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Wednesday, December 10, 2008

Germany's RWE Torn by Power Strife over Bulgaria's Nuclear Plant "Belene"

Germany's second largest energy concern RWE is torn by a struggle for power related to the company's participation in the construction of Bulgaria's Nuclear Power Plant Belene.

One of the main contention issues between the company Director Jürgen Großmann, and RWE's supervisory board is the future Belene plant because of environmental concerns, and because of its location in a zone with high seismic risk, the Westdeutsche Allgemeine Zeitung reported.

The main issue at stake in the company is the role that each of its bodies has to play in the approval of large investment projects such as RWE's participation in the Belene Plant.

During its session on Thursday, the supervisory board is expected to change its statutes so that it could have a more decisive role in approving large-scale project that are now approved by RWE's governing board.

The former Minister of Economy and Labor of Germany Wolfgang Clement, who is a member of the supervisory body of the subsidiary RWE Power, is quoted as saying the Belene Project had been prepared perfectly, and that many zones with nuclear facilities in the USA, Japan, and Korea had much greater earthquake risk than the lower Danube.

Meanwhile, the protests of German environmentalists against the Belene project are continuing, the umweltruf.de portal reported

RWE has won the tender of Bulgaria's National Electric Company NEK for the purchase of 49% of the future Belene Nuclear Power Plant for EUR 1,2 B.

NEK representatives stated they were currently negotiating with RWE the form of the shareholders' agreement, and that they were expecting that it would be signed on December 15.

(Source: Novinite)

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