HSBC Estimates Bulgaria's Belene N-plant Construction Costs at 10.35 Bln Euro

HSBC Estimates Bulgaria's Belene N-plant Construction Costs at 10.35 Bln Euro

HSBC, which Bulgaria has hired to advise the construction of a second nuclear power plant in the country, estimated the project costs at 10.35 billion euro ($13.6 billion), a report by the global banking group indicated.

Bulgaria decided to halt the construction of the 2,000 megawatt (MW) power plant Belene at the end of March, choosing instead to add a new 1,000 MW unit to its existing nuclear power station in Kozloduy.

The project's levelised electricity cost is estimated at 74.9 euro per megawatt hour or $98.4 per megawatt hour, the HSBC report published on the website of Bulgaria's energy ministry earlier this week showed.

Levelised electricity cost is the ratio of the net present value of total costs to the net present value of the corresponding expected plant output until the end of the project's operational life.

HSBC's estimates are based on assumed project debt-to-equity ratio of 60/40.

Speaking before reporters in Parliament on Monday, Bulgaria's energy minister Delyan Dobrev said the electricity generated by a similar capacity in Turkey costs over $120 dollars/MWh, whereas the output of such a plant in Romania is far cheaper than the level that would have been achieved by the Belene plant, the state-run Bulgarian News Agency reported.

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