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.

ADVERTISEMENT

EU-funded fact-checking website in Hungary launches Analysis

EU-funded fact-checking website in Hungary launches

General elections to be held on April 3 Elections

General elections to be held on April 3

Microsoft Hungary head Chris Mattheisen discusses the Vatica... Podcasts

Microsoft Hungary head Chris Mattheisen discusses the Vatica...

Most districts not planning mandatory vaccination at kinderg... City

Most districts not planning mandatory vaccination at kinderg...

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.