CEZ sells stake in Romania's Cernavoda nuke project expansion

Energy company CEZ has sold its 9.15 percent participation in EnergoNuclear, the company which will build the 3 and 4 reactors in Cernavoda project in Romania, to Nuclearelectrica. CEZ has previously announced its plan to withdraw from the project while focusing on its home market in the Czech Republic and consolidate existing investments abroad. The share package in EnergoNuclear was sold at its nominal value. State-owned Nuclearelectrica is the second largest electrical energy producer in Romania. The electricity produced at Cernavoda every year accounts for 18 percent of Romania's total electricity production. Nuclearelectrica and ArcelorMittal, CEZ, GDF-SUEZ, Enel, Iberdrola and RWE Power signed an agreement in 2008 to set up EnergoNuclear, the company which will build and operate the reactors 3 and 4 at CNE Cernavoda. 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. editor@romania-insider.com