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Released August 05, 2014 | GALWAY, IRELAND
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Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland) - Bulgaria's attempts to build a seventh nuclear reactor moved forward this week with the signing of a shareholder agreement with Westinghouse Electric Company(Monroeville, Pennsylvania).
Westinghouse, which is owned by Toshiba Corporation (TYO:6502) (Tokyo, Japan), reached an agreement following consultations with all Bulgarian political parties for the expansion of the Kozloduy Nuclear Power Plant. The project, expected to cost around $5 billion, means that the Westinghouse AP1000 nuclear reactor has been selected by Bulgarian Energy Holding EAD (BEH EAD), Kozloduy NPP plc and Kozloduy NPP‑New Builds plc.
The plant is expected to be online by 2023, but only if the incoming government supports the project fully, financing is secured and final contracts are signed. Ivan Genov, chief executive of Kozloduy nuclear plant, commented: "The agreement is signed. However, it will only enter into force if approved by the next government."
Westinghouse will provide all of the plant equipment, design, engineering and fuel. The company said that it will issue a competitive tender in the coming year for the for the plant construction. This process is expected to involve Bulgarian and global construction companies. Kozloduy has two operational Russian VVER-1000 pressurised water reactors and four older VVER 440 reactors that were shut down in 2007 as part of its accession to the European Union (E.U.).
Last year Bulgaria, along with Lithuania and Slovakia, benefitted from 860 million ($1.16 billion) in funding from the E.U. to help them decommission their old nuclear power plants. Decommissioning is taking place at Kozloduy Units 1 to 4, Ignalina Units 1 and 2 and Bohunice V1 Units 1 and 2. It will include the final disposal of spent fuel elements, decontamination, dismantling and/or demolition of the nuclear installations, disposal of remaining radioactive waste materials, and environmental restoration of contaminated sites. For additional information, see November 29, 2013, article - Europe to Fund Decommissioning of Dangerous Nuclear Plants.
Kozloduy nuclear plant, located near the Romanian border, has a generating capacity of 2000-megawatts (MW) and accounts for around 40% of the country's electricity. There are also plans to extend the life of its two reactors for another four years. For additional information, see August 29, 2012, article - Bulgaria Tries to Strengthen Nuclear Energy Capacity with Kozloduy Unit.
"The AP1000 nuclear power plant will offer a unique combination of benefits to Bulgaria: unequalled safety, licensing and project certainty, job creation through sustainable localization and technology and fuel diversification, in line with EU policies and objectives," claimed Danny Roderick, Westinghouse president and CEO. "The AP1000 reactor will create over 20,000 direct and indirect jobs in Bulgaria, as well as sustain jobs in the United States. The project also will facilitate dozens of Bulgarian‑U.S. commercial nuclear and other manufacturing partnerships, and establish permanent academic and technology sharing and development."
The project, if it goes ahead, will help Bulgaria reduce its almost total dependence on Russian energy.
View Project Report - 200005935
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, three offices in North America and nine international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities.
Westinghouse, which is owned by Toshiba Corporation (TYO:6502) (Tokyo, Japan), reached an agreement following consultations with all Bulgarian political parties for the expansion of the Kozloduy Nuclear Power Plant. The project, expected to cost around $5 billion, means that the Westinghouse AP1000 nuclear reactor has been selected by Bulgarian Energy Holding EAD (BEH EAD), Kozloduy NPP plc and Kozloduy NPP‑New Builds plc.
The plant is expected to be online by 2023, but only if the incoming government supports the project fully, financing is secured and final contracts are signed. Ivan Genov, chief executive of Kozloduy nuclear plant, commented: "The agreement is signed. However, it will only enter into force if approved by the next government."
Westinghouse will provide all of the plant equipment, design, engineering and fuel. The company said that it will issue a competitive tender in the coming year for the for the plant construction. This process is expected to involve Bulgarian and global construction companies. Kozloduy has two operational Russian VVER-1000 pressurised water reactors and four older VVER 440 reactors that were shut down in 2007 as part of its accession to the European Union (E.U.).
Last year Bulgaria, along with Lithuania and Slovakia, benefitted from 860 million ($1.16 billion) in funding from the E.U. to help them decommission their old nuclear power plants. Decommissioning is taking place at Kozloduy Units 1 to 4, Ignalina Units 1 and 2 and Bohunice V1 Units 1 and 2. It will include the final disposal of spent fuel elements, decontamination, dismantling and/or demolition of the nuclear installations, disposal of remaining radioactive waste materials, and environmental restoration of contaminated sites. For additional information, see November 29, 2013, article - Europe to Fund Decommissioning of Dangerous Nuclear Plants.
Kozloduy nuclear plant, located near the Romanian border, has a generating capacity of 2000-megawatts (MW) and accounts for around 40% of the country's electricity. There are also plans to extend the life of its two reactors for another four years. For additional information, see August 29, 2012, article - Bulgaria Tries to Strengthen Nuclear Energy Capacity with Kozloduy Unit.
"The AP1000 nuclear power plant will offer a unique combination of benefits to Bulgaria: unequalled safety, licensing and project certainty, job creation through sustainable localization and technology and fuel diversification, in line with EU policies and objectives," claimed Danny Roderick, Westinghouse president and CEO. "The AP1000 reactor will create over 20,000 direct and indirect jobs in Bulgaria, as well as sustain jobs in the United States. The project also will facilitate dozens of Bulgarian‑U.S. commercial nuclear and other manufacturing partnerships, and establish permanent academic and technology sharing and development."
The project, if it goes ahead, will help Bulgaria reduce its almost total dependence on Russian energy.
View Project Report - 200005935
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, three offices in North America and nine international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities.
