Given the current situation of the electricity market and the long term forecasts, the Property Fund considers the project on construction of reactors 3 and 4 is unfeasible and could cause serious injury to the shareholders of Nuclearelectrica if continued.

Fondul Proprietatea, which holds around 9% stake in Nuclearelectrica (data valid at June 30), proposed at the General Meeting of Shareholders for a report on the amount of money spent so far by the company with the project on construction of reactors 3 and 4. In a press release, Greg Konieczny, Portfolio Manager of the Fund, criticized the ministry of Energy’s decision to vote against this proposal, which he considered as “a dangerous precedent” that “completely disregards the principle of transparency in state owned companies.” “The project for the reactors 3 and 4 is very costly for Nuclearelectrica, with a negative impact on its profits, and the company’s shareholders are entitled to know the details of expenditure generated by the project to date,” insists Greg Konieczny.

Fondul Proprietatea requests Ministry of Energy and other ministries that hold majority stakes in state companies to support the principle of transparency in these companies and to keep all shareholders regularly informed about developments with significant impact on companies.