Electricity producer and the operator of Romania’s sole nuclear power plant Cernavoda – Nuclearelectrica welcomed the adoption of the Law approving the signing of the support agreement between the Romanian state and the company for the construction of two new units at NPP Cernavoda.
Nuclearelectrica CEO Cosmin Ghita said that it is clear that without the involvement of the state and authorities in nuclear energy projects, they cannot be realized. This is a concrete signal for the continuation of this strategic project for Romania, by which we will add another 10 TWh of CO2-free electricity to the national energy system after 2031.
The approval of this draft law is necessary to start the activities related to phase II of the project, which will allow: the conclusion of contracts for the development of critical engineering necessary to update the project; the updating of the project budget; the structuring and contracting of the financing and the agreement of an appropriate contractual architecture for the implementation of the project; obtaining the favorable opinion of the European Commission and a positive decision in accordance with the relevant European provisions on state aid; obtaining the Nuclear Safety Authorization for the construction phase and taking the final investment decision to proceed to phase III.
The support agreement implies the commitment of the Romanian state to take the necessary steps to finance the project including through granting of state guarantees to the financiers of the project, within the framework of any intergovernmental support agreements or memoranda or outside such agreements, the implementation of the Contracts for Difference (CfD) scheme and the adoption of administrative and/or legislative measures to ensure the fulfillment of the technical criteria set out in the European Commission’s Complementary Delegated Act, the contribution in kind through the quantity of heavy water and uranium octoxide related to the first load of nuclear fuel, the cooling water for the operation of the two nuclear units and the completion of the electricity transmission lines necessary for the purpose of connection to the national electricity system and the discharge.
The strategy for the continuation of the NPP Cernavoda project was approved by Nuclearelectrica’s shareholders in 2021 and will be implemented in three stages, in line with international experience in nuclear power plant construction.
