“SN Nuclearelectrica SA, together with Candu Energy Inc (“CEI”), an AtkinsRealis company [SNC-Lavalin Group Inc.] and Canadian Commercial Corporation (“CCC”), a federal Crown corporation, signed today, November 28, 2023, a CAD 781 million contract for the supply of reactor tooling and components, as well as engineering and technology services, to extend the life of Cernavoda NPP Unit 1,” the report reads.
The contract signing took place at the World Nuclear Exhibition in Paris at a ceremony attended by Mary Ng, Canada’s Minister of Small Business, Export Promotion and International Trade (the ministry responsible for CCC), Dan Dragan, Secretary of State, Romanian Ministry of Energy, Teodor Chirica, Chairman of SNN’s Board of Directors, Bobby Kwon, President and CEO, CCC, Ian Edwards, President and CEO, AtkinsRéalis and Joe St. Julian, President, Nuclear, AtkinsRéalis, as per the report.
Nuclearelectrica announced on November 7, 2023, that, following the conduct and completion of an awarding process, it sent to Candu Energy Inc. a notice of contract award for the supply of reactor tooling and components, as well as engineering and technology services, in support of the life extension of the CANDU® reactor of Unit 1 of the Cernavoda NPP. Entry into force of the contract is subject to approval by the SNN General Meeting of Shareholders, with CCC receiving final approval from the Government of Canada.
“”We are pleased to extend our collaboration for the refurbishment project of Unit 1 of the Cernavoda nuclear power plant with AtkinsRéalis, which has already proven its experience and capabilities. As Unit 1 is a strategic pillar for Romania’s energy stability, we are proud to deliver this project to a standard of excellence and to continue to provide clean energy for the next 30 years after its refurbishment. Moreover, the life extension of Unit 1, as well as the two future CANDU units we plan to develop, will bring multiple benefits to Romania: the preservation of high quality jobs as well as the creation of new jobs, investments in the community, an important contribution to the local and state budget, as well as projects for the local supply chain, as part of our vision to create a sustainable future for generations to come,” said Cosmin Ghita, CEO of Nuclearelectrica SA.
“This new contract is a step forward for the refurbishment of Unit 1, as well as in the longterm cooperation between Romania and Canada in the nuclear field, which started over 55 years ago. We are delighted to continue our business relationship with Canada, as our nuclear projects represent milestones for the revival of the nuclear industry and a significant step towards a clean and sustainable energy future with nuclear reactors,” said Teodor Chirica, Chairman of the Board of Nuclearelectrica.
“Since the early 1970s, about 600 commercial nuclear power reactors were built around the world, with about 440 still in operation. Many of these reactors are near the end of their service lives. With the global demand of base-load electricity expected to double or triple, equating to a market for over 1,000 new reactors, there are many life extension opportunities that our highly advanced CANDU technology is well positioned to capture, while helping Canada maintain its vital status as a Tier-1 nuclear nation,” said Ian L. Edwards, President and Chief Executive Officer, AtkinsRéalis.
The two CANDU units at Cernavoda supply 20% of Romania’s electricity. The country has avoided the release of 205 million tons of CO2 since the two units came online in 1996 and 2007, respectively. Cernavoda’s long-term operation is central to helping Romania reach its goal of energy stability and decarbonation, as well as phasing out nearly 4 gigawatt hours of coal-fired power by 2032.
The Romanian government and SNN have also announced their intent to build two more CANDU reactors at Cernavoda. Four operational CANDU reactors at the plant would take nuclear power’s share of Romania’s electricity production to 36%. SNN has also signed an MOU with a subsidiary of Ontario Power Generation to collaborate on the production of life-saving medical isotopes using their CANDU reactors. Co-production of medical isotopes while the reactor concurrently produces power is a unique feature of CANDU technology, successfully leveraged already by CANDU operators in Ontario.
“CANDU technology is one of Canada’s most successful commercial products. It competes on the global stage through export opportunities like to Romania, while offering a homegrown solution to Canada’s growing domestic energy needs. CANDU reactors are one of only a handful of large reactor technologies available to build. It’s a special technology with unique advantages. It uses natural uranium as fuel, co-produces cancer-fighting medical isotopes, can be refuelled online, and boasts impeccable safety and operating efficiency standards,” added Joe St. Julian, President, Nuclear, AtkinsRéalis.
The Romanian State holds 82.5% of the share capital of Nuclearelectrica. The company’s shares have gained 12% so far in 2023, triggering a market capitalization of RON14.4 billion.