Fri, Feb 10 2012

RWE favourite for Belene nuclear power plant stake - report

Mon, Mar 24 2008 16:43 CET

byAlex Bivol

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Germany's RWE has edged ahead of Belgium's Electrabel in the race to be picked as the preferred buyer for 49 per cent in Bulgaria's planned nuclear power plant at Belene on the Danube, Reuters news agency reported on March 24, quoting sources close to the process.

"RWE is the clear favourite for now," the source, who asked for anonymity, said. "There are talks between the two bidders to see whether they can share the minority stake between them, with RWE having the leading role."

The two companies have made the highest bids and were shortlisted for final talks on March 11, beating off competition from Czech CEZ, German E.ON and Italian Enel. Last week, Economy and Energy Minister Petar Dimitrov told reporters that a winner would be announced "soon".

Bulgaria picked Russia's Atomstroiexport, controlled by gas company Gazprom, to build the twin 1000-MW reactors at Belene, the site where it planned a second nuclear power plant, whose construction was frozen after the fall of communism. France's Areva and Germany's Siemens would act as subcontractors.

Power grid operator NEC would retain 51 per cent in the plant, which authorities hope would help offset the electricity production drop-off caused by the shutdown of units 3 and 4 at its Kozloduy nuclear power plant prior to joining the European Union last year.

RWE has offered about 400 million euros in investment immediately, the source quoted by Reuters said, which would help starting construction quickly.

Bulgarian officials have said NEC would pick a bank to arrange financing for the plant only after it had concluded the sale of the minority stake. With the global credit crunch showing no sign of abating, the costs of borrowing the funds would be steep.

The power plant would cost just short of four billion euro to build, with total investment exceeding six billion, and it would be ready to connect to the power grid in 2014.

Russia was ready to finance the construction of the plant, outgoing president Vladimir Putin said during his trip to Sofia in January, but Bulgaria was not looking into that option at this time, Reuters quoted Dimitrov as saying.

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