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Released August 19, 2014 | GALWAY, IRELAND
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Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland)--Romania is looking for a majority stakeholder to help build two new nuclear reactors at the Cernavoda nuclear power plant.
Romania's state-owned Nuclearelectrica (Bucharest) is looking to create a joint venture to get the delayed project back on track. It said it will provide 49% of the start-up cash--limited to 2 million euros ($2.7 million)--to create the new company, which would become an independent electricity company two years after it is up and running.
The project to build units 3 and 4 at the plant is worth an estimated 6.5 billion euros.
"The increase in the energy production capacity of Cernavoda with two additional units has been identified by the Romanian state as the best solution to cover the capacity deficit after 2020," the company stated. "The decision to develop the project through a Green/Brown Field procedure type aims at initiating the actions provided in the Strategy, as soon as possible, and at reducing the cost of the investment caused by delays in the project."
Cernavoda, the country's only nuclear power plant, supplies about 18% of Romania's electricity, but new reactors will be needed to help offset a looming energy shortage after 2020. Romania will be forced to close one-third of its existing power plants by 2020 in order to comply with European Union (EU) emissions regulations. By 2035, that percentage will rise to half. Currently, about 60% of the country's electricity is generated by coal-fired plants.
In 2011, Romania revealed its draft energy plan to 2035, which would see the country adding almost 15,000 megawatts (MW) of new power generating capacity. The government estimated that 30 billion to 40 billion euros ($43 billion to $57.6 billion) will be needed to build approximately 14,800 MW of new capacity. For additional information, see April 26, 2011, article - Romania Outlines Energy Strategy to 2035.
The Cernavoda project was due to be underway by now. Nuclearelectrica created a joint venture, EnergoNuclear, in 2008 to oversee the project, with international ArcelorMittal (NYSE:MT) (Luxembourg), Enel SpA (BIT:ENEL) (Rome Italy), RWE AG (OTC:RWEOY) (Essen, Germany), Electrabel S.A. (Brussels, Belgium), Iberdrola S.A. (MCE:IBE) (Bilbao, Spain) and GDF Suez S.A. (EPA:GSZ) (Paris, France). However, in January 2011, GDF, Iberdrola and RWE walked away from the project, citing economic uncertainty. For additional information, see January 26, 2011, article - Romanian Nuclear Project Hit by Departures.
Cernavoda currently uses two CANDU 6 reactors supplied by Atomic Energy of Canada Ltd (AECL). They have a rated generating capacity of 706 MW each and were commissioned in 1996 and 2007, respectively. The new reactors will have a capacity of 740 MW each.
Last year, Nuclearelectrica signed a letter of intent for the development of the new reactors with China General Nuclear Power Company (CGN). Last month, its subsidiary, China National Nuclear Corporation (CNNC), signed a binding and exclusive cooperation agreement with Canadian nuclear power company Candu Energy Incorporated (Mississauga, Ontario) to construct the two new reactors at Cernavoda.
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Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, three offices in North America and 10 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.
Romania's state-owned Nuclearelectrica (Bucharest) is looking to create a joint venture to get the delayed project back on track. It said it will provide 49% of the start-up cash--limited to 2 million euros ($2.7 million)--to create the new company, which would become an independent electricity company two years after it is up and running.
The project to build units 3 and 4 at the plant is worth an estimated 6.5 billion euros.
"The increase in the energy production capacity of Cernavoda with two additional units has been identified by the Romanian state as the best solution to cover the capacity deficit after 2020," the company stated. "The decision to develop the project through a Green/Brown Field procedure type aims at initiating the actions provided in the Strategy, as soon as possible, and at reducing the cost of the investment caused by delays in the project."
Cernavoda, the country's only nuclear power plant, supplies about 18% of Romania's electricity, but new reactors will be needed to help offset a looming energy shortage after 2020. Romania will be forced to close one-third of its existing power plants by 2020 in order to comply with European Union (EU) emissions regulations. By 2035, that percentage will rise to half. Currently, about 60% of the country's electricity is generated by coal-fired plants.
In 2011, Romania revealed its draft energy plan to 2035, which would see the country adding almost 15,000 megawatts (MW) of new power generating capacity. The government estimated that 30 billion to 40 billion euros ($43 billion to $57.6 billion) will be needed to build approximately 14,800 MW of new capacity. For additional information, see April 26, 2011, article - Romania Outlines Energy Strategy to 2035.
The Cernavoda project was due to be underway by now. Nuclearelectrica created a joint venture, EnergoNuclear, in 2008 to oversee the project, with international ArcelorMittal (NYSE:MT) (Luxembourg), Enel SpA (BIT:ENEL) (Rome Italy), RWE AG (OTC:RWEOY) (Essen, Germany), Electrabel S.A. (Brussels, Belgium), Iberdrola S.A. (MCE:IBE) (Bilbao, Spain) and GDF Suez S.A. (EPA:GSZ) (Paris, France). However, in January 2011, GDF, Iberdrola and RWE walked away from the project, citing economic uncertainty. For additional information, see January 26, 2011, article - Romanian Nuclear Project Hit by Departures.
Cernavoda currently uses two CANDU 6 reactors supplied by Atomic Energy of Canada Ltd (AECL). They have a rated generating capacity of 706 MW each and were commissioned in 1996 and 2007, respectively. The new reactors will have a capacity of 740 MW each.
Last year, Nuclearelectrica signed a letter of intent for the development of the new reactors with China General Nuclear Power Company (CGN). Last month, its subsidiary, China National Nuclear Corporation (CNNC), signed a binding and exclusive cooperation agreement with Canadian nuclear power company Candu Energy Incorporated (Mississauga, Ontario) to construct the two new reactors at Cernavoda.
View Plant Profile - 1036273
View Project Report - 82200001 82200009
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, three offices in North America and 10 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.
