Russia’s Rosatom Files 1 Billion-Euro Claim Against Bulgaria

Rosatom Corp., Russia’s state-run nuclear company, increased a claim against Bulgaria’s National Electricity Co. to 1 billion euros ($1.3 billion) for work on a canceled nuclear power plant project on the Danube.

Atomstroyexport ZAO, a unit of Rosatom, increased its claim from 58 million euros filed with the International Court of Arbitration in Paris in 2011 to cover construction work and production costs of the two canceled nuclear reactors, the Moscow-based utility said on its website today.

Bulgaria canceled the project to build a 2,000-megawatt nuclear power plant at Belene in northern Bulgaria on March 28 after failing to agree on its cost and find Western investors. Bulgaria filed a 61 million-euro claim against Rosatom with an arbitration court in Geneva 11 months ago, for the purchase of old equipment.

Atomstroyexport was contracted in 2005 to build the plant for an initial 4 billion euros. The project stalled because of a lack of funds and a dispute about how much costs should increase because of the delay.

The Fukushima accident after the March earthquake in Japan, raised costs for improved safety measures and risk insurance by an extra $2.1 billion, according to a report by the Balkans and Black Sea Studies Center in Sofia.

National Electricity Co. spokeswoman Hristina Stoyanova was not immediately available for comment.

To contact the reporter on this story: Elizabeth Konstantinova in Sofia at ekonstantino@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.