The Romanian government has approved an extension by six months of the investment agreement on the construction of two nuclear reactors at Cernavoda power plant in a move meant to draw new investors. The existing investment agreement will expire at year end, without any investment decision taken. The negotiations will continue with the remaining shareholders of Energonuclear project company, Enel and ArcelorMittal. In case the Romanian company fails to reach an understanding regarding the investments with the other two shareholders, the Romanian state will redeem their stake for no more than its par value.
Construction of the two 720 MW nuclear reactors project, valued at US$5bn, was initiated in 2007, and construction was expected to begin in 2010.
Enel, ArcelorMittal Romania, Nuclearelectrica, CEZ , RWE , Iberdrola and GDF Suez were part of the project company. Dissatisfied with the progress of discussions CEZ, RWE, Iberdrola and GDF Suez dropped in late 2010 to investment ; Enel and ArcelorMittal becoming the two only remaining shareholders. Since then, the project has stalled because the government failed to attract other partners in the project.