General Electric and Nuclearelectrica have signed an USD 120 million contract for maintenance and repairs.

“Nuclearelectrica National Company informs shareholders and investors about the conclusion of an eight-year framework agreement with General Electric … the object of which is the provision of comprehensive maintenance and repair services for the turbine, the electric generator, the valves, the related auxiliary systems of Units 1 and 2 Cernavodă NPP, worth USD 119,983,937,” reads the SNN release to the Stock Exchange.

Since the amount exceeds 10% of the company’s net turnover, at the level of the annual financial statements for 2018, SNN has the obligation to report the contract.

The consolidation of energy production, the refurbishment of Unit 1 and the project of Units 3 and 4 in Cernavodă are among the main actions envisaged by Nuclearelectrica’s new strategy for the period 2019-2022.

Autor: Bogdan Tudorache

Active in the economic and business press for the past 26 years, Bogdan graduated Law and then attended intensive courses in Economics and Business English. He went up to the position of editor-in-chief since 2006 and has provided management and editorial policy for numerous economic publications dedicated especially to the community of foreign investors in Romania. From 2003 to 2013 he was active mainly in the financial-banking sector. He started freelancing for Energynomics in 2013, notable for his advanced knowledge of markets, business communities and a mature editorial style, both in Romanian and English.