The European Commission (EC) of the European Union has approved the modification of the contracts for the construction of new units at the Paks nuclear power plant, allowing for the acceleration of the Paks investment, Minister of Foreign Affairs and Trade Péter Szijjártó announced on Thursday on his Facebook page.
The minister stated: ‘With the contract modification and the green light from the European Union, it will be possible for the Paks units to be put into service at the beginning of the next decade, applying the strictest nuclear regulations during the construction process.’
He emphasised that the new Paks investment guarantees the long-term security of Hungary’s energy supply. ‘The new Paks investment ensures the preservation of the achievements of reducing utility costs and maintaining the lowest prices in Europe for the Hungarian people,’ he added. According to the minister, the past months have proven that the countries that can produce the most energy for themselves will be secure in terms of energy supply in the coming period. He declared that due to Hungary’s natural resources and geographical location, nuclear energy is the best way to ensure independence and protection from the uncertainties of international markets.
Therefore, it is important that the new Paks units are built as soon as possible. Péter Szijjártó recalled that the contracts for the construction of the new Paks units were concluded nine years ago, and so they ‘have become somewhat out of date.’ Both the legal and technical as well as physical circumstances have changed significantly. To accelerate the investment and ensure Hungary’s independence from the international energy markets, it was necessary to modify the implementation and financial contracts regarding the Paks construction, the minister stated. He reminded that an agreement was reached with the Russian government and Rosatom in Moscow in April regarding the direction and content of the contract modification in order to accelerate the implementation of the investment. However, according to European rules, the modification can only enter into force if it is approved by the European Union.
‘Hungary has submitted the draft contract modifications to the European Commission, and we received the green light from them yesterday,’ he said. Péter Szijjártó also mentioned that a meeting of the Foreign Affairs Council will be held in Brussels on Thursday, focusing on economic topics, particularly the trade and investment relations between the European Union and China, as well as the United States.
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