SNN, the first Romanian company to join the World Economic Forum (“WEF”)
Bucharest, October 20th, 2021
SN Nuclearelectrica SA (“SNN”), the only nuclear energy producer in Romania, and one of the most performant nuclear plants operator in the world, based on international nuclear ratings, has partnered with the World Economic Forum. SN Nuclearelectrica is the first Romanian company to join the World Economic Forum as a member in two strategic areas: Platform for Shaping the Future of Energy Materials and Infrastructure and the Partnering Against Corruption Initiative, which support company’s strategic vision to build a sustainable future for tomorrow’s generation whist generating clean energy at highest standards of excellence.
In its quality of strategic energy producer, developer of new nuclear capacities through CANDU Nuclear Units, supporter of innovation through assessment and potential employment of Small Modular Reactors (“SMRs”) in the effort to meet decarbonization targets, SNN closely seeks to increase awareness on clean energy sources and their role in meeting decarbonization targets, to develop business and economic relations, to access studies and analyses, to modernize and constantly improve its processes and corporate governance.
“We highly appreciate the partnership with the World Economic Forum and we are looking forward to a very fruitful and mutual advantageous cooperation! SNN aims to develop its integrated base expertise, to become an active part in capturing and generating development initiatives with a significant economic, social and organizational impact, to assess new opportunities for cooperation, expansion and development. Given our major investment projects, we also seek stronger economic and financial resilience and know-how. As both the World Economic Forum and SNN are interested and promote CO2 reduction programs, we engage in capitalizing on the innovation trend and clean solutions to produce energy”-Cosmin Ghita, Chief Executive Officer
Roberto Bocca, Head of the Platform for Shaping the Future of Energy, Materials and Infrastructure at the World Economic Forum, said: “we are delighted to have SN Nuclearelectrica SA joining the Forum’s Energy, Materials and Infrastructure platform, which is working on addressing critical issues shaping the global energy system. As the first company from Romania, the partnership reflects an opportunity to build public-private alliances and multi-stakeholder collaboration in the energy sector.”
As Nuclearelectrica is a listed company on the Bucharest Stock Exchange Market and committed to strengthening its Environmental, Social and Governance standards, its interest also covers international ESG benchmarking as a corporate governance approach to meet the investors ‘community interests.
After 25 years since the commissioning of the first nuclear reactor, Nuclearelectrica provides approximately 20% of the consumption demand and 33% of the clean energy nationwide. In 25 years, Nuclearelectrica has delivered over 200 million MWh to the National Power Grid at a capacity factor of over 90%, avoiding the release into the atmosphere of over 170 million tons of CO2.
In the scenarios analyzed by the International Energy Agency, the energy demand will increase by 2,1% per year by 2040, especially in the developed countries. The share of zero carbon emission energies is estimated to raise from 36% today to 52% by 2040. Romania supports the environmental objectives of the European Union aiming to reach zero carbon emissions by 2050. The decarbonization target to be reached by 2030, the intermediate stage, has been accelerated from 40% to 55%. This ambitious goal cannot be attained without the use of all low carbon energies, especially nuclear energy. Thus, the target assumed by Romania is to reduce CO2 emissions by 43,9% by 2030 compared to their level in 2005. Also, Romania aims to reduce the dependence on energy imports from 20,8% today to 17,8% by 2030 which means sustained investments in production capacities without carbon emissions or transition, with baseload production to ensure the stability of the national energy system.
Nuclearelectrica’s mission is to generate clean energy at high standards of excellence and its vision is to build a sustainable future for the next generations. Therefore, the company relies heavily on strong corporate governance and strives towards strategic investment projects to meet decarbonization targets and reduce CO2 emissions, creating new jobs and growing a new generation of specialists. That is why partnering with the World Economic Forum, a strategic global organization, represents an opportunity for growth.
About the World Economic Forum
The World Economic Forum is the International Organization for Public-Private Cooperation.
The Forum engages the foremost political, business, cultural and other leaders of society to shape global, regional and industry agendas.
About SN Nuclearelectrica SA
SN Nuclearelectrica SA is a national energy and nuclear fuel producer, under the coordination of the Ministry of Energy. The company is listed on Bucharest Stock Exchange Market sincve 2013, the main shareholder being the Romanian state with 82,49% and other shareholders with 17,50%. SNN has two subsidiaries: Cernavoda NPP which operates Units 1 and 2 and Pitesti Fuel Manufacturing plant.
Nuclearelectrica has a strategic role at national level, contributing with more than 20% of the total energy consumption needs. As well, nuclear energy has an essential role in reaching decarbonization targets and in ensuring the transition to a CO2 free economy, currently contributing with 33% in the total of CO2 free energy generation. Following the completion of its strategic projects, this contribution will increase to 66% in the early 2030s.
In early 2030s, nuclear energy will cover approximately 35% of the total consumption needs through the operation of four nuclear units, it will avoid the release of 20 million tons pf CO2/year, it will create more than 19000 jobs within the internal supply chain and it will contribute to the development of research and education in the nuclear and the associated fields.
Through its investment projects, the Refurbishment of Unit 1, Cernavoda NPP Units 3 and 4, Detritiation Facility and Cobalt 60 production, with a total value of approximately EUR 9 million, SNN becomes a pillar of decarbonization while generating a multiple effect in micro- and macro-economic development. SNN develops these projects by growing a new generation of specialists, through their retention and training as well as through capitalizing on their potential.