ANNEX 4

E-mail from Ian Longu, President of the Romanian Electricity Regulator, ANRE, to Olexi Pasyuk, CEE Bankwatch Network, on February 26th, 2003

Mr. Olexi Pasyuk, National Ecological Centre of Ukraine

Dear Mr. Olexi Pasyuk,

Regarding your questions sent to ANRE on 26.02.2003

"Does Cernavoda nuclear power plant operator has contracts with consumers outside Romania, or Romanian institution which effectively export this electricity at the end. Are there any legal, technical or political reasons which are preventing this export?"

1. According to the conditions stipulated in the production license, the entire electricity quantity produced and delivered by National Company "Nuclearelectrica" is bought by the suppliers of captive consumers, at price, on a PPA (long term) contract basis, until the company credits are totally reimbursed.

"Will domestic Romanian demand utilise capacities of to-be-built Cernavoda unit 2?"

2. Yes.

"Are there any legal, technical or political reasons which can prevent or limit the export of electricity to be produced ad Cernavoda npp unit 2?"

3. For the future, with our knowledge for this moments, in connection with fully liberalization of the electricity market, National Company "Nuclearelectrica" (inclusive unit 2), can exports energy (after expire the long contract presented at point 1).

Sincerely,

Ion Lungu

President of ANRE

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