EU investigating state aid for Hungary's nuclear plant plan

control room Paks nuclear power plant hungary elp

BUDAPEST, Hungary (AP) — The European Union says it has launched an investigation into the role of state financing in Hungary's expansion of its only nuclear power plant.

The EU Commission said Monday it has concerns that the use of Hungarian state funds to pay for construction of two new reactors at the nuclear plant in the city of Paks could distort competition in Hungary's energy market.

EU competition chief Margrethe Vestager said that "given the size and importance of the Paks project, the Commission has to carefully assess whether Hungary's investment is indeed on market terms or whether it involves state aid."

Hungary signed a deal with Russia in 2014 to expand the nuclear plant, including a loan of $10.6 billion from Moscow for some 80 percent of the costs.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs