Nuclearelectrica and China Nuclear Power General Corp. (CGNP), the Chinese contractor and financier for nuclear reactors 3 and 4, will have a construction agreement by the end of this year, claims the Cernavodă plant operator.

The Chinese company was the only one to bid to participate in the construction of these two nuclear reactors, a project estimated at 6.45 billion euros moment, writes Adevarul.ro. Currently, the two companies are negotiating the Memorandum of Understanding on the project.

“This memorandum is the basis for the further development, and negotiations in this regard are absolutely essential for developing a robust project, fully capable to meet complex needs. Negotiations are normal and reflects the importance of this phase of the procedure. Both parties understand and act to obtain a solid draft, beneficial for long-term needs of the Romanian state, from those regarding the energy system to the final consumer.

We want a project to meet changing energy policy of the European Commission, but taking into account the consumers’ needs and even to correct certain market failures, counterproductive both for companies and for consumers. We estimate that we will reach an agreement by the end of this year, the next step being approval of the Memorandum and establishing a Shareholders Agreement and Association Act of Association for the new company, the joint venture in which the selected investor will hold at least 51% of shares, and in which SNN will contribute in kind with the assets it already owns and which should be exploited”, said Nuclearelectrica, according to Mediafax.

At the same time, the reactors 1 and 2 have an initial technical life of about 30 years, with extension through modernization and refurbishment of another 25 years.

“Currently, for Unit 1 preliminary technical analysis is made to determine the optimal time to stop. According to current estimates, Unit 1 would enter the shutdown program in the period 2025-2026, the major investments being made in this regard in early 2020. The estimated amount required to achieve this investment is between 1.2-1.5 billion euros”, says Nuclearelectrica representatives.