Fondul Proprietatea asks Nuclearelectrica to publish investment costs in Cernavoda units 3, 4

The Proprietatea Fund, which owns 9 percent of Nuclearelectrica shares, asked the company to publish during the October 17 the real cost of investment in the Cernavoda units 3 and 4. The project is implemented by Energonuclear.

The Ministry of Energy, the majority stakeholder, requested the approval of the shareholders to continue negotiations on the documentation related to the Memorandum of Understanding with the Chinese company CGN for the implementation of the project, but also the possibility of unilateral termination by either party without payment of compensation.

The request by the Proprietatea Fund was made on September 22 and was included on the agenda of Nuclearelectrica at the end of the last trading session of the week on the Bucharest Stock Exchange. The Extraordinary General Meeting of Shareholders will take place on October 17. The company has been listed on the stock exchange since 2013.

If shareholders, where the state owns 82.49 of titles, will vote in favor of the Fund‘s proposal, the Nuclearelectrica Council of Administration will draft and present at the upcoming general gathering of the shareholders a report on the status of investments in Energonuclear.

Specifically, the FP requests to know the reporting of amounts allocated up to present, such as information on the amounts that were brought as contribution in cash by SNN towards the social capital of Energonuclear SA, the amounts payed towards SNN for the purchase of the participations of the other shareholders following their withdrawal, the total amount paid by Energonuclear or SNN to members of the government committees with attributions in coordinating and implementing the Project of Units 3 and 4 CNE Cernavoda starting 2006 and until now. Moreover, FP wants information on the amounts paid by SNN and Energonuclear SA to juridic and financial consultants for the implementing of the Units 3 and 4 CNE Cernavoda since the creation of Energonuclear and until now.

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The Memorandum of Understanding on investment in reactors 3 and 4 of the Cernavoda electric power plant was signed during the China and Central and Eastern Europe Economic Forum, held in Bucharest in November 2013. The event was attended by China’s PM Li Keqiang.

By virtue of the agreement, the participation of CGN to the capital of Energonuclear stood at 51, and that of Nuclearelectrica at 49 percent, which was not supposed to decrease under 30 percent. The total value of the project was estimated at EUR 6.5 billion.

Georgeta Gheorghe