4 May (NucNet): A feasibility study by Romanian utility Nuclearelectrica and financial consultant Deloitte Romania SRL has shown that the best technical and economic option is for the construction of units three and four at the Cernavoda nuclear power plant east of Bucharest to be carried out at the same time.
The Ministry of Economy and Commerce (MEC) is now likely to propose that the government establish a joint venture company to complete and commission the two reactors. The joint venture would involve Nuclearelectrica, which will operate the units, and a number of private investors.
As the minor investor, Nuclearelectrica’s contribution to the capital of the joint venture would be in the form of existing assets on the plant site.
The MEC will begin its search for investors by requesting letters of intent. Investors who took part in an earlier selection process, including Italy’s Enel and Atomic Energy of Canada, will have to reaffirm their interest in the project in the light of the proposal to establish a joint venture.
Nuclearelectrica told NucNet it is hoped the joint venture could be formed during the second half of 2006. Work on the units could be resumed at the beginning of 2008 with completion in 64 months.
Cernavoda was initially designed to accommodate five identical reactor units. But a lack of financial resources and a drop in power demand in the early 1990s resulted in the suspension of construction work on units three, four and five. Efforts were instead concentrated on completing Cernavoda-1 and -2.
Cernavoda-1, a 655-megawatt Candu-6 pressurised heavy water reactor, has been in commercial operation since 1996. Completion of Cernavoda-2, another Candu-6 unit which is scheduled to go online in March 2007, will bring Romania’s reliance on nuclear energy to around 18%. The existing nuclear share of total domestic electricity production is nearly 60 terawatt hours, equivalent to 9.3%.
