Hungary and the Russian nuclear energy company Rosatom confirmed the timelines for the construction of two new units at the nuclear power plant Paks.
Hungarian Minister of Foreign Affairs and Trade Peter Szijjarto said that the expansion of the plant has moved from paperwork into the construction phase.
The new nuclear reactors could start producing electricity at the beginning of the next decade. Szijjarto said that NPP Paks is the largest nuclear project in Europe with a construction permit. He believes that thanks to this investment, the country will remain among the 20 nations globally whose economy will grow despite reducing environmentally harmful emissions.
It is expected that the new reactor will reduce Hungary’s carbon dioxide emissions by 17 million tons each year. Apart from the main Russian contractor, the project will involve American, German, French, Swedish, Austrian and Hungarian subcontractors.
The entire investment is worth around 12 billion euros, with over 80% covered by a Russian loan.
