Romania will set up a new joint venture for Cernavoda nuclear project

State-owned nuclear power generation company Nuclearelectrica will set up a new joint venture for the construction of two nuclear reactors of 720 MW each at its Cernavoda plant. Nuclearelectrica would have a 49% stake in the project and would sell off 51% in the future company to a private investor. Total investment in the plant is estimated at €6.5bn. In late 2013, China General Nuclear Power Group signed a letter of intent for the project, which would include two CANDU reactors.

A first joint venture company, SC EnergoNuclear, was created in 2009 by Nuclearelectrica and six foreign energy groups. In December 2010, the European Commission approved the construction of the two reactors. However, the project is threatened by the progressive withdrawal of shareholders. The consortium initially grouped Nuclearelectrica (51%), ČEZ, Electrabel, Enel and RWE with 9.15% each, and Iberdrola and ArcelorMittal with 6.2% each. In September 2010, ČEZ withdrew from the project and sold its 9.15% interest to Nuclearelectrica. In January 2011, GDF SUEZ, RWE and Iberdrola decided to withdraw from the project in view of the economic and market uncertainties surrounding the project. Finally, Enel and ArcelorMittal withdrew in December 2013.