Nuclearelectrica expects to make FID for Cernavoda in 2024

25 February 2021

Cosmin Ghită, CEO of Romanian utility Nuclearelectrica, says a final investment decision for the Cernavoda nuclear power plant expansion project is expected in 2024, with commissioning of unit 3 planned within the next 10 years. According to Agerpres, Ghită told a conference on 23 February that Nuclearelectrica will present a proposal to start the project at its next annual general meeting (AGM) of shareholders.

Cernavoda nuclear power plant (Image: Nuclearelectrica)

"We forecast that the commissioning of unit 3 will be, according to the Integrated National Energy and Climate Plan (ENCP), around 2030-2031, which means site mobilisation in about 2024," he reportedly said.

Romania's 2021-2030 ENCP is a ten-year integrated document mandated by the European Union to each of its member states in order for the EU to meet its overall greenhouse gases emissions targets.

Asked for the total value of the two units, Ghită said he would not publicly state a figure before the AGM and that the 2012 feasibility study was being updated, but that the previous estimate was about EUR7 billion (USD8.56 billion).

On 26 October 2020, Romania and France signed a declaration of intent on cooperation in the civil nuclear field, which aims, among other things, to work "with strategic partners" to build units 3 and 4 of the Cernavoda nuclear power plant and to upgrade unit 1.

Earlier the same month, a draft intergovernmental agreement on cooperation to expand and modernise Romania's nuclear power programme was signed between Romania and the USA. Areas for cooperation could include the completion of Cernavoda units 3 and 4 and the refurbishment of unit 1. The same day, Romania’s ministry of economy, energy and business climate signed a memorandum of understanding with the Export-Import Bank of the USA aimed at enhancing trade and economic opportunities between the two countries, particularly in the energy and infrastructure industries.

Nuclearelectrica announced today that it had recorded a net profit in 2020 of  RON684.7 million (USD171.8 million), a year-on-year increase of 27.8%.

Researched and written by World Nuclear News