Three major European utilities have confirmed that they intend to pull out of the multi-billion dollar Cernavoda nuclear power plant in Romania.
GDF Suez, Iberdrola and RWE have released statements in which they cite the “economic and market uncertainties … related for the most part to the present financial crisis” as the main reason for their withdrawal.
The three power groups have been partners with SN Nuclearelectrica since 2008, developing plans for the construction of units 3 and 4 at the Cernavoda site.
Two foreign firms – Enel and a local unit of ArcelorMittal – remain involved in the project. Romania says it will now look for new foreign investors in the €4 billion project.
GDF Suez, Iberdrola and RWE said that they are unable to reconcile the capital costs of a new nuclear power plant with the uncertainties surrounding the project. They said in a statement that their decision “does not reflect on the technical quality of the project, recently recognized by the European Commission, nor on the commitment of GDF SUEZ, RWE and Iberdrola to the development of the Romanian energy market.”
