The heavy water supply for reactors 3 and 4 will be considered an in kind contribution to the share capital of the company operating the reactors, according to a draft government ordinance.
In 2006, Nuclearelectrica received a total 1.69 billion lei (EUR393.2 million) from the state budget for the unfolding of the nuclear program. Out of the total, RON363.4 million was represented by the value of heavy water taken from the state’s reserve.
State-owned Nuclearelectrica has a share capital of RON2.53 billion. Another shareholder is investment fund Fondul Proprietatea (FP.RO), with a 9.72% stake.
In fall this year, the Economy Ministry announced it plans to increase Nuclearelectrica’s share capital by RON79 million.
Between 2006 and 2011, the company received a total RON1.44 billion, but the share capital was not increased by this amount.
The latest share capital increase was unfolded in 2005, with state budget funding.
Nuclearelectrica recently extended until March 15, 2012 the deadline by which investors can file binding offers for the construction of reactors 3 and 4. The initial deadline expired on December 15.
Nuclearelectrica controls 84.65% in EnergoNuclear, a joint venture set up to build the two new reactors in Cernavoda. ArcelorMittal Romania and Italy’s Enel own 9.15% and 6.2% in the joint venture, respectively.
The state plans to cut its stake in EnergoNuclear to 40% and plans to attract new investors, after four of its initial six partners withdrew their funds, citing economic and market uncertainties.
Companies from Japan, China, Korea and the US have expressed interest in the project, which is valued at around EUR4 billion and is slated for completion in 2019.
Cernavoda currently operates two reactors of 700 megawatts power each and covers around 20% of Romania’s electricity production. The two new reactors are expected to double the plant’s capacity.
In the first nine months of the year, Nuclearelectrica posted a net profit of RON102 million, on sales of RON1.159 billion. (EUR1=RON4.298)