Romania: Nuclearelectrica’s new strategic investment plan

, SEE Energy News

Shareholders of electricity producer Nuclearelectrica approved the new strategic investment plan for the period 2020-2025, which envisages investments in the amount of 500 million euros, said CEO of Nuclearelectrica Cosmin Ghita.

Ghita said that the company will make investments for which it already haa a clear planning and implementation schedule. Large investment projects such as the refurbishment of Unit 1 of nuclear power plant Cernavoda and the detritification plant are already in preparation.

At the same time, he also said that Nuclearelectricity is preparing a new feasibility study for the construction of Unit 3 at NPP Cernavoda, which should start in 2030. Nuclearelectrica officially terminated the agreement signed with China General Nuclear Power (CGN) for the construction of reactors 3 and 4 at the Romania’s sole nuclear power plant.

Prime Minister Ludovic Orban said earlier in 2020 that the partnership with CGNis not going to work, adding that the Government has already started to look for a new partner and financing for this project. Romanian Minister of Economy and Energy Virgil Popescu said that, in his opinion, the expansion of NPP Cernavoda should be done with companies from NATO or European Union member countries, adding that the operator Nuclearelectrica would have the capacity to build a nuclear reactor by itself, given that the state has a policy that provides for the non-payment of dividends from the company, as happened also last year.

In November 2015, The Memorandum of Understanding (MoU) on the design, construction, operating and decommissioning of units 3 and 4 at NPP Cernavoda has been officially signed between Nuclearelectrica and CGN. The project involves the construction of two new CANDU 6 reactors with power output of 700 MW each. Last May, the two sides have signed a preliminary investor agreement on the construction of units 3 and 4 at NPP Cernavoda. The signed agreement envisages the establishment of the project company (JVCO) which will be the only technical and operational platform for the subsequent development of the project. The deadline for the set-up of the joint venture is 60 working days from the date of signing of the agreement. Their joint venture will be a joint stock company that will exist for at least two years. CGN will have a stake of 51 % in the project company, while Nuclearelectrica will have the remaining 49 %.





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