The Hungarian government has reported that it is ready to support the financial costs of the €12bn Paks expansion project. Hungary has already signed an agreement with Russia, which would finance up to 80% (or €10bn) of the project, but the government is considering funding the project from state funds or from a loan, if this option is cheapest thant the Russian financing.
The Paks nuclear expansion project is conducted by the project company Paks II and aims to add two new 1,200 MW Russian-built VVER-1200 reactors on the site. The construction of the Paks expansion is expected to start in 2018, with commissioning of the two units scheduled respectively in 2025 and 2026. In April 2017, the Hungarian National Atomic Energy Authority granted Hungarian power utility MVM the site license required for the construction of two new units at the Paks nuclear power plant (NPP).
The Paks NPP currently encompasses four MW VVER-440 PWR units, which started operations between 1982 and 1987 and which currently account for 50% of Hungary's electricity generation.
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