Hungary confirms Paks nuclear deal with Russia

• 8 years ago (2015-05-05)
• Junior Isles

Europe 1061 Nuclear 640

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Hungary’s government has confirmed the deal for Russia's state-owned nuclear corporation Rosatom to build two new reactors at the Paks nuclear power plant (NPP).

In late 2014, Hungary signed a series of deals with Rosatom that envisaged the construction of the two VVER-1200 reactors for the proposed units 5 and 6 at the plant, as well as nuclear fuel supplies and maintenance but the deal ran into difficulties with the EU.

Rosatom head Sergei Kiriyenko said: "We got a confirmation from the government of Hungary that everything has been agreed, everything remains unchanged... the contract has entered force."

Russia has provided Hungary a loan up of to $11 billion for the project, which will be paid back over two decades after the reactors become operational in 2023.

Paks, located 62 miles south of Budapest, is Hungary’s only power plant and supplies one-third of the country’s electricity.