Romania’s Nuclearelectrica To List On Stock Exchange In 1H ‘09

"In the first half of 2009, Nuclearelectrica will become an important company on the Bucharest Stock Exchange. We also plan to increase the share capital of power distributor Transelectrica", Vosganian said, without adding details.

Nuclearelctrica operates Cernavoda nuclear power plant, which currently works with two reactors but aims at building two more by 2015.

Nuclearelectrica will hold 51% of the joint-venture that will build the two reactors, and will contribute by EUR2.04 billion to the project. The total costs are estimated at about EUR4 billion.

The Romanian authorities have selected last year six companies to form a joint venture with Nuclearelectrica to build Cernavoda’s nuclear reactors 3 and 4.

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).

The construction of nuclear reactors 3 and 4 is scheduled to start next year and is estimated to be completed between 2014-2015.

Cernavoda’s two reactors provide a total supply of around 18% of the national electricity demand.