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©ICIS HEREN - CEZ signs MoU with Romania’s Termoelectrica for Galatzi

2010-04-06

CEZ has signed a memorandum of understanding with Romanian company Termoelectrica to establish a joint venture (JV) in order to upgrade its Galati power station, it announced on Thursday (20th November). The Czech incumbent will be the majority shareholder in the company. Modernising the current 535 MW gas-fired plant, as well as building new units is part of the project, CEZ said in a statement. It is currently expected that a further 400 MW of new capacity will be installed until a feasibility study has been completed. CEZ said this was only an initial presumption. The scale of the company’s investment will also arise from the study, it was added. CEZ is increasingly looking to expand into the central and eastern European market. Martin Roman, the company’s CEO, said: “Galati is one of the projects that should enlarge our business activities in Romania also into the field of electricity generation and thus strengthen our position on the Romanian energy market”. The Czech incumbent has been operational in Romania for three years now. CEZ was also hoping to become a partner in another project in Romania – the Cernavoda nuclear plant expansion. RWE Power confirmed on Thursday (20th November) it had been selected, however no-one at CEZ was available to comment on whether their bid had also been successful. Termoelectrica selected CEZ for the Galati project at the end of September. (THE ICIS HEREN REPORTS - EDEM 12 227 / 20 November 2008)

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