Romanian nuclear producer Nuclearelectrica has received shareholder approval to auction as much as 400 MW of future baseload electricity for delivery from 2027 to 2046, creating a potential long-term revenue hedge around the refurbishment of Cernavodă Unit 1.
The proposed sale comprises three 100 MW blocks and two 50 MW blocks. Full subscription would represent approximately 3.5 TWh annually and almost 70 TWh over 20 years. The minimum aggregate contract value is around €5.6 billion, implying a floor close to €80/MWh before indexation and detailed delivery adjustments.
Contracts will be auctioned through the Romanian Commodities Exchange under EFET documentation. Pricing can include inflation-linked floors and caps or reference to the day-ahead market, while counterparties must meet financial-qualification requirements. Delivery reductions are permitted during specified outages, an essential provision because Unit 1 is scheduled for major refurbishment work between 2027 and 2030.
The structure lies between a conventional corporate PPA and project-finance offtake. Nuclearelectrica gains long-term revenue visibility that can support debt service and capital planning, while industrial buyers obtain access to low-carbon baseload without taking full exposure to the €13-to-€201/MWh Romanian daily curve.
The implied €80/MWh floor is well below Romania’s current baseload but almost six times the 24 July afternoon minimum. Buyers are therefore paying for duration and shape rather than attempting to capture the cheapest spot intervals. The commercial test will be whether creditworthy consumers are prepared to accept a 20-year commitment while electricity regulation, industrial demand and renewable capacity continue to change.
