Wednesday, April 23, 2008

Electricity utility SE allegedly not to borrow for nuclear plant construction.

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Electricity utility SE allegedly not to borrow for nuclear plant construction. Dominant electricity producer Slovenske Elektrarne (SE) did not intend to borrow from banks to finance the completion of two new nuclear blocks at the Mochovce power station, according to unofficial sources, SITA reported. Financial situation of the company had improved significantly and already allowed investment costs for the project to be covered by own resources. Costs were estimated at SKK 62bn and SE could benefit from the agreement not to distribute dividends till 2010. As we reported earlier, SE secured a EUR 800mn revolving loan facility at the end of last year, which was initially intended to be used for the construction of the nuclear blocks. Spokesman for the company, Juraj Kopriva, however, noted that these resources would likely be directed to financing other smaller projects. In general, the investment programme of SE called for a total of SKK 110bn investments in the energy sector till 2013. SE was yet to draw on the loan and CEO Paolo Ruzzini stressed that the company did not plan to borrow further. Operation of the two nuclear blocks under construction is planned to be completed in September 2012 and March 2013 respectively.

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Electricity utility SE allegedly not to borrow for nuclear plant construction.

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