Nuclearelectrica finished the first half of the year with a net loss of 37.83 million lei, derived from the reduction of sales by 9 percent, compared to the first half of 2015 following the planned shutdown of Unit 1 CNN Cernavoda for 51 days.

“SNN announced from 2015 that in the first semester of 2016 the Unit 1 CNN Cernavoda will enter into an extended planned shut down, which implies the realization of additional works of maintenance of the steam generator, works that are performed only once during the initial life span (30 years) of a nuclear unit,” recalls the company in a press release sent to the press.

Once these works are achieved, the management of Nuclearelectrica estimates an increase of production by about 1.5-2% of the quota foreseen in their absence. The company has now marked a decrease in the amount of energy sold in the first half with 7.09%, or about 367 GWh and an unrealized operating profit calculated at about 52 million lei.

Investments of 255 million lei in 2016

In addition, a significant impact upon the sales revenues was given by the trend of falling prices in the competitive market, reaching that “the energy price on this market will be similar to the price on the regulated market conducted by SNN”. In the first half of 2016 Nuclearelectrica sold about 4.82 million MWh, out of which over 80% in the competitive market and only 18% through regulated contracts. Only 50% of sales were concluded at the best price (166.8 lei per MWh), while almost 32% of sales were made at an average price of 127 lei per MW, on the next day market – share nearly double of that of the first half of 2015.

For 2016, Nuclearelectrica has scheduled investments of 255 million lei, of which the first half was realized about 30%.

The company also announced that it continued “the process of negotiating of the Investors Agreement and the Articles of Incorporation of the new project company” for the construction of reactors 3 and 4 of CNN Cernavoda. “This is the fourth and final stage of the selection procedure of the private investor publicly launched in the second half of 2014”.