CEZ Exercises Option To Sell Stake In Romanian Nuclear Project
September 22 2010 - 5:18AM
Dow Jones News
Czech state-owned power company CEZ AS (BAACEZ.PR) is exercising
its option to withdraw from a consortium that is to build two
nuclear reactors in Romania, the company's spokeswoman said
Wednesday.
"CEZ [Tuesday] signed an addendum to the investment contract,
which allows CEZ to sell its 9.1% share to other investors in the
project [led by] EnergoNuclear SA," Eva Novakova said.
Now the company is allowed to sell its stake, but that step will
come in the future, she said.
CEZ refused to say whether it is in negotiations with specific
partners in the project on the sale and whether CEZ is planning to
pull out of other specific foreign projects.
Novakova only reiterated that the decision is in line with CEZ's
recent strategy to focus on domestic investment and to consolidate
foreign operations assets. CEZ is planning to build two new
reactors at its Temelin nuclear power plant in the south of the
Czech Republic.
Romania controls 51% in EnergoNuclear, a joint venture set up to
build the two new reactors and put them into operation by 2017 at a
cost estimated at EUR4 billion.
CEZ, Italy's Enel SpA (ENEL.MI), Germany's RWE AG (RWE.XE) and
France-based GDF Suez SA (GSZ.FR) each own 9.15% in the joint
venture, while ArcelorMittal Romania and Spain's Iberdrola SA
(IBE.MC) control 6.2%.
-By Sean Carney, Dow Jones Newswires; +420 222 315 290;
sean.carney@dowjones.com