* Sources close to the situation state that it is very unlikely that Nuclearelectrica will get listed in May, and say that the tender may be postponed until autumn (it hasn't been specified which year!)

The listing of Nuclearelectrica may be postponed again, for autumn, sources close to the situation are saying. The government has pledged to the IMF to sell 10% of the shares of Nuclearelectrica on the Bucharest Stock Exchange this month, but the consultants and the intermediary advise postponing it until autumn, our sources also say, because summer and the period before the summer holiday are not fit for such an operation. The authorities have not yet reached a decision concerning the postponement.

The period of the listing of Nuclearelectrica is not the only item of contention. It seems that the intermediary and the consultants recommend the clarification of the situation of Units 3 and 4 of Cernavodă, a project which lacks investors and needs 6.5 billion Euros. Nuclearelectrica holds 85% of the project company for the two reactors. Those looking to buy the shares need to know the investments which Nuclearelectrica needs on the medium and long term and what the odds of seeing any dividends are.

The quoted sources explain: "This year, the situation of the two units will need to be clarified. It is a very expensive project, which also needs an export opportunity, at least for the beginning. The state is struggling to attract private investors into the project, so that Nuclearelectrica would be left with a minority stake - preferably the contribution in kind, appraised at 20% of the amount of the investment. There is a chance of a major Chinese company getting involved with funds. The important thing is determining whether building Units 3 and 4 is necessary. Their construction will take ten years. These units could replace the major coal-based energy