Minister: Paks expansion means 13% reduction in electricity prices

Recycling

According to Development Minister Zsuzsanna Németh, construction of the planned two new blocks at the Paks nuclear power plant for a potential doubling of energy production is expected to lead to a 13% reduction in electricity fees – though exactly when the citizenry might benefit was not specified.

Németh went on to state at the Paks press conference that the discount aimed to “boost the economy and attract more investment to Hungary.” She reassured that the plant “is operated in a safe, predictable and economical way, and the need for capacity expansion is not a question.”

Involvement in the planned upgrade represents a great opportunity for Hungarian companies, Németh said, and Rosatom, the Russian government-owned company slated to carry out the project, will invite tenders for suppliers. Under terms of the current agreement, Hungary has the right to assess and veto decisions, she added.

Hungarian Electricity Works (MVM) president/CEO Csaba Baji informed from the same press conference that the group had tripled its revenues in the past three years to become the third-largest company in Hungary.

Current plans call for the first new block at the plant to begin operations in 2023 at the earliest.

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