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CEZ Says Talks For Construction Of Romanian Nukes 3,4 Are Frozen

The talks for building nuclear reactors three and four at Cernavoda nuclear power plant have been halted as the Romanian government has introduced new negotiations terms, Czech CEZ said Wednesday.
CEZ Says Talks For Construction Of Romanian Nukes 3,4 Are Frozen
16 apr. 2008, 15:18, English

But the Romanian government said the talks were not halted and that Nuclearelectrica is looking to increase its majority stake in the project.

"The decision-making process is now frozen," country manager for CEZ Romania Jan Veskrna was quoted by Thomson Financial as saying.

Alexandru Sandulescu, general director with the Economy and Finance Ministry said that economy minister Varujan Vosganian told the representatives of the six companies participating in the project that Nuclearelectrica plans to increase its current 20% in the joint-venture, and talks would not be halted.

The six companies interested in building the two reactors are: Italy’s Enel SpA (ENEL.MI); Belgium’s Electrabel; Spain’s Iberdola SA (IBDRY); Czech Cez AS (BAACEZ.PR); ArcelorMittal’s Romanian unit (MS) and Germany’s RWE AG (RWE.XE).

Iberdrola and Electrabel plan to hold a participation of 10% and 15% of the joint venture, respectively. CEZ and RWE will contribute by 15% of the joint venture’s share capital.

ArcelorMittal will take over 10% of the shares, Enel will hold 15%, while state-owned nuclear energy company Nuclearelectrica will keep at least 20%, Czech website Euro Online said.

The construction of the nuclear reactors, estimated at about EUR2.2 billion, is scheduled to start next year and is seen completed between 2014-2015.

The power plant in Cernavoda now has two reactors, which provide a total supply of around 18% of the national electricity demand.