Coronavirus company news summay – Russian, French and US companies to build Bulgarian nuclear plant – UK transmission takes $1.24bn hit

19 June 2020 (Last Updated June 19th, 2020 09:59)

19 June

Russian state nuclear company Rosatom has joined forces with France’s Framatome and US-based GE Steam Power to bid for a €10bn nuclear power project in Bulgaria. The tender process for Belene nuclear power plant project, in the north of the country, was delayed by the Bulgarian government due to the Covid-19 lockdown. The plant is expected to be operational by 2030.

UK transmission company National Grid has said the coronavirus pandemic could have an impact of up to $1.24bn (£1bn) on its cashflows this year. This leads to a $496m (£400m) fall in profits as an increasing number of customers fail to pay their bills.

The Algerian government has initiated negotiations with the Desertec Industrial Initiative (DII) to launch solar power projects in the country, Reuters reported. The country recently unveiled plans to establish photovoltaic solar plants worth up to $3.6bn to generate power for the local market and export the surplus. Algeria energy minister Mohamed Arkab told the Parliament: “This is part of the national strategy for energy transition.”

India has formed a separate project development cell (PDC) to attract investment in the green energy sector, particularly solar. The PDC will only offer investment to renewable projects. The cell will also focus on identifying obstacles hindering investments.