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Lulache (Nuclearelectrica): We are in the final stage of negotiations for the construction of reactors 3 and 4

20 October 2016
Electricity
energynomics

Negotiations with the Chinese from CGN for the building of reactors 3 and 4 at Cernavoda are on the home stretch, among the issues that are still under discussion being the role of the Romanian state in the project, said on Wednesday Daniela Lulache, general manager of Nuclearelectrica, at a conference organized by ROMATOM.

“We are on the home stretch, but there are some things that have to be clarified. Primordial, there are the aspects of the state’s role in this project. We will have another round of consultations with various state institutions and we needed a little more time” said Lulache, quoted by Agerpres.

In Monday’s meeting, the Nuclearelectrica Extraordinary General Meeting approved the extension until December 20th, of the deadline for negotiating the draft for reactors 3 and 4. When asked why exactly this term has been fixed, Lulache replied: “There were many calculations. On one hand, we are trying to keep our commitments. On the other hand, it was clear that more time was needed, and December 20th is the result of a combined arithmetic, with the fact that we are trying to finish before the end of the year and the holidays”.

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Also she was asked if the deadline would be extended again if the negotiations are not be completed by December 20th. “I like to think so, because from my point of view, we are at the end and we must make every effort to achieve our goal. The time element is subsidiary to the primary aim, namely to do the project,” said Lulache.

Nuclear energy is important for future of the national energy system in all scenarios analyzed by the Ministry of Energy, announced ministry officials on October 12th, at the conference organized by energynomics.ro and Romexpo.

Preliminary data resulted from the quantitative analysis for the new energy strategy of Romania
(Between 01.05.40 to 1.08.05 from the full movie of the conference)

The evolution of the nuclear sector depends crucially on the completion or not of the two additional reactors, explained Radu Dudău, advisor to the Minister of Energy, responsible for developing the new energy strategy of Romania. All scenarios take into account the contribution of the two new reactors at the earliest in 2025 and latest by 2035. Radu Dudău insisted that the commercial viability of the project for units 3 and 4 at Cernavoda will depend on the financing conditions. “We asked the consultant to also build sensitive scenarios for cost of capital (WACC) higher than the 8.5% level originally used. […] The commercial viability of the project depends on the actual data of the agreement: what is the IRR [internal rate of return], what will be the cost of investment and what will therefore be this stripe price that we are discussing in the agreement of difference. These are issues that cannot be established in the energy strategy. We perform simulations, working with data we have from the involved companies and by looking at international reference values,” said Radu Dudău.

radu-dudau

Either way, however, prolonging the life of units 1 and 2 at Cernavoda, on time and on budget is a strategic imperative for Romania, said the Ministry of Energy official on October 12th, at the conference organized by energynomics.ro and Romexpo.

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