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©ICIS HEREN - Government�s stake in Cernavoda could be cut

2010-04-06

The Romanian government might be considering reducing its share in the proposed new units at the Cernavoda nuclear power plant, local media reported on Tuesday (8th September). ICIS Heren understands this could mean the six minority share holders in the project would consequently have their stakes increased. Economy Minister Adriean Videanu was reported as saying that, by the 2010 budget, the government will have reached a decision whether to maintain or reduce state-owned Nuclearelectrica’s 51% stake in the project. The decision will be based on the government’s financial situation, he added. The ministry was unable to confirm Videanu’s comments. A source at Energo Nuclear, the consortium that is set to run the two 720MW reactors, confirmed to ICIS Heren the size of Nuclearelectrica’s stake was being discussed. The source said that, should the state slash its holding, the remaining shareholders would be able to proportionately increase their stakes. It was highly unlikely new parties would be able to snap up shares the government no longer wanted, the source added. Besides Nuclearelectrica, Energo Nuclear’s owners are CEZ, Enel, GDF SUEZ, RWE Power (each holding 9.15%) and Iberdrola and steel manufacturer ArcelorMittal (both with 6.2%). When units 3 and 4 of Cernavoda were originally proposed, Nuclearelectrica was only earmarked to hold 20% of the company. However, the government later revised its position, deciding it should hold the majority stake. A possibility now exists that Nuclearelectrica could have its share in the project cut back to the original level of 20% Construction is scheduled to begin by the end of next year, with Unit 3 coming on line in 2015. Unit 4 would be operational a year later. The estimated cost of the project is �4bn. Units 1 and 2 at Cernavoda produce around 18% of Romania’s power. If the additional two units are built, the plant will be able to generate 40% of the country’s power. Canadian reactor manufacturer AECL is expected to build the new units. (THE ICIS HEREN REPORTS - EDEM 13 173 / 8 September 2009)

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