CONSULTING

November 2015, with the signing of a Memorandum of Understanding (MoU) between
Nuclearelectrica and CGN for the construction, operation and decommissioning of units 3 and 4.
The MoU, also included agreements on investments, the articles of incorporation of the new
project company, the structuring of the project’s financing and remarkably, CGN is to be the
majority share owner of the project, with at least 51 percent of the shares. 887 In January 2016, the
Romania Government formally expressed support for the project and outlined the policies and
measures that it would introduce to support it, this included energy market reform, changes to
the electricity tariff, commitments on state guarantees and financial incentive policies. 888
In Slovakia, the state utility Slovenské Elektrárne (SE) operates two nuclear sites, Jaslovské
Bohunice, which houses two VVER440 units, and Mochovce, which has two similar reactors in
operation. In 2015, these produced 14 TWh or 55.9 percent of the country’s electricity—the third
highest share in the world behind France and Ukraine. In October 2004, the Italian national utility
ENEL acquired a 66 percent stake in SE and, as part of its bid, proposed to invest nearly €2 billion
(US$2.7 billion) in new nuclear generating capacity, including completion of the third and fourth
blocks of Mochovce. However, towards the end of 2014, ENEL announced that it was seeking to
sell its share in SE and had received a number of nonbinding bids, including from CEZ, Finland’s
Fortum, EPH—a Czech-Slovak energy investment group—and a Hungarian consortium of the
utility MVM and Mol. 889 In 2015, it emerged that CNNC was also interested in bidding. The Slovak
State has also expressed interest in increasing its share 890 , but it has demanded from ENEL that
Mochovce-3 and -4 be finished before a sale, in order to prevent further delays or even the
cancellation of the project. 891 In December 2015, it was announced that EPH was the winner of
the bid, with a preliminary price of €750 million ($812 million). Under the deal, ENEL will get
€150 million in the first stage, which will give EPH 33 percent in the company, the remaining
share and final price will be agreed a year after Mochovce is completed. 892
In February 2007, SE announced that it was proceeding with the construction of Mochovce-3 and
-4 and that ENEL had agreed to invest €1.8 billion (US$2.6 billion). According to IAEA-PRIS,
construction restarted in June 2009, and, at the time, the units were expected to start operation
887 WNN, “Romania and China seal Cernavoda agreement”, 10 November 2015, see http://www.worldnuclear-news.org/NN-Romania-and-China-seal-Cernavoda-agreement-10111501.html,
accessed 2 July 2016.
888 WNN, “Romania expresses support for China’s role at Cernavoda”, 25 January 2016, see
http://www.world-nuclear-news.org/NN-Romania-expresses-support-for-China-role-at-Cernavoda-
25011601.html, accessed 2 July 2016.
889 Reuters, “ENEL expects four bids for Slovak utility stake-sources”, 3 March 2015, see
http://www.reuters.com/article/2015/03/03/enel-ma-slovakia-idUSI6N0OZ01620150303, accessed 2 July 2016.
890 Slovak Spectator, “Finnish firm eyes Slovenské Elekrarne shares”, 20 February 2015, see
http://spectator.sme.sk/c/20056311/finnish-firm-eyes-slovenske-elektrarne-shares.html, accessed
2 July 2016.
891 Bloomberg, “Enel to proceed with Slovak Sale in Face of Premier’s Opposition”, 26 March 2015, see
http://www.bloomberg.com/news/articles/2015-03-26/enel-to-proceed-with-slovak-sale-in-face-of-premier-sopposition,
accessed 2 July 2016.
892 Reuters, “Enel sells stake in Slovak power group, including nuclear plant, to EPH”, 18 December 2015,
see http://www.reuters.com/article/slovakia-enel-eph-idUSL8N14657L20151218, accessed 2 July 2016.
Mycle Schneider, Antony Froggatt et al. 205 World Nuclear Industry Status Report 2016