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power production in the future: Bulgaria 36% nuclear by 2050, Poland 28%, Czech Republic 54%, Hungary 58%, Slovakia 59%, Lithuania 53%, Slovenia 43%. Romania estimates that it will cover 27% of its domestic needs, with reactors 3 and
4 in operation. These data indicate that nuclear power is part of the energy mix solution for many states. What is needed in order to achieve these goals in the long term is a stable energy market framework geared to ensuring fair mechanisms for all manufacturers and predictability, especially for long-term implementation projects.
As regards the interconnection of national energy markets in a regional market, a condition for this is the maturity of manufacturers and markets, the reliability of transport systems and the ability of markets to provide the necessary investments in terms of production and infrastructure. Romania is planning to maximize its energy resources so
as to become a regional hub, so I think it is time to set up the legal and economic framework so that producers can play in a regional context.
On the Romanian market, which has been completely liberalized as of January 1st, 2018, SNN is a market participant, not a price maker, the specificity of its technology determining the positioning of the company prioritarily on the forward market. In the first semester of 2018, SNN sold 79% of its production on the bilateral contract competitive market and 20.6% on
the spot market. Events in the energy system during the winter of 2017 and summer of 2018 have prompted traders to focus on longer-term contracts, reflecting an increase by 22% in the forward price in the first semester as compared to the same period of 2017 and a drop in the spot market, which gives a certain stability to the energy market for the time being.
What can you tell us about the status of the construction projects of reactors 3 and 4 in Cernavoda?
At present, on the basis of the decision of
SNN shareholders of September 14th, 2018, negotiations are under way in the context of the revised strategy, with regard to the investment documents, with the Chinese partner: Articles of Incorporation and the Investors’ Agreement for the establishment of the new project company.
The revision of the Strategy for the Continuation of Cernavoda NPP Units 3 and 4 Project, developed in 2014, in relation to the role, duties and responsibilities of the involved parties, aimed to clearly delineate the responsibilities of SNN and of the Romanian state in view of streamlining the negotiation process and accelerating the process of achieving the project milestones.
Negotiations regarding the investment documents are a very important stage for the future development of the project. Nuclearelectrica is interested in maximizing its position in relationship to the new independent energy producer by ensuring the operation and maintenance of the new units, as well as by supplying nuclear fuel. CGN (China General Nuclear Power Corporation) participation in the project will be 51% and that of the Romanian state 49%, and it cannot fall below 30%.
The new project company, which will incorporate the current project company Energonuclear,
is the precursor of an Independent Energy Manufacturer-type company being in charge of construction and operation. During the operation of the project company, the feasibility study will be updated, on the basis of which the financing structure and the engineering, procurement and construction (EPC) contract will be established. The actual construction will take 6 years.
The implementation of Units 3 and 4 Project is planned to take place in the current form of the national energy strategy, being one of the pillars of the stability of the national energy system, especially after 2030, when Romania
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