Mar 18, 2009 | Amsterdam Shareholders approve extra investment in Nuon Magnum
Nuon’s shareholders have increased the investment mandate for phase 1 of the Nuon Magnum power station by EUR 300 million. The additional investment is needed to fund the extra costs resulting from the temporary halting of construction work. Work was halted because of delays in the licensing procedures. The investment approval was given on 18 March 2009 at an Extraordinary General Meeting of Shareholders in Amsterdam.
The increased mandate is needed to fund the costs that arose as a result of the delay, including the costs of halting and later restarting construction work and the fact that certain parts of the power plant were already under construction and that suppliers had to be compensated for loss of earnings.
In 2007 the shareholders granted a mandate to invest EUR 1.5 billion in the construction of the gas-fired part (phase 1) of Nuon Magnum, which will be prepared for the installation of the multi-fuel unit (phase 2). Flexible deployment of fuels means the power station will be able to respond more effectively to market demand and to produce other products such as hydrogen or syngas, in addition to electricity. Nuon Magnum will also, therefore, be able to respond to the fluctuating supply of wind energy. Once operational, the plant will be able to supply energy to two million households.