RWE (Germany), GDF SUEZ (French-Belgian group) and Iberdrola(Spain) have abandoned the 4 billion-euro project entailing thedevelopment of reactors 3 and 4 of the Cernavodă nuclear powerplant, after last year saw the Czechs at CEZ withdraw fromRomania's biggest investment project in the past 20 years. Althoughthe joint decision of the three investors was announced on RWE'swebsite, officials of the Ministry of Economy say they have notreceived any official notification as to the withdrawal of any ofthe companies. Market sources say the departure of the last tworemaining investors aside from the Romanian state (Italy's Enel andArcelor Mittal Romania) is certain and imminent.
"Since 2008, GDF SUEZ, RWE and Iberdrola, among other internationalinvestors, have been partners with SN Nuclearelectrica for thedevelopment of units 3 and 4 of the Cernavodă power plant. Economicand market uncertainties surrounding this project, related for themost part to the present financial crisis, are not reconcilable nowwith the capital requirements of a new nuclear power project.Consequently, pursuant to their respective investment policies, GDFSUEZ, RWE and Iberdrola have decided not to continue theirparticipation in the project," reads a joint press statement of thethree groups, which, however, specifies that the decision hasnothing to do with the technical quality of the project, which alsorecently received the approval of the European Commission.
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