Nuclearelectrica budgets 4 mln euro for Tarnita and the submarine cable with Turkey

Nuclearelectrica will provide almost 4 million euro to two of Romania’s most important projects: Tarnita-Lapustesti hydropower plant and the 400 Kv submarine communications cable between Romania and Turkey. The decision was taken during the General Meeting of Shareholders held yesterday, the amount being approximately equally allocated.

The nuclear power company will support the capital increase of Hidro Tarnita S.A., the company which develops the hydropower facility, by subscribing 89.000 newly issued shares with a nominal value of 100 lei. Hence, Nuclearelectrica’s contribution will come to 8.9 million lei – some 1.98 million euro.

Through a similar procedure, Nuclearelectrica will be part of the company “HVDCC Romania-Turkey S.A.”, which will run the submarine communications cable project, by subscribing 2 million shares valued at 1 euro each. The total amount the state-owned enterprise will spend with these projects will be included in the 2014 budget.

Last year, the company recorded a major advance in terms of profit which jumped 1625 percent over 2012, totaling 417 million lei. Nuclearelectrica is the single nuclear power producer in Romania, operating two CANDU-6 reactors with natural uranium as fuel and heavy water, as cooling agent and moderator. The company has two subsidiaries – the Cernavoda Nuclear Facility and the Pitesti Nuclear Fuel Plant that supplies the fuel the two reactors need. Each of the plants has a capacity of 706 MWh covering approximately 20 percent of the national energy consumption.