CEZ sells its stake in Cernavoda nuclear power plant in Romania

By Dorothy Davis

Czech power producer CEZ has sold its 9.15 percent stake in EnergoNuclear, completing its withdrawal from the joint venture to build and operate two additional reactors at the Cernavoda nuclear power plant in Romania.

In September 2010, CEZ signed an amendment to the joint venture contract that would allow it to sell its stake in the EnergoNuclear project as part of a strategy to consolidate foreign assets and focus on domestic investments.

CEZ’s 9.15 percent stake was sold to Romanian state-run Nuclearelectrica, which holds more than 51 percent of shares in EnergoNuclear.

EnergoNuclear's other shareholders include Italy’s Enel, German RWE and Belgian-French group GDF Suez, which each own 9.15 percent in the joint venture; while ArcelorMittal Romania and Spanish Iberdrola control 6.2 percent of its shares.

Cernavoda is currently Romania’s sole operating nuclear power plant, generating approximately 1,412 megawatts of electricity from two Canadian-designed reactors (Units 1 and 2). EnergoNuclear’s Cernavoda Units 3 and 4 are planned to supply 720 megawatts each and are set to become operational in 2017 at an estimated cost of Euros 4 billion (US $5.3 billion).

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