RO Nuclearelectrica says it’s ready to develop new reactor on its own

Romanian state-controlled nuclear company Nuclearelectrica needs between EUR 3 bln and EUR 3.5 bln to develop the third nuclear reactor of the Cernavoda nuclear power plant using own resources and bank loans, but it needs state guarantees to contract the loans, said Theodor Chirica, member of the company’s board and former CEO speaking at an energy conference, Economica.net reported.

Within ten years, Romania will definitely have another reactor and will possibly work on a fourth one, he added.

With partners within the European Union or NATO, Romania could develop two reactors while Nuclearelectrica alone can build only one, he said, implying that the ongoing negotiations with the Chinese partners for this project would be terminated.

Chirica commented about the integrated nuclear cycle Nuclearelectrica should build by taking over the uranium processing plant at Feldioara, from National Uranium Company, and a new uranium mine.

Speaking at the same energy conference, the head of the largest investment fund in the country, Fondul Proprietatea, which holds a 9% stake in Nuclearelectrica, argued that the company should not develop new nuclear reactors.

“It should not be Nuclearelectrica's obligation to make a new investment in Romania's production capacity on nuclear energy,” said Johan Meyer, portfolio manager, Fondul Proprietatea, at the ZF Power Summit 2020 event.

Notably, Romania turned into a net electricity importer last year and it has to close or convert mining and power complex CE Oltenia that generates about one quarter of the country's electricity.

(Photo: Nuclearelectrica.ro)