As part of bilateral discussions between Hungary and Russia, Russia is ready to finance the entire Paks II nuclear project in Hungary.
The Paks nuclear expansion project aims to add two new 1,200 MW Russian-built VVER-1200 reactors on the site of the existing nuclear facility (four VVER-440 PWRs commissioned between 1982 and 1987). In January 2014, Hungary signed an agreement with Russia, which would finance up to 80% (or €10bn) of the project, build two 1,200 MW reactors on a turnkey basis and supply nuclear fuel over a 20-year period while handling and storing spent fuel elements in Russia.
In November 2016, the European Commission ended part of the proceedings against Hungary related to the construction contract, awarded to Rosatom (Russia) without any public tender. The Commission is still investigating whether there is state aid. Construction of the Paks expansion is expected to start in 2018, with commissioning scheduled in 2025-2026.
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