Planned State-Run Energy Companies Eye EnergoNuclear Stake

The Romanian State, represented by Nuclearelectrica, holds 51% in EnergoNuclear, the project company that will build Reactor 3 and Reactor 4 of the Cernavoda Nuclear Plant. As State-run Nuclearelectrica is going to be included into one of the two planned energy companies, its stake in EnergoNuclear could also be divided between the two future companies.

"We have not yet frozen the details about the organisation and operation of the two companies. However, the future companies can share the State"s holding in the project concerning Reactors 3 and 4. It is an idea. If it is agreed, we will see how to apply it," said Hidroelectrica General Manager Mihai David.

Nuclearelectrica General Manager Pompiliu Budulan explained that such scenario was not possible before the conditions were re-negotiated with the other shareholders. Nuclearelectrica will be included in one of the two companies that will be created through the reorganization of the energy sector. Following this process, the legal entity that holds the majority share package will also change.

"The shareholders will have the same counterpart, but with a different name. If a shareholder gives up their stake, the shares will be redistributed among the remaining shareholders. For the time being, the State has not considered the option to give up the controlling stake because of lack of financing. Such discussions have not taken place," said Nuclearelectrica General Manager Pompiliu Budulan.

Nuclearelectrica, ArcelorMittal, CEZ, Gaz de France - Suez, Enel, Iberdrola and RWE Power on 20 November 2008 signed the Investors" Agreement for Financing the Project Company (SC EnergoNuclear SA), which will build, commission and operate Reactor 3 and Reactor 4 of the Cernavoda Nuclear Plant.