Rosatom to carry out major nuclear plant expansion in Hungary

Hungary’s sole nuclear power plant is to be transformed in what will be the biggest construction project the country has seen since the collapse of communism.

Prime Minister Viktor Orban has signed an agreement with Russia’s Vladimir Putin to enable Rosatom to carry out the extension, which will see Paks nuclear power plant’s capacity more than double.

Viktor Orban has signed an agreement with Russia’s Vladimir Putin
The Russians have agreed to finance more than 80 per cent of the costs ($13.5bn) of the project, which would see two units built and an additional 2400 MW capacity assured.

80 per cent of the financing would be covered by a 30-year loan from Russia, while Hungary would have to put up the remaining 20 per cent.

Mr Orban has taken scathing criticism for what opposition parties are calling a sell-out to Russia. Many are concerned that Hungary has increased its reliance on Russia and the main opposition party, the Socialists, have vowed to review the deal if successful in this year’s elections this spring.

Hungary relies on Russia for most of its gas and oil imports, and the Paks nuclear plant covers about 40 per cent of its total electricity needs.

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