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Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland)--Controversial funding plans for Hungary's new 2,400-megawatt (MW) Paks II nuclear power plant have been cleared by the European Union (EU).
The Union confirmed it has approved the plans under EU state aid rules on the basis of commitments made by Hungary to limit distortions of competition. Paks II has run into some barriers with the European Commission (EC) in recent years after Hungary awarded the 10 billion-euro ($13.6 billion) contract to Russia's state-owned Rosatom Corporation (Moscow, Russia) without an open tender process. For additional information, see March 2, 2015, article - Hungary's Paks Nuclear Deal Faces European Investigation.
Speaking about the EU's decision this week, Margrethe Vestager, Commissioner in charge of competition, explained: "Hungary has decided to invest in the construction of the Paks II nuclear power plant, its right under the EU Treaties. The Commission's role is to ensure that the distortion of competition on the energy market as a result of the state support is limited to a minimum. During our investigation, the Hungarian Government has made substantial commitments, which has allowed the Commission to approve the investment under EU state aid rules."
More than one-third of Hungary's electricity is supplied by the existing Paks nuclear plant, which uses four VVER-440 type reactors from Russian company AtomEnergoExport (Moscow, Russia), which were commissioned between 1982 and 1987. The plant has a combined generating capacity of 2,000 MW, but the reactors are getting old and Hungary is under pressure to decommission them. They were due to stop operating between 2012 and 2017 after 30 years of operation, but three of them have received 20-year extensions, with another extension expected to be announced this year for the fourth reactor. For additional information, see December 4, 2014, article--Hungary Extends Life of Paks Nuclear Plant.
Industrial Info recently reported on the progress of key modernisation works being carried out at the Paks plant by General Electric (NYSE:GE) (Fairfield, Connecticut). The company has finished overhauling the fifth of eight Ganz-built generators. For additional information, see February 7, 2017, article - Modernisation Continues at Hungary's Paks Nuclear Plant.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, five offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Our European headquarters are located in Galway, Ireland. Follow IIR Europe on: Facebook - Twitter - LinkedIn For more information on our European coverage send inquiries to info@industrialinfo.eu or visit us online at Industrial Info Europe.
The Union confirmed it has approved the plans under EU state aid rules on the basis of commitments made by Hungary to limit distortions of competition. Paks II has run into some barriers with the European Commission (EC) in recent years after Hungary awarded the 10 billion-euro ($13.6 billion) contract to Russia's state-owned Rosatom Corporation (Moscow, Russia) without an open tender process. For additional information, see March 2, 2015, article - Hungary's Paks Nuclear Deal Faces European Investigation.
Speaking about the EU's decision this week, Margrethe Vestager, Commissioner in charge of competition, explained: "Hungary has decided to invest in the construction of the Paks II nuclear power plant, its right under the EU Treaties. The Commission's role is to ensure that the distortion of competition on the energy market as a result of the state support is limited to a minimum. During our investigation, the Hungarian Government has made substantial commitments, which has allowed the Commission to approve the investment under EU state aid rules."
More than one-third of Hungary's electricity is supplied by the existing Paks nuclear plant, which uses four VVER-440 type reactors from Russian company AtomEnergoExport (Moscow, Russia), which were commissioned between 1982 and 1987. The plant has a combined generating capacity of 2,000 MW, but the reactors are getting old and Hungary is under pressure to decommission them. They were due to stop operating between 2012 and 2017 after 30 years of operation, but three of them have received 20-year extensions, with another extension expected to be announced this year for the fourth reactor. For additional information, see December 4, 2014, article--Hungary Extends Life of Paks Nuclear Plant.
Industrial Info recently reported on the progress of key modernisation works being carried out at the Paks plant by General Electric (NYSE:GE) (Fairfield, Connecticut). The company has finished overhauling the fifth of eight Ganz-built generators. For additional information, see February 7, 2017, article - Modernisation Continues at Hungary's Paks Nuclear Plant.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, five offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Our European headquarters are located in Galway, Ireland. Follow IIR Europe on: Facebook - Twitter - LinkedIn For more information on our European coverage send inquiries to info@industrialinfo.eu or visit us online at Industrial Info Europe.
