CEZ to pull out of Cernavoda 3&4

23 September 2010

Czech utility CEZ is to sell its 9.15% share in EnergoNuclear, the joint-venture company that will be responsible for the construction, commissioning and operation of Cernavoda 3&4 in Romania.

The other shareholders in EnergoNuclear are: the Romanian state (51%), GDF Suez (9.15%), Enel (9.15%), RWE Power (9.15%), Iberdrola (6.2%) and steel producer Arcelor Mittal (6.2%). At this stage it is unclear who will take CEZ’s share in the company.

EnergoNuclear plans to build two new reactors at the Cernavoda nuclear power plant, to start up in 2016 and 2017, respectively. In February 2010, it signed up Atomic Energy of Canada Ltd (AECL) to assess the viability of the project and define what is required to complete and commission the two new units. It has also launched a tender to attract offers for engineering, design and construction of the two units; this is due to close December 2010.

The cost of the two new units at Cernavoda is estimated to be in the region of EUR 4 billion.


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