This was announced last week by a spokesman for János Lázár, Minister of the Hungarian Prime Minister’s Office. According to October news reports, Hungary might obtain a €10bn loan from Russia to finance the Paks expansion project as soon as EC inspections are completed.
New construction might start in 2017–2018. The project has already been licensed to comply with Hungarian and EU regulations by environmental authorities of Baranya, an administrative county in Southern Hungary.
Russia and Hungary agreed to construct two more reactors at Paks in January 2014. Total investments will not exceed 12.5 billion euros. The agreement between the two countries provides for loans to be made at an interest rate varying from 3.95% to 4.95% per annum. Loans will mature in 2025. The first power unit is scheduled for commissioning in 2025, followed by the second unit in 2026.
Paks is the only Hungarian nuclear power plant. Launched in 1982, the plant operates four VVER-440 reactor units. Units 1 and 4 were uprated to 500 MW in 2007, followed by Units 2 and 3 in 2009. Paks accounts for 38–40% of total power generated in the country. According to experts, the nuclear share might reach 50% of the national energy mix by 2020.
