Enel and ArcelorMittal Abandon Romanian Nuclear Project
December 23 2013 - 6:47AM
Dow Jones News
Italy's utility Enel and steelmaker ArcelorMittal are selling
their entire stakes in Romania's long-delayed project to expand its
nuclear plant in Cernavoda, leaving the state-run power company as
the sole shareholder, news agency Mediafax reported.
Nuclearelectrica said Monday it will move on with the
EnergoNuclear project and is in talks to attract a majority
shareholder.
Enel and ArcelorMittal own 9.15% and 6.2% respectively of
EnergoNuclear. Nuclearelectrica is legally required to buy the
stakes, at 80% of face value, within 30 days after receiving notice
of the investors' intent to withdraw.
Four other investors have already pulled out of the EUR6 billion
project to build two new reactors at Cernavoda, citing economic and
market uncertainties.
The state ultimately plans to cut its own stake in EnergoNuclear
to around 40% and is seeking new investors, possibly from
China.
Cernavoda currently operates two 700 megawatt reactors,
supplying about 18% of Romania's electricity. The two new reactors,
originally due to start operation in 2010, are expected to double
the plant's capacity.
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