{"id":11885,"date":"2015-10-26T12:00:00","date_gmt":"2015-10-26T09:00:00","guid":{"rendered":"https:\/\/vo.afonico-test.ru\/novosti-otrasli\/nuclearelectrica-owners-approve-china-agreement\/"},"modified":"2015-10-26T12:00:00","modified_gmt":"2015-10-26T09:00:00","slug":"nuclearelectrica-owners-approve-china-agreement","status":"publish","type":"post","link":"https:\/\/vosafety.ru\/en\/novosti-otrasli\/nuclearelectrica-owners-approve-china-agreement\/","title":{"rendered":"Nuclearelectrica owners approve China agreement"},"content":{"rendered":"

The shareholders of Romanian national nuclear company Nuclearelectrica have approved an agreement with China General Nuclear (CGN) to develop two units at the Cernavoda nuclear power plant. Nuclearelectrica said on 22\u00a0October that the November 2013\u00a0document had been approved at an extraordinary general meeting.<\/strong><\/h4>\n

Nuclearelectrica says on its website that its ownership is split between the Romanian energy ministry, with 82.48%, Romanian investment fund Fondul Proprietatea, with 9.10%, and \u2019other investors\u2019, with 8.42%. Fondul Proprietatea has been trading on the Bucharest Stock Exchange since January 2011.<\/p>\n

Romania and China signed a letter of intent in November 2013\u00a0during a visit to Bucharest by Chinese premier Li Keqiang. During his visit, the two countries sign numerous bilateral agreements, including a memorandum of understanding (MOU) on the peaceful uses of nuclear energy. The Romanian government approved the MOU on 2\u00a0September, Nuclearelectrica said.<\/p>\n

Nuclearelectrica said the MOU is part of the government\u2019s strategy to continue the Cernavoda 3\u00a0and 4\u00a0project by organizing an \u201cinvestor selection procedure\u201d, which Nuclearelectrica\u2019s shareholders approved in August 2014. It added that approval of the MOU \u201cestablishes the direction of future cooperation\u201d between Nuclearelectrica and CGN in acknowledging the Chinese company\u2019s capacity as an investor capable of developing the project.<\/p>\n

Daniela Lulache, Nuclearelectrica CEO, said the Cernavoda project is a priority investment decision for the Romanian state since it will \u201con the one hand, ensure long-term security of supply, energy independence, a balanced and stable energy mix capable of meeting de-carbonization targets; and, on the other hand, enhance the value of Nuclearelectrica\u2019s assets and improve its financial growth\u201d.<\/p>\n

Nuclearelectrica and CGN can now proceed to the next stage of their cooperation, Lulache said. That will involve, she said, negotiating and completing an Investors Agreement and Articles of Incorporation, with a view to setting up a new project company for the construction and completion of Cernavoda 3\u00a0and 4.<\/p>\n

Cernavoda is home to two operating Candu 6\u00a0pressurized heavy water reactors supplied by Atomic Energy of Canada Ltd and built by a Canadian-Italian consortium of AECL and Ansaldo. Unit 1\u00a0started up in 1996, but work was suspended on a further four units in 1991. Unit 2\u00a0was subsequently completed and has been in operation since 2007.<\/p>\n

Efforts to resume work on Cernavoda 3\u00a0began in 2002, and a new project company, EnergoNuclear, was established in 2009\u00a0to oversee the completion of units 3\u00a0and 4. Initial partners GDF Suez, CEZ, RWE Power and Iberdrola subsequently withdrew, and the company is currently 84.65% owned by Nuclearelectrica. The Romanian state has since then been looking for new investors in the project to enable Nuclearelectrica to reduce its share.<\/p>\n

CGN said in late 2013\u00a0that the agreement with Nuclearlectrica signalled a new step in its aims to \u201cgo global\u201d, following a letter of intent signed with EDF in October that would see it take a share the planned Hinkley Point C nuclear plant in the UK.<\/p>\n

Last week, CGN agreed to invest \u00a36\u00a0billion ($9\u00a0billion) in EDF Energy\u2019s project to construct the Hinkley plant. Under a Strategic Investment Agreement, EDF\u2019s share in the project will be 66.5% and CGN\u2019s will be 33.5%. CGN will make its investment in the UK through its new company called General Nuclear International.<\/p>\n

In a separate statement, Lulache rejected claims by Greepeace\u2019s Romanian branch that the Cernavoda project would lead to higher bills for electricity customers. The environmental group has claimed that end-consumers would have to pay an extra 18% for electricity during the operating life of the new planned reactors.<\/p>\n

But Lulache said a feasibility study carried out in 2012\u00a0by consultants Ernst & Young had supported the cost-effectiveness of the project. \u201cThe study concluded that the net present value of the shareholders\u2019 investment is positive, that the net present value of the project\u2019s cash flow is positive and that the shareholders\u2019 internal rate of return is greater that the estimated weighted average cost of capital,\u201d Lulache said.<\/p>\n

\u201cGreenpeace\u2019s strategy is to alarm the public about additional costs to their electricity bill in order to justify their anti-nuclear position\u201d, Lulache said, adding that the group\u2019s arguments \u201cdo not reflect the economic and financial reality\u201d of the Cernavoda 3\u00a0and 4\u00a0project.<\/p>\n","protected":false},"excerpt":{"rendered":"

The shareholders of Romanian national nuclear company Nuclearelectrica have approved an agreement with China General Nuclear (CGN) to develop two units at the Cernavoda nuclear power plant. Nuclearelectrica said on 22\u00a0October that the November 2013\u00a0document had been approved at an extraordinary general meeting. Nuclearelectrica says on its website that its ownership is split between the…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15],"tags":[],"class_list":["post-11885","post","type-post","status-publish","format-standard","hentry","category-novosti-otrasli"],"translation":{"provider":"WPGlobus","version":"3.0.6","language":"en","enabled_languages":["ru","en"],"languages":{"ru":{"title":true,"content":true,"excerpt":false},"en":{"title":false,"content":false,"excerpt":false}}},"acf":[],"yoast_head":"\nNuclearelectrica owners approve China agreement - JSC \u201cVO \u201cSafety\u201d<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/vosafety.ru\/novosti-otrasli\/nuclearelectrica-owners-approve-china-agreement\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nuclearelectrica owners approve China agreement - 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