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MarketScreener Homepage  >  Equities  >  KOREA EXCHANGE  >  Korea Electric Power Corporation    A015760   KR7015760002

KOREA ELECTRIC POWER CORPORATION

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Russia, China and South Korea vie for Bulgarian nuclear project

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08/20/2019 | 07:07am EDT
FILE PHOTO: Workers walk near the construction site of Bulgaria's second nuclear power plant in Belene

SOFIA (Reuters) - State run energy companies from Russia, China and South Korea are among seven groups interested in becoming strategic investors in Bulgaria's Belene nuclear power project, the Balkan nation's energy minister said on Tuesday.

Neighboring North Macedonia has also expressed an interest in a minority stake and long-term contracts to buy electricity from the 2,000 megawatt project on the river Danube, estimated to cost 10 billion euros ($11 billion), Temenuzhka Petkova said.

Sofia revived the Belene project last year after the parliament said it should seek investors to make use of the two reactors it paid over 620 million euros to Russia's Rosatom for in compensation for scrapping the original project in 2012.

"There has been a lot of scepticism whether there will be interest at all for the project. With the applications we got this is no more, because these are some of the global leaders in the nuclear energy," Petkova said.

She said Rosatom, China's CNNC and Korea Hydro & Nuclear Power Co (KHNP), a subsidiary of Korea Electric Power Corp, had filed applications.

A consortium including Czech firm Vitkovice Heavy Machinery; two Bulgarian bidders; and a Germany-registered company have also expressed an interest in being a strategic investor.

Meanwhile, France's Framatome, a unit of EDF, and General Electric have filed letters saying they are interested in providing equipment and in arranging financing for the project, Petkova said.

One Bulgarian energy firm is eyeing a minority stake and a long-term electricity purchase contract. Another is looking only for a minority stake and a third company wants a power purchase deal.

Bulgaria will shortlist candidates in three months and ask them to file binding bids. It will not hire a consultant to advise it on the process, which it hopes to wrap up in May 2020. The project is hoped to be completed around ten years later.

The preferred bidders will be asked to consider the declared interests for minority stakes and power purchase contracts.

Bulgaria canceled Belene seven years ago after failing to find investors and under pressure from the United States and the European Union to limit its energy dependence on Russia, which had been under contract to build the plant.

Critics of the project, first launched in 1980s, say it has been a vehicle for corruption for decades and that the investment does not justify the benefits.

Sofia plans to keep a blocking stake in the venture and be involved in the site, the nuclear reactors and the acquired licenses. But it will not extend state or corporate guarantees or offer to buy electricity from the plant under long-term contracts with preferential rates.

(Reporting by Tsvetelia Tsolova; Editing and Mark Potter)

By Tsvetelia Tsolova

Stocks mentioned in the article
ChangeLast1st jan.
CNNC INTERNATIONAL LIMITED -2.78% 2.8 End-of-day quote.6.46%
ELECTRICITÉ DE FRANCE -1.75% 10.675 Real-time Quote.-21.27%
ENGIE -0.80% 14.335 Real-time Quote.15.37%
GENERAL ELECTRIC COMPANY -0.53% 9.37 Delayed Quote.23.78%
KOREA ELECTRIC POWER CORPORATION End-of-day quote.
POWER CORPORATION OF CANADA 1.20% 30.32 Delayed Quote.23.60%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) 0.05% 63.964 Delayed Quote.-7.57%
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Financials (KRW)
Sales 2019 59 474 B
EBIT 2019 949 B
Net income 2019 -628 B
Debt 2019 62 618 B
Yield 2019 -
P/E ratio 2019 -28,4x
P/E ratio 2020 11,4x
EV / Sales2019 277x
EV / Sales2020 271x
Capitalization 16 402 B
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Mean consensus OUTPERFORM
Number of Analysts 22
Average target price 31 568,18  KRW
Last Close Price 25 550,00  KRW
Spread / Highest target 56,6%
Spread / Average Target 23,6%
Spread / Lowest Target -13,9%
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NameTitle
Jong-Kap Kim Chief Executive Officer & Director
Hwan-Eik Cho President & Director
Jeong-soo Kim Head of Finance & IR Team
Kang-Hee Lee Outside Director
Jeon-Hyuk Cho Outside Director
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