Westinghouse confirmed the refusal to finance the completion of the Bulgarian nuclear power plant

The American company Westinghouse has confirmed its rejection of the investments in the construction of the seventh block only active Bulgarian NPP “Kozloduy”, according to Bulgarian media quoted the president of Westinghouse markets in Europe, Middle East and Africa Yves Brachet.

“We have said this several times, including journalists, to be an investor - not a practice for Westinghouse”, - said Brachet at the conference “Bulgarian nuclear power - national, regional and global energy security.”

According to Brachet, Westinghouse will not change the strategy for the construction of a new NPP “Kozloduy”.

Since the issue of the financing of the construction has not been resolved, and in Sofia there is no money for it, the prospects of the project turned out to be uncertain.

The new, seventh nuclear power plant unit “Kozloduy” planned to install AP-1000 reactor from Westinghouse. In the summer of 2014 and the Westinghouse Nuclear Power Plant “Kozloduy” formed a joint venture to work on the power unit, signed the relevant shareholders’ agreement.

In early March of this year, Westinghouse announced that according to its calculations, the base price of the construction of power will be 7.7 billion dollars. Since Bulgaria is very expensive, the government formally offered the American company to become an investor of the project with a share of 49%. The agreement between Westinghouse and the Cabinet of Ministers of Bulgaria on the construction of the seventh block of NPP “Kozloduy” expired on 31 March. The Ministry of Energy in Bulgaria has not yet made any official information on how it will continue or not.

Bulgaria has no money to pay for needed by the current scheme, announced in early April, Prime Minister Boyko Borisov.

Previously, experts have repeatedly warned that Bulgaria will fall into a very difficult situation, abandoning the very profitable for her project with Russia for the construction of NPP “Belene” in favor of the construction of the “Kozloduy-7″ technology Westinghouse.

In particular, Rosatom offered to build two units of NPP “Belene” for an amount almost twice smaller than the one in which the cost of Bulgaria “Kozloduy-7.”

In addition to the very high cost of the American project and the lack of reference unit, experts have noted that Westinghouse has not offered to locate in Bulgaria production equipment “Kozloduy-7″ (for comparison, the draft NPP “Belene” and 30% of the equipment for this station was planned to produce in factories Bulgaria that it would be very beneficial to the economy).

In addition, the experts stressed that in the world there is no existing (reference) power reactor AP-1000, although the presence of such an object is considered to be a prerequisite for proposals of a company, is going to build nuclear reactor outside the country …… …

5 June 2015

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