🔥 Premium AI-powered Stock Picks from InvestingPro Now up to 50% OffCLAIM SALE

Bulgaria signs nuclear fuel deal with Westinghouse

Published 22/12/2022, 09:09
© Reuters.
WEST
-
ENRY
-

SOFIA (Reuters) - Bulgaria's state-owned nuclear power plant Kozloduy on Thursday signed a deal with Westinghouse Electric Sweden to supply it with nuclear fuel for its 1,000 megawatt Russian-built Unit 5, a first step to diversify away from Russian supplies.

The European Union country currently relies on Russian nuclear fuel for both units at the 2,000 megawatt Kozloduy plant, but is seeking to boost energy security following Russia's invasion of Ukraine.

The plant produces about 35% of the country's electricity and currently uses nuclear fuel supplied by Russian firm Rosatom.

Kozloduy is also aiming to sign a deal with France's Framatome, a unit of EDF (EPA:EDF), for its other reactor, Unit 6.

"We have finally made a step towards diversifying the nuclear fuel for our plant. This way we are ensuring our energy security," said Kozloduy CEO Georgi Kirkov.

Bulgarian Energy Minister Rossen Hristov said that at present nuclear fuel shipments from Russia were unclear, so the new 10-year contract with Westinghouse helped secure the plant's operation.

The new fuel will be used from mid-2024, he said, while current fuel stores can be used until then.

Last month, parliament urged Bulgaria's caretaker government to secure alternative nuclear fuel supplies for the plant by April 2024 to and mitigate risks for the country's energy security.

Bulgaria's Nuclear Regulatory Agency must still license Westinghouse's fuel for use in the country.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.