German utility RWE AG's (RWE.XE) chief executive said Thursday he expects a decision in 2011 on whether a nuclear power plant will be built in Cernavoda, southeastern Romania.
German utility RWE AG's (RWE.XE) chief executive said Thursday he
expects a decision in 2011 on whether a nuclear power plant will be built in
Cernavoda, southeastern
Romania
.
"We expect a final investment decision next year," Juergen Grossmann
told shareholders at RWE's annual general meeting in
Essen
.
The Cernavoda nuclear reactor project is led by Romanian state-controlled
Nuclearelectrica, which controls 51% of a joint venture. Its partners include
ArcelorMittal (MT), Czech utility CEZ AS (BAACEZ.PR), Electrabel of Belgium,
Enel SpA (ENEL.MI) of Italy, Iberdrola SA (IBE.MC) of
Spain
and
RWE.
RWE owns around 9% in the project, which is estimated to cost about EUR4
billion.
Asked whether a nuclear reactor in Cernavoda would be safe to operate due to a
potential earthquake hazard, Grossmann said that risk would be
"controllable".
He added that the Romanian energy market is an "attractive market" in
which RWE wants to become active.
RWE is
Europe
's largest emitter of carbon dioxide and has said
it considers nuclear energy part of its strategy to improve its carbon
footprint.
The company is also pursuing new-build nuclear projects in the
U.K.
in a
joint venture with German peer E.ON AG (EOAN.XE).
Last year RWE pulled out of a similar project in
Bulgaria
citing financing problems that its local partner,
Bulgaria
's
state-owned National Electricity Co., or NEK, had encountered.
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