Romania To Reevaluate Cernavoda Nuke Project; Deadline Deferred To 2019

05.05.2011 By Florentina Dragu

EnergoNuclear, a joint venture set up to build two additional reactors at Romania’s sole nuclear power plant in Cernavoda, Thursday said the project will undergo a reevaluation following a new feasibility study.

"We'll make a new assessment based on potential offers," said Dragos Popescu, general manager of EnergoNuclear.

The project, which is currently valued at EUR4 billion, is due for completion in 2019, three years later than initially estimated.

Romania, through state-owned nuclear energy company Nuclearelectrica, controls 85.6% in EnergoNuclear, while ArcelorMittal Romania and Italy's Enel own the remaining shares.

The initial line-up for the project included six other companies beside Nuclearelectrica, but four of them withdrew, citing economic and market uncertainties.

Nuclearelectrica plans to sell over 40% of its stake in EnergoNuclear by March 2012, while the works at the new reactors are estimated to start in 2013.

Cernavoda currently operates two reactors of 700 megawatts power each and covers around 20% of Romania's electricity production. The two new reactors are expected to double the plant's capacity.