By Constantin Radut
Therefore, based on a government decision from 2007, SN Nuclearelectrica manages to convince six foreign companies to form a consortium in order to resume and complete units 3 and 4 that have remained in conservation since the fall of the communist regime.
In order for the business to be well built, EnergoNuclear S.A. is set up. Its mission is to build 2 Units x 720 MW CANDU 6 (Unit 3 and 4) on the existing Cernavoda site using CANDU (Canadian Deuterium and Uranium) technology. EnergoNuclear was a joint venture with public-private equity. Nuclearelectrica owned the majority of the shares (51%). That is, the Romanian state.
However, mysteriously, in a short time, from a joint venture, EnergoNuclear becomes a sole shareholder company. And the state one. I mean SNN.
In November 2010, the European Commission issued a positive opinion on the project, in accordance with the provisions of Article 41 of the EURATOM Treaty, which confirms the application of the technical and nuclear safety criteria in force at EU level.
In the period 2010 – 2011 a detailed technical evaluation of the existing constructions on site was made, resulting in the fact that they can be used for the continuation of the project.
In 2011, the investors GDF SUEZ, CEZ, RWE and Iberdrola withdrew from the project, motivating their decision by the need to concentrate investments in the countries of origin, against the background of the economic crisis.
In 2013, following the exercise of the option to exit the project, the remaining investors (ENEL and ArcelorMittal) also renounced the attribute of shareholder and, implicitly, investor. And here is that SN Nuclearelectrica SA is the sole shareholder of the project company EnergoNuclear SA.
On 22.08.2014, the General Meeting of SNN Shareholders approved the Strategy for the continuation of the Project of Units 3 and 4 Cernavoda NPP by launching a competitive procedure for selecting a private investor (IP) in order to set up a company, respectively a joint venture . The procedure was launched on 27.08.2014, and the first stage, the qualification stage, ended on 09.09.2014 with the qualification of the investor China General Nuclear Power Corporation. After analyzing the Documentation of Intent (investor experience in similar projects, financial capacity, degree of adherence of the Qualified Investor to the Memorandum on Implementation of the Project proposed by SNN and the Strategy), CGN was declared selected investor on 17.10.2014 by signing a Letter Joint Regarding the Intention to Realize the Project.
On 17.10.2016, SNN shareholders approved the continuation of negotiations on the Investment Documents under the same conditions as the Memorandum of Understanding on the development, construction, operation of Units 3 and 4 of Cernavoda NPP (“MoU”), until December 20, 2016 .
However, a clarification was introduced: the possibility for any party to terminate the MoU without any compensation, by a simple written notification to the other Party.
That’s how things happened. On December 21, 2016, the Ministry of Energy issued a press release informing that, given the complexity of the project and the long-term commitment of the Romanian state (to whom ??? !!! – e.n.), it considers that the approach the most correct is “to allow the new government” (from Bucharest) an analysis of the decisions regarding the outcome of the negotiations and the steps to be followed.
The Chinese company was removed from the construction project of units 3 and 4 in Cernavoda.
An important mention. On November 8, 2016, following the US presidential election, Donald Trump emerges victorious and will take over the mandate of the 45th president on January 20, 2017.
Donald Trump’s motto: “America first.” Not just a vision to govern, but a destructive policy to fight global competitors.
Most important, in Trump’s view, was China.
By Constantin Radut