RWE, GDF SUEZ and Iberdrola back out of Cernavodă project
RWE (Germany), GDF SUEZ (French-Belgian group) and Iberdrola
(Spain) have abandoned the 4 billion-euro project entailing the
development of reactors 3 and 4 of the Cernavodă nuclear power
plant, after last year saw the Czechs at CEZ withdraw from
Romania's biggest investment project in the past 20 years. Although
the joint decision of the three investors was announced on RWE's
website, officials of the Ministry of Economy say they have not
received any official notification as to the withdrawal of any of
the companies. Market sources say the departure of the last two
remaining investors aside from the Romanian state (Italy's Enel and
Arcelor Mittal Romania) is certain and imminent.
"Since 2008, GDF SUEZ, RWE and Iberdrola, among other international
investors, have been partners with SN Nuclearelectrica for the
development of units 3 and 4 of the Cernavodă power plant. Economic
and market uncertainties surrounding this project, related for the
most part to the present financial crisis, are not reconcilable now
with the capital requirements of a new nuclear power project.
Consequently, pursuant to their respective investment policies, GDF
SUEZ, RWE and Iberdrola have decided not to continue their
participation in the project," reads a joint press statement of the
three groups, which, however, specifies that the decision has
nothing to do with the technical quality of the project, which also
recently received the approval of the European Commission.