Hungary has approved the construction of two new nuclear reactors by Russia’s Rosatom. The job is worth 12.5 billion euros. Construction is set to start in the coming weeks as regulatory authorities in Hungary finally agree after numerous delays.
The war in Ukraine has not diminished Hungarian interest in the project. The intention is to supplement the existing nuclear site in the country, which already has four reactors. The fact that the Hungarians are joining forces with the Russians also shows that the ties between Budapest and Moscow, Hungarian Prime Minister Viktor Orban and Russian President Vladimir Putin are still close.
“This is a big step, an important milestone,” Hungarian Foreign Minister Peter Szijjarto said on his Facebook account in response to the permit grant. “We can now move from the planning stage to construction. You will see that in the next few weeks at the Paks site,” said Szijjarto. According to the minister, the new reactors should be ready for use by 2030.
Russia and EU member state Hungary already reached an agreement in 2014 on the construction of the reactors about 100 kilometers south of the capital Budapest. Built in the 1980s using Soviet technology, the Paks plant is the country’s only nuclear facility and currently supplies about 40 percent of its electricity needs. Russia is financing the bulk of the project with a EUR 10 billion loan to Hungary, which itself will pay for the remaining EUR 2.5 billion.
Finland, also an EU member state, previously canceled a similar Russian nuclear power plant project following the Russian invasion of Ukraine. Hungary has always resisted the EU’s attempts to isolate Russia and impose sanctions. Unlike other EU countries, Hungary has also stipulated that it receives more gas from Russia where other countries want to get rid of Russia’s dependence on gas.
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