EU OKs Romanian Cernavoda Nuke Project

Romania, through state-owned nuclear energy company Nuclearelectrica, controls 51% in EnergoNuclear, a joint venture set up to build two new reactors at the country's sole nuclear power plant in Cernavoda.

"The authorization was sent on Monday. The Cernavoda project entails a multibillion euro investment and will create a large number of jobs," Pompiliu Budulan, general manager of Nuclearelectrica, told MEDIAFAX.

Italy's Enel, German RWE and Belgian-French group GDF Suez each own 9.15% in EnergoNuclear, while ArcelorMittal Romania and Spanish Iberdrola control 6.2% of its shares each.

Czech utility CEZ, which owns another 9.15% stake in the joint venture, said recently that it plans to withdraw from EnergoNuclear's shareholder structure.

Mid-September, EnergoNuclear has launched renegotiation procedures for the construction of the two nukes in Cernavoda, as the current agreement expires on September 24.

Cernavoda currently operates two reactors of 700 megawatts power each and covers around 18% of Romania's electricity production. The third and fourth reactors, with similar capabilities, are set to become operational in 2017.

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