RWE, Iberdrola and GDF Suez will withdraw from the Cernavoda nuke expansion project in Romania. Economic and market uncertainties surrounding this project, related for the most part to the present financial crisis, are not reconcilable now with the capital requirements of a new nuclear power project, according to German RWE.

“This decision does not reflect on the technical quality of the project, recently recognized by the European Commission, nor on the commitment of GDF Suez, RWE and Iberdrola to the development of the Romanian energy market,” writes an official release by RWE.

The three companies will furthermore pursue their commitment to develop new nuclear power projects abroad. CEZ has also announced its withdrawal from the project, which leaves only Enel, Arcellor Mittal and Nuclearelectrica still involved in the project. The initial shareholders lineup in the project was Nuclearelectrica has 51 percent of the company, while CEZ, GdF Suez and Enel, 9.15 percent each, and ArcelorMittal and Iberdrola, 6.2 percent each.

The estimated investment in the nuke project is of EUR 4 billion. Each of the new units will have an installed power of 720 MW.

EnergoNuclear, the project company which will build the project, has already started the selection process for the construction company which will carry on works on the 3 and 4 nuclear reactors in Cernavoda.

editor@romania-insider.com