Nuclearelectrica welcomes the adoption of the Law approving the signing of the Support Agreement between the Romanian State and the company for the development of the National Strategic Project Units 3 and 4 Cernavoda NPP, today, March 14, 2023
“We welcome the adoption of the law approving the signing of the Support Agreement for the development of the Cernavoda NPP Units 3 and 4 Project. We thank the President of Romania, the Government and the Parliament of Romania. It is clear that without the involvement of the state and authorities in nuclear energy projects, they cannot be realized. Today’s vote is a concrete signal for the continuation of this strategic project for Romania, by which we will add another 10TWh of CO2-free energy to the national energy system after 2031. I am proud of the Nuclearelectrica team for the efforts they are constantly making to develop this project,” said Cosmin Ghita, Nuclearelectrica CEO.
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 favourable opinion of the European Commission following the notification of the Project according to Art. 41 of the EURATOM Treaty and a positive decision in accordance with the relevant European provisions on State aid; obtaining the Nuclear Safety Authorisation for the Construction phase and taking the Final Investment Decision to proceed to Phase III (Construction).
The support agreement implies the commitment of the Romanian State to take the necessary steps to finance the Project including through: The 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” scheme and the adoption of administrative and/or legislative measures to ensure the fulfilment 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 2 nuclear units and the completion of the electricity transmission lines necessary for the purpose of connection to the National Power System and the discharge.
“The Units 3 and 4 project is an essential part of Nuclearelectrica’s investment strategy to re-energize Romania through clean energy, together with the refurbishment of Unit 1 and the Small Modular Reactors Project. Efficient, safe and clean nuclear energy will make Romania an example at regional and global level, through various support partnerships associated with major investment projects. We are investing both in the development of large capacity units, Units 3 and 4, and small modular reactors. Large-scale reactors can provide baseload, clean and affordable electricity, while SMRs can provide grid flexibility, complementarity with renewables, non-power applications such as heat and hydrogen. Both are needed to ensure security of supply and decarbonisation. The more timely we develop more capacities, with direct impact on the decarbonisation strategy, but especially on energy security, the more we will increase the balance of the system and consumer security,” added Cosmin Ghita.
The strategy for the continuation of the Cernavodă Nuclear Power Plant CANDU Project was approved by SNN shareholders in 2021 and will be implemented in three stages, in line with international experience in nuclear power plant construction.