Portuguese Tycoon Heads Bid to Build Nuclear Plant
Date: 01-Jul-05
Country: PORTUGAL
The group will approach the Socialist government with a plan to construct the plant, which will have a capacity of 1,600 megawatts, he told a news conference.
"We think this is the best energy option. It will reduce the trade deficit, allow the country to be more competitive and allow it to become an energy exporter as well," said Monteiro de Barros, whose investments centre on the oil sector.
The oil price rally to record levels around $60 a barrel has put the spotlight on alternative sources of energy. Portugal's state-owned electricity generator EDP is a heavy user of fuel oil for power generation
Construction would take 57 months and there are a number of potential sites, he said. Monteiro de Barros declined to name the other investors.
The investors have already told the government of Prime Minister Jose Socrates of their intentions, he said. The plant would be built without public funds.
