The contract estimated value is 1.9 billion EUR and its entry into force is conditional upon Nuclearelectrica’s General Meeting of Shareholders approval and the approval of the Canadian Government.
„This is a key project which will extend U1’s operational life by 30 years to support Romania’s decarbonization goals by avoiding an additional 5 million tons of CO2 emissions annually,” stated Cosmin Ghiță, Chief Executive Officer, Nuclearelectrica.
The EPC contract main scope consists of: development of the detailed design and execution details, procurement of equipment and materials, execution of Retubing Works and Refurbishment Works as well as construction of the infrastructure as necessary for the Cernavoda NPP Unit 1 Refurbishment Project.
“Romania has taken on the role of regional leader in nuclear energy. We want to be pioneers in the development of small-scale reactors, we have already signed the contract for the feasibility study, we already signed the contract for the construction of reactors 3 and 4 at Cernavodă, and today we have also signed the final contract for the refurbishment of Unit 1 at the Cernavodă nuclear power plant, which we will be able to operate for another 30 years,” stated Sebastian Burduja, Romania energy minister.
Cernavoda NPP Unit 1, which became operational in 1996, has a 700 MW installed power.
Nuclearelectrica ended the first nine months of 2024 with operating revenue of RON3.39 billion, down 40% year-over-year, and net profit of RON1.28 billion, down 35% year-over-year.
The company is valued at RON13 billion and is 82.5%-owned by the Romanian State, through the ministry of energy. SNN shares have traded down 12% so far in 2024, amid deals worth RON391 million, in line with stock market data.
(English version by Catalina Apostoiu)