Energonuclear has new CEO and CFO

Ionescu, General Manager of the Electricity Market Department of the Romanian Energy Regulatory Authority (ANRE), and Damian, Manager of the Financial Transactions Department of state-owned Transelectrica electricity transporter, were elected unanimously yesterday by the state’s representatives and the six investors – CEZ, GDF SUEZ, Enel, RWE, ArcelorMittal Galati, and Iberdrola.

According to sources close to discussions, investors took some “safety measures” yesterday. “Investors were notified that Nuclearelectrica, the state company owned by the Ministry of Economy, will lower its participation at Energonuclear. The structure of the shareholders will soon change, because the state does not have the money to support an investment, of which its share could exceed €2 bln,” said the quoted sources.

The Minister of Economy, Adriean Videanu, said that the state is not preparing to become a minority shareholder of Energonuclear. The company will have some 50 employees, and an initial €5 million share capital. The construction of the third and fourth nuclear units, each with an installed power of 720 MW, should begin in 2010-2011, and the investment is valuated at €4 bln.