RSS
Economy Minister wants Strategy for continuation of Cernavoda Units 3 and 4 project rescinded
The Ministry of Economy sent National Company Nuclearelectrica SA the request to complete the agenda of the June 12 Ordinary and Extraordinary General Meeting of Shareholders, one of the items being the rescinding of the strategy for the continuation of the project for the Cernavoda Units 3 and 4 by organizing an investor selection procedure, informs a company release to the Bucharest Stock Exchange.
"The National Company Nuclearelectrica SA ("SNN") informs the shareholders and investors of having received on May 26, 2020 from the majority shareholder - the Ministry of Economy, Energy and Business Environment a request to complete the agenda of the Extraordinary General Meeting of Shareholders set for June 12, 2020/15 June 2020, as follows: Request to introduce on the agenda of the Extraordinary General Meeting of Shareholders scheduled for June 12, 2020/15 June 2020 of the following items: Rescinding the Strategy for the continuation of the Cernavoda Units 3 and 4 project by organizing an investor selection procedure (2014) as well as of the revised Strategy for the continuation of the Cernavoda Units 3 and 4 project by organizing an investor selection procedure (2018). Tasking the SNN Board of Directors with initiating procedures/steps/actions regarding the termination of negotiations with China General Nuclear Power Group, as well as the termination of the legal effects (by agreement of the parties, denunciation, etc.) of the following documents: "Memorandum of Understanding on the development, construction, operation and decommissioning of the Cernavoda nuclear power plant Units 3 and 4 (MoU), and of the Preliminary Investor Agreement," the document states.
Also, the Ministry of Economy requests that the SNN Board of Directors be mandated to initiate the necessary steps for an analysis and crystallization of the strategic options regarding the construction of new capacities for the production of electricity from nuclear sources.
Nuclearelectrica is under the authority of the Ministry of Energy, with the state holding 82.4959 percent of its stake, Fondul Proprietatea - 9.0903 percent, and other shareholders - 8.4138 percent.
SNN's two operating units cover approximately 20 percent of Romania's energy demand.