- Romania’s EnergoNuclear to Complete Cernavoda 3 & 4 in $5 billion Expansion Deal
- Czech Republic to Invest in Rolls-Royce’s SMR Program
- Ultra Safe Nuclear Files for Chapter 11
Romania’s EnergoNuclear to Complete Cernavoda 3 & 4 in $5 billion Expansion Deal
(SeeNews) EnergoNuclear, the project subsidiary of Romania’s Nuclearelectrica, will sign the contract for the development of the new Units 3 and 4 at the country’s sole nuclear power plant (NPP) Cernavoda next month, during the 2024 UN Climate Change Conference (COP 29), energy minister Sebastian Burduja said Monday 10/28/24.
The engineering, procurement and construction management (EPC) contract will be signed with a consortium comprising US-based energy engineering companies Fluor and Sargent & Lundy, Canada’s Atkins Realis, as well as Italy’s Ansaldo, Burduja said in a social media post.
“Funding is largely provided by participating states, through USEXIM (3 billion USD), Canada (2 billion Canadian dollars, agreement signed in my presence in Ottawa) and Italy (2 billion EUR, agreement signed in February 2024),” Burduja said.
The Cernavoda NPP currently covers around 20% of Romania’s electricity needs. Units 1 and 2 have an installed capacity of 700 MW each and are based on the CANDU 6 (Canadian Deuterium Uranium) technology, with natural uranium as fuel and heavy water as moderator and cooling agent.
Units 3 and 4 will be developed by 2032 and will be based on the same technology. Together the two new units will provide Romania with another 1,400 MW of nuclear energy capacity, Burduja said. Atkins Realis is the owner of the CANDU technology.
In June, Nuclearelectrica said it plans to invest up to $183 million/169.1 million euro) in the development of Units 3 and 4, in the form of a loan offered to EnergoNuclear.
In February, Italian power engineering company Ansaldo Energia said that its unit Ansaldo Nucleare had agreed to overhaul Unit 1 and help develop two more units at the NPP, backed by up to 2 billion euro in financing from Italian state investment agency SACE.
The Romanian state, through the ministry of energy, owns an 82.5% stake in Nuclearelectrica.
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Czech Republic to Invest in Rolls-Royce’s SMR Program
Minister says Prague needs to take advantage of nuclear opportunities
(NucNet) The Czech Republic plans to take part in UK-based Rolls-Royce SMR’s small modular reactor program with a decision on “significant” investment to be made in several weeks, trade and industry minister Lukas Vlcek told state broadcaster Radio Prague International.
Vlcek said in an interview that being involved in the SMR sector presents “a huge window of opportunity” and “we are in a situation where we have a very broad window of opportunity, not only in nuclear energy but also in other sectors such as chip and semiconductor technologies”.
He added: “But if we don’t take advantage of this window, it could be a huge economic loss for us.”
Vlcek said: “Let’s seize it, let’s take an equity stake in Rolls-Royce, but at the same time, let’s ask follow-up questions and address the challenges.
“Let’s actually do something about it so that it’s not just an equity investment by CEZ in Rolls-Royce, but that we also immediately start developing other related industrial sectors, such as engineering, the electrical industry, and other fields, which can gain significant growth opportunities through this investment.”
Asked during the interview how large should the investment in Rolls-Royce SMR should be, Vlcek said: “It will be in the range of several hundred million British pounds” and “the final decision should come soon, by the end of the year at the latest.”
Last month Czech prime minister Petr Fiala said state-controlled utility CEZ would establish a partnership with Rolls-Royce SMR for the development of SMRs.
Fiala said Prague is not interested to “only build” new SMR plants but to participate in their production on a global scale.
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Ultra Safe Nuclear Files for Chapter 11
Process will allow USNC to continue operations under new ownership
Ultra Safe Nuclear Corporation (USNC), announced that it is seeking to run a sale process pursuant to Section 363 of Chapter 11 of the U.S. Bankruptcy Code. The filing will consist of USNC and its subsidiaries, Ultra Safe Nuclear-Technologies, USNC-Power, and Global First Power Ltd.
During these proceedings, USNC will maintain full operational continuity across its projects, including the deployment of its Micro Modular Reactor (MMR) systems in the U.S., Canada, largescale production of TRISO-based and Fully Ceramic Microencapsulated (FCM®) fuels, and the fulfillment of space and defense projects for multiple U.S. government agencies.
USNC said in a press statement it has obtained debtor-in-possession (DIP) financing that, following court approval, adequately supports its business operations and satisfies its obligations during the court-supervised process.
In addition, USNC announced it entered into an asset purchase agreement (APA) with Standard Nuclear, Inc. to serve as the Stalking Horse Bidder for USNC’s fuel-related assets and technology development contracts.
Under the terms of the APA, Standard Nuclear will acquire the assets for $28 million in cash. USNC has asked the Court for approval to complete the transaction in December. Additionally, USNC intends to continue a sale process for its remaining assets and effectuate any resulting sale transactions pursuant to Section 363 of the U.S. Bankruptcy Code.
“Ultra Safe Nuclear remains steadfast in its dedication to bringing safe, commercially competitive, clean and reliable nuclear energy to global power and industrial markets. After carefully exploring all available options, we have decided that this court-supervised sale process offers the best path forward while ensuring continuity across our key technology initiatives”, stated Kirk Edwards, Chairman of USNC’s Board of Directors.
“These initiatives include bringing our TRISO-based fuels to market, deploying MMRs as a carbon-free energy solution, and advancing essential technologies for the U.S. Department of Defense, NASA, and the UK Department of Energy Security and Net Zero. We are pleased to begin this process with an agreed-upon offer from an entity aligned with our strategic objectives and experienced in the sector. We appreciate our stakeholders’ continued loyalty as we work towards a stronger future for USNC.”
The Company has filed motions seeking court approval to continue its operations as normal during the court-supervised process, including the payment of employee wages. The Company expects to receive court approval for these requests.
USNC is represented by Young Conaway Stargatt & Taylor, LLP as restructuring counsel and Ankura Consulting as financial advisor. Intrepid Investment Bankers LLC is serving as investment banker.
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