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The government has estimated Belene costs at EUR 4 B but analysts and sources say the price tag may tower to EUR 10 B. Photo by BGNES
The construction of Bulgaria's planned nuclear power plant at Belene may fall behind schedule over lack of funding, a consultant of the project said on Wednesday.
Bulgaria's Socialist-led government chose last year German power utility RWE to become a strategic partner in the Belene project with a stake of 49%. State power utility NEK, which has a majority stake in the plant, contracted Russia's Atomstroiexport to build the two 1,000 megawatt reactors.
"If Bulgaria manages to secure a EUR 3.8 B for the plant, there won't be a delay and we will be on track," said Djurica Tankosic of WorleyParsons, an architect engineer with the Belene project.
He urged the Bulgarian government to find funding as soon as possible and outlined two possibilities - either through a Russian loan or cooperation with French bank BNP Paribas, which was picked by NEK to help it arrange the financing.
According to Djurica Tankosic the government should close a financial deal soon to avoid higher costs of the project and higher prices of the produced electricity.
Bulgaria's ruling Socialist-led coalition is making efforts to secure Russian funding for the construction of Belene nuclear power plant shortly before its term expires in the summer.
Russian Prime Minister Vladimir Putin has assured that his country was ready to consider granting a EUR 3.8 B loan to Bulgaria.
Bulgaria's rightist opposition has urged parliament to impose a moratorium on the contract for Russian funding, saying the loan will translate into a BGN 1300 tax burden for each Bulgarian taxpayer, electricity hikes for decades on end, outdated and dubious Russian nuke units.
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The United Arab Emirates said on Monday that it had licensed a reactor at its nuclear power plant in Barakah, the first in the Arab world, and that it would start operating in the "near future".
All 5 companies from the shortlist of approved strategic investors for Belene NPP have confirmed their offers.
They were registered near the Bushehr nuclear power plant.
In Moscow, the first diplomats of Bulgaria and Russia noted the success in developing the dialogue between the two countries this year and last year and the high-level contacts that have taken place.
Today, Deputy Prime Minister Ekaterina Zaharieva and her delegation are meeting with Russian Foreign Minister Sergey Lavrov.
The Nuclear Regulatory Agency (NRA) has greenlit the phased transition to a new type of nuclear fuel for Unit 5 of Kozloduy Nuclear Power Plant (NPP), manufactured by Westinghouse
In a bid to enhance its energy security and diversify its gas supply sources, Bulgargaz is gearing up for the first deliveries of liquefied gas through the Alexandroupolis terminal, set to commence in May
The Greek national electricity company, PPC, has announced plans to acquire 500 megawatts of photovoltaic capacity in Bulgaria
Oil prices have surged due to renewed concerns about the Middle East conflict. Brent crude futures increased by 0.32% to 90.80 USD per barrel, while American WTI crude rose by 0.3% to 86.50 USD per barrel
Bulgaria's state-owned energy company, "Bulgargaz," has suffered a significant setback, losing 27% of its market share as a result of a contract with the Turkish company "Botas"
A remarkable shift in Bulgaria's energy landscape has been unveiled in the latest report from the Commission for Energy and Water Regulation, submitted to the Bulgarian parliament
UN Happiness Report: Bulgaria's Astonishing Leap in Rankings
Bulgaria: 3 Regions With Lowest Life Expectancy - EU Report 2022
