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New structure of largest Romanian energy project

The energy groups CEZ (Czech Republic), Enel (Italy), RWE (Germany) and Electrabel (Belgium) will hold 9.15 percent of the company to design the reactors 3 and 4 of the Romanian nuclear power plant in Cernavoda (CNC), while the share of Iberdrola (Spain) and ArcelorMittal Romania will reach 6.2 percent. This is the new structure of the largest Romanian energy project agreed upon by the six investors and the Romanian state represented by CNC.

The construction of the two nuclear reactors in Cernavoda is the most ambitious energy project with a value exceeding 4 billion euros due to be completed between 2014-2015.

The nuclear power plant in Cernavoda (southeastern Romania) is currently using two reactors, each with a power of 700 MW, providing for 18 percent of Romania's annual energy production.

This is the second round of negotiations on the project relating to the two nuclear reactors attended by the six selected investors following the change of the main project coordinates at the end of June, as the state increased its original share of 20 percent to 51 percent. At the same time, the project value has been doubled, reaching 4 billion euros from an initial level of some 2 billion euros. Prior to this change, CEZ, Enel, RWE and Electrabel held 15 percent each of the project company, Iberdrola and Arcelor Mittal 10 percent, while the share of Nuclearelectrica amounted to 20 percent.

'The negotiations related to the participation of each investor in this project have been completed. The management board of each company should submit the approvals within a month', the Ziarul Financiar daily quotes market sources as saying. 'Four companies will hold 9.15 percent of the project company and the share of the other two will amount to 6.2 percent. This does not mean the negotiations are over. There are still many steps to be taken', some sources added.

The companies taking part in negotiations announced the initial deadline might be postponed for up to one year due to the major changes that had occurred based on the increase of the Romanian state share to 51 percent. Each company involved in this project will be entitled to access a quantity of processed energy in line with the share they hold. The Romanian state, as majority shareholder, will contribute to the construction of the nuclear reactors with funds exceeding 2 billion euros.

In order to provide such funds, Nuclearelectrica utility will contribute in kind with assets estimated at 350 million euros and own funds of 120 million euros. It will also count on loan emission reaching 220 million euros with state guarantee, as well as the listing of a 10-15-percent package of the company's shares to the Stock Exchange in view of attracting funds amounting to approx. 100 million euros. However, the largest amounts will be paid by the state from the National Fund for Development totaling 800 million euros.

State representatives exaplained the doubling of the project value by the increase of the price for energy equipment, while large investments have began to be deployed for the energy production leading to blocked transactions on the equipment supply market. The increase of steel price might also be taken into account, as well as the rise of labor force costs.

The plant in Cernavoda is the only nuclear power plant in Romania. The feasibility study drafted by the Romanian and Canadian governments for the implementation of the CANDU system in Romania was completed in 1976.

The Cernavoda plant was designed to accommodate five reactors provided with Canadian CANDU technology, with installed power of 700 MW each.

Unit 1 of the nuclear power plant in Cernavoda came into use in 1996 and Unit 2 was commissioned last year. The two units collectively produce approx. 18 percent of the electric power consumed at national level.

 

Sursa: http://www.rompress.ro

Tags: cernavoda plant share state million euros power nuclear energy romanian project percent reactors company largest

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