State to become direct owner of Paks upgrade project company

Telco

A project company established to undertake an upgrade of Hungary's sole nuclear power plant, in Paks, will be put under direct state ownership, a general meeting of the state-owned Hungarian Electricity Works (MVM) decided yesterday.

The state will buy the project company, called MVM Paks II Atomerőmű Fejlesztő, for more than HUF 10 bln, a price established by the local businesses of consultancies Deloitte and Ernst and Young. The Hungarian National Asset Management Company (MNV) will make the purchase.

MVM Paks II was established with start-up capital of HUF 9 bln in the summer of 2012. Hungary signed an intergovernmental agreement with Russia on the construction of the two blocks at the Paks nuclear power plant in January. Russia is providing EUR 10 bln in credit for the investment.

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