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FP portfolio manager Johan Meyer: investing in Cernavoda reactors 3 and 4 makes no sense financially

Investing in reactors 3 and 4 of the Cernavoda nuclear power plant are not financially justified, and the subject is politically extremely sensitive, Johan Meyer, Franklin Templeton Investments CEO and Fondul Proprietatea portfolio manager told a news conference on Wednesday.

Investing in reactors 3 and 4 makes no sense financially whatsoever. Secondly, the fact that the Chinese partner is now being subjected to sanctions in the United States makes this subject extremely sensitive from the political point of view for Nuclearelectrica, and for the continuation of actions that envisage alliances, Meyer said when asked about plans to build the Cernavoda reactors 3 and 4.

He added that reactor 1 will have to be upgraded at a certain point, because this is the company's plan, and will therefore have to be budgeted accordingly.

Officials of the Ministry of Energy and of China's General Nuclear Power Group (CGN) signed this spring the investors' agreement for the project of Cernavoda reactors 3 and 4, which will allow the establishment of a project company and the effective start of the construction in the next two to three years, Energy Minister Anton Anton said back then.

"I consider this to be a very important day. What has been signed here, before our eyes, is not a formal stage of a long and strenuous process, but the first palpable signal towards building the two reactors. The first step after 14 years of wishes and four years of negotiations with the Chinese partners, who have been selected following a lawful process in 2014," EngiMin Anton said on the occasion of the document's signing.