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Nuclearelectrica to receive Government's mandate for majority stake in reactors 3 and 4

The Government will approve on Wednesday the draft law according to which Nuclerarelectrica is entrusted to request the majority stake in the project company that will carry out the reactors 3 and 4 within the negotiations with the six interested investors, said on Sunday Minister of Economy and Finance Varujan Vosganian at the opening of the regional forum on energy FOREN 2008.

‘'Romania has resources to ensure the financing,'' said the minister. He had said two months ago that the Romanian state can support this investment from the funds derived from previous privatisations, such as BCR (Romanian Commercial Bank). Early in May, Vosganian stressed that the draft government decisions through which Nuclearelectrica will call on its partners the majority stake in the project company which will construct the reactors 3 and 4 in Cernavoda received the approval of the Justice Ministry. ‘'The approval of the Justice Ministry was necessary to see whether the increase in the stake of Nuclearelectrica does not have legal implications,'' said the minister. In April, the six companies interested to participate in the construction of reactors 3 and 4 (ArcelorMittal, CEZ, Electrabel, Enel, Iberdrola and RwE Power)) were informed that Nuclearelectrica aims to hold the majority stake in the project company, although a cooperation protocol had been previously signed through which the nuclear energy maker had only 20 percent of the company's capital. Officials of Electrabel told Rompres that reactors 3 and 4 at Cernavoda will be finalized with a huge delay toward the scheduled deadline because of the fact that Romanian Government modified the association conditions in the project company that will build the two nuclear units. According to initial intentions, the project company should have been finalized in May. The commissioning of the two nuclear units is scheduled for 2014, 215 respectively. General manager of Nuclearelectrica Teodor Chirica has recently said that there are other European companies interested to participate in the project, even under these new circumstances, considering one of the investors with whom negotiations are held at present would withdraw. The costs of the construction of the two reactors will have an installed power of 720 MW. The units will deliver 5.2 TWh a year each and the selling price of the produced electricity is estimated at 28.2-32.5 euros/MWh. The lifetime of one unit is of 30 years with the possibility of extending to 40 years. At present, the nuclear power plant in Cernavoda is running with two two nuclear units. The first reactor was commissioned in September 2007, being inaugurated early in October. Together, the reactors 1 and 2 produce 18 percent of the total amount of electricity generated in Romania. Sursa: http://www.rompress.ro

Tags: company nuclear project reactors majority stake nuclearelectrica bcr

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