenfall Power Consultant AB to complete feasibility study of Romania-Turkey submerged cable

Romanian state-owned power transporter Transelectrica and Sweden's Vattenfall Power Consultant AB inked a contract for the feasibility study of the submerged electricity cable linking Romania and Turkey, a release reads.

The feasibility study will last for 12 months and the value of the service contract stands at 1,241,826 euros.

The auction took place five years after the memorandum between the two states was inked on April 2004.

The necessary money to complete the feasibility study will be paid in three installments, not at the end of the study, Purdila said.

Around 75 percent of the costs will be paid by Transelectrica and the rest 25 percent by electricity producer Nuclearelectrica, operating the sole nuclear power producer in Romania.

In order to be admitted to the auction, companies have to present a 15,000 euro guarantee for participation and to post an average annual turnover of at least 1.5 million euros in the past three years.

The common project between Romania's Transelectrica and Turkish electricity transporter TEIAS would allow Romania to sell electricity directly to Turkey, by passing Bulgaria, which levies high transit taxes.

After the study is completed, Romania and Turkey would look to fund the 400 million-euro project with the help of international investors. The project would be financed through sovereign-guaranteed loans, European Union structural funds and bank loans.

The entire project is expected to be completed in 2009. Power systems, financed by both countries independently, would be connected through Constanta, Romania and Pasakoy, Turkey with a transportation capacity of 600 MW.

Transelectrica (TEL) has been listed at the Bucharest Stock Exchange since August 29, 2006. The state owns 73.7 percent of the company's share capital, while the Proprietatea Fund, created to pay damages to people whose properties were seized during the communist regime, owns 13.5 percent.

 

Sursa: http://www.newsin.ro

Tags: turkey romania study power feasibility euro

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