1 Aug (NucNet): Westinghouse Electric Company has signed a shareholder agreement following consultations with all Bulgarian political parties for the construction of a single AP1000 reactor unit at the Kozloduy nuclear power station, the company announced today.
The company said the agreement could see the new reactor, Kozloduy-7, in commercial operation by 2023.
In the agreement, the Westinghouse AP1000 nuclear power plant was chosen as the technology for new build at Kozloduy by Bulgarian Energy Holding EAD (BEH EAD), Kozloduy NPP plc and Kozloduy NPP-New Builds plc. These parties entered into exclusive talks with Westinghouse in December 2013, following a feasibility study which was conducted under a competitive tender.
Westinghouse will provide all of the plant equipment, design, engineering and fuel. Within the next year, Westinghouse will issue a competitive tender, in line with European Union and Bulgarian public procurement rules, for plant construction. This process is expected to involve Bulgarian and global construction companies.
Westinghouse told NucNet that the agreement does not necessarily mean the reactor will be built. Any build will be dependent on future agreements such as an engineering, procurement and construction (EPC). It will also require “mutual agreement” on financing terms and conditions.
The company said the agreement does not identify “any specific assumptions on state support of any kind”.
“It allows both Westinghouse and Kozloduy to engage international finance entities to determine best conditions for both parties. If this is not realised, the project will not go forward.”
A separate statement emailed to NucNet said Westinghouse will not remain an equity investor past point of completion. Bulgaria will have 100 percent of the revenue and profits of the plant.
There are already six reactors on the Kozloduy site, four of which have been permanently shut down.
Westinghouse, a Toshiba group company, recently announced an agreement to supply three Westinghouse AP1000 nuclear reactors to the NuGeneration Limited (NuGen) Moorside project in West Cumbria, England, in partnership with Toshiba and GDF Suez.
