RWE, GDF Suez and Iberdrola back out of EnergoNuclear

Same sources said Enel and ArcellorMittal (the last remaining partners except Nuclearelectrica) intend to withdraw from the partnership as well. We remind that the public-private partnership EnergoNuclear was established in late 2008 for the development of the third and fourth nuclear reactors. At that time, it was decided that Nuclearelectrica will hold 51% of EnergoNuclear, with the balance split between CEZ (9.15%), ENEL (9.15%), GDF Suez (9.15%), RWE (9.15%), Iberdrola (6.2%) and Arcellor Mittal (6.2%).

As the JV faced multiple delays since its initiation, we have not taken into account the additional reactors in our valuation of Nuclearelectrica. Thus, we view the news as neutral with respect to Nuclearelectrica valuation. At the same time it is clearly negative as it undermines the potential upside coming from an increase in power generation capacity as the current situation will at least bring more delays to the initial timetable (construction start in 2012).

Articole similare