1 December 2009
Bulgaria: RWE pulls out of nuclear project
RWE'S DECISION to pull out of a project to build a nuclear plant in Bulgaria gives Russia a chance to secure a position in Europe's nuclear power sector. German utility company RWE was selected in 2008 as the strategic partner to build and operate the proposed 2 gigawatt (GW) Belene plant in conjunction with the state-owned electricity firm, NEK, which is now part of the country's energy holding company, BEH. The state held a 51% stake in the project, with RWE holding the other 49%. The terms of the deal required the German company to pay €0.5bn ($0.74bn) for the project's structuring and to invest another €1.2bn during the initial stages of development. But the global economic crisis made
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