Publicatie Laka-bibliotheek:
ECN/NRG business case assessment

AuteurStrategy&, PWC
Datumjuli 2016
Classificatie (OLP (Onderzoekslocatie Petten) NRG/ECN/RCN - PETTEN - ALGEMEEN)
Opmerking Vrijgegeven na WOB-verzoek van stichting Laka, april 2017

Uit de publicatie:

ECN is requesting EZ for additional measures and support
based on a substantial downward business case projection

                   • In 2014, ECNINRG faced an urgent need for financing as a result of continued operational issues and
                     unplanned shutdown of the nuclear reactor
                   • The Ministry of Economic Affairs granted ECNINRG an €82Mn ban to ensure the long-term continuity
                     of ECNINRG
                   • The investment scenario was more attractive than the discontinue scenario. This conclusion was robust
    Context          for key uncertainties considering financial (e.g., fl1 in discontinuation costs) and societal impact of
                   • Recently, ECN revised its business case substantially downwards, projecting €83Mn in negative liquidity
                     by 2026 (€152Mn bebow the original 2014 projection of +€69Mn)
                   • In this context, ECN has drawn several conciusions and is requesting a broad set of additional
                     measures and financial support from the Ministry of Economic Affairs
                   • ECN has conciuded that it cannot cover the costs and risks associated to the disposal of historic
   2016 ECN          nuclear waste and requests EZ to take over the rebated Iiability and costs (€11 OMn), and
    Request        •

Strategy& PwC   160714 Strategy& EZ ECN_Final Report.pptx              Confidential property Prepared for Ministerie van Economische Zaken
In this context, EZ has requested us to assess ECN’S business
case, viability of the separate parts, and different scenarios
Main project objectives                                       Underlying questions

              ECN business case analysis and
            perspective key differences between

             2014 (“2D”) and 2016 update (“MJV”)              • Is continuing with ECN and NRG in the
                                                                “as-is” state the best option?
                                                              • What is the impact of discontinuing
                                                                activities for the State and other
               High level viability analysis of
                                                              • What is the impact and rîsks of
            individual business activities ECN           —
                                                                separating ECN Duurzaam and NRG?
               Duurzaam, NRG (excL RWMP)
                                                              • What is the impact and risks of
                                                                transferring historic waste liability

            High-level financial assessment of
                                                              • What is the high-level feasibility of
                                                                offensive scenarios?
                 different scenarios mci.        —

            discontinuation, legal separation and