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June 25, 2022

Energy Department: EC could finance reactors 3 and 4 at Cernavoda Nuclear Plant

After Great Britain recently obtained the EC’s approval for the construction of a new nuclear power plant, Mr. Razvan Nicolescu, the head of the Energy Department, is optimistic that Romania could benefit from similar support in the case of reactors 3 and 4 of the Cernavoda nuclear power plant, reactors whose construction is included in the government’s sectoral strategy. “Great Britain’s project of financing the nuclear plant, a project validated by the EC, paves the way for Romania to obtain the approval of the support for the Units 3 and 4 project at the Cernavoda nuclear power plant. But this does not mean we also have the Commission’s approval to apply a similar investment support scheme in the case of the two units. The EC is analyzing each case and takes into consideration several elements such as the investment’s recovery rate. Romania will file its own application and I emphasize that our country has backed the English model of constructing a new power plant.”
The Romanian authorities have been getting ready, ever since September, to notify the state aid they want to offer to investors interested in Units 3 and 4.
The authors of the strategy for nuclear reactors 3 and 4 argue that this project needs state support considering the high value of the investment and the current context of the energy market, which is not conducive for investments in large projects. The total value of the two units is estimated at EUR 6.45 bln.
China Nuclear Power Corporation is the only company that qualified in the investor selection process for the construction of nuclear reactors 3 and 4 at the Cernavoda nuclear power plant. China Nuclear Power Corporation will be the majority shareholder of the project company that will invest EUR 6.5 bln. The Chinese will hold at least 51 per cent of the project company’s shares, and Nucleaelectrica will participate with the existing assets. The paperwork for the setting up of the project company will be signed by the end of the year.

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