Romanian Nuclearelectrica Renews Another Insurance Contract For Nuclear Reactors

Nuclear Risk Insurers was the only bidder for Nuclearelectrica’s insurance contract aiming to cover the damages produced by third parties at the two nuclear reactors, in case of a nuclear accident.

Set up in 1956, the UK-based company is specialized in covering all risks within the nuclear sector and includes several companies, among which Lloyd's, the world’s biggest insurer. 

The insurance contract was assigned in July.

In the same month, Nuclearelectrica renewed with Nuclear Risk Insurers Limited the operating insurance contract for material damages at the two nukes, with a premium of 9.5 million lei (EUR1=RON4.2239).

In 2008, Cernavoda plant’s operator paid Nuclear Risk Insurers RON12.01 million for insurance services, out of which RON10.31 million for the operating insurance of material damages and RON1.69 million for the civil liability insurance.

Cernavoda currently operates with two nuclear reactors, which provide around 18% of the annual national electricity demand. Another two reactors are scheduled to come online by 2015- 2016.

The plant’s first nuclear reactor has been functioning since 1996, while the second one started operating in 2007.

Nuclearelectrica closed the first half of the year with a RON140 million net profit, up 33% compared with the same period a year earlier, while its revenues rose by 22%, at RON473 million.

Nuclearelectrica is owned by the Economy Ministry.

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