Nuclearelectrica, Romania's third-largest electricity producer, estimates 2003 turnover to amount to some $130 million, about the same as last year. It is not the turnover that makes this year important, though, but the works on Unit II, scheduled to be resumed in 2003.
"The first imports of equipment for completing Unit II in Cernavoda will arrive in March. New letters of collateral in addition to the $115 million one issued by the Public Finance Ministry last year are to be issued for the rest of the $430 million credit contracted by Nuclearelectrica in view of completing Unit II," Ioan Rotaru, general manager of Societatea Nationala (National Company) Nuclearelectrica told Ziarul Financiar.
The national nuclear plant got a 400 million euro loan from a banking syndicate comprising Societe Generale, Banca Romana pentru Dezvoltare (Romanian Development Bank - BRD) and Credit Lyonnais. Societe Generale will contribute approximately 350 million euros, BRD 25 million euros and Credit Lyonnais some 9 million euros, with the loan fully secured by the Romanian State.
The loan may go up to $430 million, as soon as the United States Congress endorses the contribution of American Eximbank to this credit, with the bank set to finance General Electric's equipment deliveries for the Unit II in Cernavoda.
Nuclearelectrica is to repay the loan in 15 years, following a four-year grace period, using the money collected from the sold energy.
The company is currently covering 10% of Romania's electricity output through Unit 1 of the nuclear power plant. It produces electrical power at one of the most competitive prices on the Romanian market, and sells it to Electrica only for the time being, based on a portfolio contract. The current price of the energy produced in Cernavoda amounts to about $21/MWh, given that the production costs reach some $12-$13/MWh.
"In 2002, the plant in Cernavoda produced the highest amount of power in all its six years in service, operating at 90% capacity," Rotaru said.
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