“We are not leaving the project, but right now it’s unclear whether it will continue or not,” Luca D’Agnese said at the 2013 ZF Power Summit in Bucharest.
He said Enel would wait for a decision from the Romanian government before making any plans regarding the project.
“The government was unable to find replacements for the investors who pulled out. Meanwhile, the costs have gone up and we have to consider this as well,” D’Agnese said. “However, we won’t make any decision until we are convinced that the project is real.”
Romania’s nuclear power project in Cernavoda, valued at EUR4 billlion, was initially scheduled to kick off in 2010, but was sidetracked due to lack of funds after four of the initial investors withdrew, citing economic and market uncertainties.
Enel and ArcelorMittal Romania are the two remaining associates in EnergoNuclear, a joint venture that is supposed to build the new reactors. Romanian Economy Ministry holds 84.65% in EnergoNuclear, while ArcelorMittal and Enel own 9.15% and 6.2% in the joint venture, respectively.
The state plans to cut its stake in EnergoNuclear to around 40% and wants to attract new investors, but with no results so far.
Cernavoda currently operates two reactors of 700 megawatts power each and covers around 18% of Romania’s electricity production. The two new reactors are expected to double the plant’s capacity.