Shareholders of EnergoNuclear talk new equity sharing arrangement

Shareholders of EnergoNuclear, the company formally established to undertake the construction, commissioning and operation of the two nuclear power plan units 3 and 4 at Cernavoda, began a round of talks on the modification of each of the party stake in the company, and the extension of the pre-project phase that should be completed in September, said Adrian Borotea.
“We are holding a round of talks on the ownership structure of the company, but there is no document in this regard. We haven’t received any official note from the Government on his position on this matter. We, investors, want to know the conditions of this stock selling (for how much, when, how much it wants to sell)”, said the corporate affairs director at CEZ Romania, Adrian Borotea.

He added that investors were considering extending the pre-project phase, that should complete in September.

“The extension of the pre-project phase would be useful for the ownership change. We are now preparing the documents, contract drafts, taskbook for the international tender. On September 25 the investment agreement terminates. The pre-phase project could last even six months more than planned”, said CEZ representative.

“Some shareholders don’t want to increase their stock holding in EnergoNuclear, while others do. CEZ hasn’t made a final decision on this matter. It depends on the conditions imposed by the Government “, Borotea said.

The state secretary within the Ministry of Economy, Tudor Serban said last week the state could narrow its equity in EnergoNuclear, the company responsible for the construction, commissioning and operation of the two NPP units in Cernavoda, from 51% to probably 25%. Economy officials said the percentage will be decided according to demand and the conclusions of a financial analysis.

Nuclearelectrica and the six investors ArcelorMittal, CEZ, GDF-SUEZ, Enel, Iberdrola si RWE Power, signed on November 20, 2008 the Investment Agreement for the set up of a project company (to be called SC EnergoNuclear S.A) that will be in charge of the construction, commissioning and operation of Cernavoda Nuclear Power Plant’s units 3 and 4.

The estimated cost for the two reactors is €4 billion, and each unit will have an installed power of 720MW. The lifespan of a unit is 30 years, with the possibility of extending it to forty years. Units 3 and 4 from CNE Cernavoda will use CANDU 6 technology.

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