Russia: Snub of Belene NPP Is EUR 1 B Loss for Bulgaria

Business » ENERGY | June 19, 2010, Saturday // 11:48| Views: | Comments: 0
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Russia: Snub of Belene NPP Is EUR 1 B Loss for Bulgaria: Russia: Snub of Belene NPP Is EUR 1 B Loss for Bulgaria The site of NPP Belene in Northern Bulgaria. The project started as early as 1981, but since then little has been done. Photo by BGNES.

The losses for Bulgaria if the country makes a decision to stop for good the project to build a second Nuclear Power Plant in the Danube town of Belene can exceed EUR 1 B.

The information was reported by the Bulgarian daily “Dnevnik, citing the Russian RBK agency and an anonymous Russian source close to the project.

The off-the-record conversation had happened during the energy forum in Sankt Petersburg where Russian President, Dmitriy Medvedev, and his French counterpart, Nicolas Sarcozy, will sign Saturday the agreement to include the French “Electricite de France” (EDF) in the South Stream” gas line.

The source has said Bulgaria had invested so far EUR 400 M in Belene while the signed contracts amount to EUR 700 M and the country would face monetary sanctions if in September the National Electric Company (NEK) fails to make payments for these contracts.

According to the Russian energy expert, Bulgaria’s most pressing issue now is to find an investor to finish the construction of the NPP.

“At the time Bulgaria kept 51% of the NPP, but the economic crisis brought problems with its financing and the cabinet now mulls what to do with its shares. Russia can buy anywhere between 20% and 80% of them, but would not be able to over political reasons. The Federation, however, would not lose anything from the freezing of the project and we can transfer our equipment from Belene to other NPPs in construction stage,” the source is quoted saying.

 

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Tags: NPP, Belene NPP, Belene, pipeline, gas transit pipeline, France, Italy, Russia, South stream, EDF, NEK
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