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Independent joint stock company to build unit 3 and unit 4 of Cernavoda nuclear-power plant

An independent joint-stock company will be established to build unit 3 and unit 4 of the Cernavoda nuclear-power plant. The shareholders' structure will include the Romanian Nuclearelectrica National Nuclear Power Corporation (SNN), but none of the stakeholders will become a majority shareholder.

Under a draft decision of the Romanian Government concerning the approval of a report on the renegotiation of the Investors' Agreement concerning units 3 and 4 of the Cernavoda nuclear-power plant and the modification of the conditions for the operation of the commercial company to build the units, released for public discussion by the Romanian Ministry of Economy, a new memorandum is being suggested to allow the SNN to continue participation in EnergoNuclear by taking over a 24.5-percent stake previously owned by RWE Power Romania, GDF Suez and Iberdrola, all of which have withdrawn from the project.

The memorandum could be approved by the Government at a meeting today.

The draft decision mentions that 'the structure of the shareholders in the project company will include various stockholders, alongside SNN, but any of them becoming a majority shareholder should be avoided as possible. The basic principle underpinning the establishment and operation of the project company should be the promotion of a shareholders' structure which, when the construction works commence and after the shareholders concerned have taken a final decision (including agreeing on a funding mechanism and actual financing) will not allow for the existence of a majority shareholder. The principle should be extended to the SNN as well.'

The SNN could be a majority shareholder for the pre-project stage.

In order to secure the financial resources needed for the involvement of the SNN in the project, including covering the SNN's contribution to the share capital of the project company, the Romanian Government will be allowed to participate in an increase in the SNN capital.

At the same time, the Romanian Government would be allowed to decide on floating the SNN on the stock exchange and cover the SNN contribution to the share capital of the project company by the funds thus raised.

The draft normative act also says the electricity to be generated by units 3 and 4 of the Cernavoda nuclear-power plant after their commercial commissioning will be taken over by the shareholders in the project company. The Romanian Government will have no obligation to take over the electricity generated there.

GDF Suez, Iberdrola and RWE Power announced in January 2011, at a meeting of the companies having signed the investors' agreement for the building of units 3 and 4 of the Cernavoda nuclear-power plant, they are withdrawing form the project for reasons that had to do with the strategy of each company.

The companies left in the project - Nuclearelectrica, Arcelor Mittal and Enel - reaffirmed their decision to go on with the project.

Sursa: http://www.agerpres.ro

Tags: plant romanian government project power nuclear company build cernavoda stock

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