Bulgaria Cannot Uphold Agreement on Kozloduy NPP Unit 7 with US Westinghouse - PM

Business » ENERGY | April 1, 2015, Wednesday // 15:48
Bulgaria: Bulgaria Cannot Uphold Agreement on Kozloduy NPP Unit 7 with US Westinghouse - PM Bulgaria's Prime Minister Boyko Borisov, photo by BGNES

Bulgaria is only ready to work on the agreement with Westinghouse Electric for unit 7 of the Kozloduy NPP provided that the company participates in the project as an investor, according to Prime Minister Boyko Borisov.

Borisov made clear Wednesday in Parliament that Bulgaria could not afford to implement the project unless US Westinghouse Electric joined the scheme as an investor.

The US company was to state by March 31 whether it accepted the proposal to become a shareholder in unit 7 of the Kozloduy nuclear power plant with a stake of 49% and to provide the funding necessary to build the N-plant unit.

The shareholder agreement between the Bulgarian government and Westinghouse Electric on the construction of a new AP1000 reactor at the Kozloduy NPP was signed on August 1, 2014 during the term in office of the socialist-led government of Plamen Oresharski.

The agreement between Bulgaria and Westinghouse Electric expired on March 31.

The agreement was finalized without holding a procedure to select a contractor for the N-plant unit, as required by Bulgarian law, according to reports of mediapool.bg.

On Wednesday Borisov confirmed indirectly the allegations that Westinghouse had not agreed to become an investor in the project.

Borisov accused the socialist-led government of creating a great deal of trouble with the agreement, stressing that they had been aware that Bulgaria would not be able to take out a huge loan or take new debt for the project.

He emphasized that Bulgaria could not undertake the commitment outlined in the agreement.


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Tags: Boyko Borisov, Bulgarian Prime Minister, Kozloduy NPP, Kozloduy Nuclear Power Plant, Unit 7, Westinghouse, Westinghouse Electric, AP1000

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