Romanian nuclear producer Nuclearelectrica has received shareholder approval to auction up to 400 MW of future baseload electricity. Deliveries are planned for the period from 2027 through 2046. The auction is linked to the planned refurbishment of Cernavodă Unit 1.
The proposed offering comprises three blocks of 100 MW and two blocks of 50 MW. If fully subscribed, the contracts would cover about 3.5 TWh annually and nearly 70 TWh across the full 20-year term. The minimum aggregate contract value is estimated at around €5.6 billion, corresponding to a floor price of approximately €80/MWh before indexation and delivery adjustments.
Auction design and delivery terms through Romanian exchange
The contracts will be auctioned via the Romanian Commodities Exchange using EFET documentation. Pricing mechanisms may include inflation-linked floors and caps or references to the day-ahead market. Counterparties are required to meet financial qualification criteria before participating in the contracts.
Delivery reductions are permitted during specified outages. This provision is relevant because Unit 1 is scheduled for major refurbishment between 2027 and 2030.
Contract structure relative to PPA and offtake models
The commercial structure is described as positioned between a conventional corporate PPA and a project-finance offtake agreement. For Nuclearelectrica, the arrangement would provide long-term revenue visibility intended to support debt service and capital planning. Industrial buyers would obtain access to low-carbon baseload generation without taking full exposure to Romania’s spot-market volatility.
Spot prices in Romania on 24 July ranged from approximately €13/MWh to more than €200/MWh. The implied floor of roughly €80/MWh is stated as significantly below Romania’s current baseload price, while also being nearly six times the 24 July afternoon minimum.
Market participation question for long-duration baseload supply
The central commercial issue highlighted is whether creditworthy industrial consumers will commit to contracts lasting up to 20 years. This depends on how electricity regulation, industrial demand, and renewable generation capacity evolve over time. For Nuclearelectrica, the auction is presented as a mechanism for converting future nuclear output into longer-term revenue certainty ahead of one of Romania’s largest power-sector investment programmes.
