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June 29, 2022

Nuclearelectrica, Canada’s Cameco conclude uranium purchase contract at fair market price

National nuclear power corporation Nuclearelectrica (SNN) and Canada’s Cameco concluded a new contract for the purchase of uranium at the equivalent price of 373.58 lei per kilogram, in line with the market price, the Romanian energy producer said in a Wednesday release.

SNN came up with these specifications in response to the Tuesday announcement of the Energy Ministry, that it had requested the Competition Council to verify if the price asked by Cameco for the uranium supplied to Nuclearelectrica is fair.

Nuclearelectrica considers that Cameco’s ask price is in line with the market, which can be easily verified by referencing against the price data released by the Euratom Supply Agency (for long-term and spot contracts), and by other sources that publish data on the evolution of the price of uranium, particularly on spot markets.

As a mandatory requirement, all uranium purchase contracts are tripartite contracts, as they must all be signed by SNN, the bidder (the Uranium National Corporation and/or Cameco) and ESA, exactly in order to make sure that the deal is concluded at the market price and in order to have an independent authority prevent dominant positions, Nuclearelectrica representatives explained.

The Energy Ministry asked the Competition Council to carry out an analysis regarding the price for which Canada-based uranium producer Cameco supplies uranium ore to Nuclearelectrica, the Ministry said in Tuesday release.

The request comes in the context where Nuclearelectrica last year terminated the uranium ore purchase contract with the Uranium National Corporation in favor of Cameco, which asked for a significantly lower price, as Nuclearelectrica CEO Daniela Lulache also stated this November.

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