Nuclearelectrica, the operator of the country’s sole nuclear power plant in Cernavoda, ended up buying uranium from Canadian company Cameco.
In 2014, Nuclearelectrica signed a uranium supply contract with CNU for a 36-month period, at a price of RON475/kg, which could be adjusted once a year at most, through negotiation, under conditions of justification, for which several additional papers had been signed by the two parties, Nuclearelectrica said in a statement.
CNU, the sole uranium producer on the Romanian market, had supplied uranium, under the contract, at the negotiated price, for approximately two years. In November 2015, CNU informed Nuclearelectrica that it could no longer supply uranium at the price negotiate and agreed upon with Nuclearelectrica, of RON475/kg, and that it would not carry through with the uranium supply for December 2015. The price proposed by CNU is way above the market price and 76% higher than the price agreed upon through contract between Nuclearelectrica and CNU in 2014, which, according to Nuclearelectrica, is financially impossible to sustain.
“Nuclearelectrica is a company listed on the stock market, which observes the valid legislation, and such as a price increase is ungrounded, both financially and legally, under these circumstances,” according to Nuclearelectrica.
Nuclearelectrica representatives said they understand the difficult situation of CNU, which is why they came up with the possibility of signing additional papers to the contract, but their propositions did not trigger “a more flexible approach from CNU.”
Nuclearelectrica general manager Daniela Lulache told ZF Power Summit on Tuesday that Nuclearelectrica will buy uranium from any provider which offers an advantageous price. Romania started to import uranium after Nuclearelectrica terminated the contract with CNU.
Nuclearelectrica officials said they have ensured the necessary quantity of uranium for the nuclear reactors to operate under normal conditions.