June 25 (SeeNews) - Romania's Nuclearelectrica [BSE:SNN], the operator of Cernavoda nuclear power plant (NPP), said the country's parliament ratified an agreement with the U.S. government for the modernisation of the NPP's Unit 1 and the construction of Units 3 and 4.
In October, the Romanian and US authorities signed cooperation and financing agreements for an $8 billion (6.7 billion euro) project for the modernisation of Unit 1 at Cernavoda NPP and the construction of Units 3 and 4.
The ratification of the agreement represents the general framework for the continuation and implementation of strategic nuclear projects assumed by Romania in its energy strategy and in its integrated national energy and climate change plan, in order to achieve decarbonisation targets, enhance energy security and ensure an efficient transition to clean energy, Nuclearelectrica said in a statement filed with the Bucharest Stock Exchange, BVB, on Thursday evening.
"[...] our goal is to have Unit 3 connected to the grid in 2030 and Unit 4 in 2031," Nuclearelectrica CEO Cosmin Ghita said.
The two nuclear projects will cut significantly CO2 emissions and generate up to 9,000 jobs, Nuclearelectrica added.
The Cernavoda power plant, located in southeastern Romania, operates two reactors of 700 megawatts each, which meet roughly a fifth of the country's electricity needs. The energy ministry owns a 82.49% stake in Nuclearelectrica.
In February, Nuclearelectrica's CEO said that the company aims to commission a third reactor by 2031.
In June 2020, Nuclearelectrica said that its shareholders decided to terminate all deals and negotiations with two Chinese companies for the construction of Units 3 and 4 at the plant, complying with an energy ministry request.
In May 2019, Nuclearelectrica signed a preliminary agreement with China General Nuclear Power Corporation (CGN) and CGN Central and Eastern Europe Investment (CEERI) to establish a joint project company for the construction of Units 3 and 4. The business entity was supposed to be a joint stock company that will exist for at least two years, with CGN holding a stake of 51% and Nuclearelectrica having 49%.
Nuclearelectrica shares traded 0.73% higher at 27.55 lei ($6.7/5.6 euro) by 1018 CET on Friday on the BVB.
(1 euro =4.9242 Romanian lei)