Банкеръ Weekly

Briefs

EU HAS APPROVED THE CANDU REACTORS

Ala Alizadeh, Regional Vice-President Business Development UK and Europe in the Canadian AECL companyWe made an investigation and an internal audit and did not find any information, confirming what was said in the anonymous letter. We ourselves wrote to the Bulgarian Ministry of Energy and Energy Resources, stating that we had not been approached with demands for a bribe and that we had observed all legal requirements of the procedure. The Candu reactors have not been rejected by the ecological assessments, made in Bulgaria, which showed that all types of generators are suitable. The advantages and shortcomings of each of the proposed technologies will be estimated by engineering and economic experts. The evaluation of safety and ecology compliance of the Candu units in Romania was made by the European Union (EU) in 2002 and they were approved. Our company is ready to submit to the Bulgarian Government a complete offer for two generators of 700 megawatt each, and the criteria will be set afterwards. We'll present a project for overall fulfilment with a fixed price. In the next months we'll hold meetings with Bulgarian authorities in order to discuss the economic, technical and financial specifics of the Candu technology. We offer computerized distance control of the units, and concerning the price of the fuel, it is several times cheaper than the fuel used by other reactors. The price of electricity, to be generated by the future power plant, will depend both on the market and the model of financing. In Canada, for instance, the price is in the range of USD 40-60/megawatthour. The average lifetime of service of a Candu unit is 40-50 years, but if certain investments are made, it could be prolonged to 60 years. We intend to finance the project by export and trade credits, as well as direct investments.We have already held preliminary talks with agencies for export insurance from Canada the USA, Japan and Italy.

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