Shareholders approved budget for Mochovce completion

21/11/2014
Shareholders approved budget for Mochovce completion
An important decision for Slovakia, as the power plant will contribute c. 26% of Slovakia’s power demand.

Today in Bratislava the Extraordinary Shareholders Meeting of Slovenske Elektrarne approved the budget increase for the completion of the construction works of Mochovce NPP 3 and 4 units. The overall costs for the completion of the nuclear power plant now amount to 4.630 billion euros, which will be covered by the company’s own financial resources.

In addition, the shareholders also approved a set of 14 improvement measures to strengthen project management and control for both shareholders.

The decisions mark a significant step forward in progressing with works on the site, and are the result of the agreement of both shareholders to implement all the additional measures introduced by stress test requirements. The decisions also lay the prerequisite foundation to lead ultimately to the commissioning of the new units. Unit 3 will be completed in late 2016, followed by Unit 4 a year later.

"Today’s decision reflects the importance of the completion of Mochovce units 3 and 4, both for the Slovak economy and the nearly 10,000 people who are employed on the project, as well as for Slovenské Elektrárne itself. I would like to take this opportunity to reaffirm the commitment of Slovenske Elektrarne and the Enel Group to achieving the completion of the plant," stated Luca D’Agnese, Director General of Slovenské Elektrarne.

Once completed, Mochovce NPP will be a fundamental energy source and at the same time the most modern example in the world of its technology. Mochovce will also be the first plant in Europe to fulfill all post-Fukushima requirements for new plants. At present, the third unit is almost 80 percent complete, and the fourth unit is 60 percent complete.  

Independent analysis shows that Mochovce completion has already made a positive contribution to Slovkian GDP, estimated benefit for the state budget to be around 550 million euros. Around 100 Slovak companies are directly involved in the project, contributing further to the development of the local economy.

Nukes under constructionCountryNet capacity€/kW
Mochovce 3&4 Slovakia 2 x 500 MW (1) (VVER) 4600 – 4850(2)
Flamanville 3 France 1600 MW (EPR) 5300(3)
Olkiluoto 3 Finland 1600 MW (EPR) 5300(4)
Paks 5&6 Hungary 2 x 1200 MW (VVER 1200) 5200
Hinkley Point C Great Britain 2 x 1630 MW (EPR) 6160(5)

(1)Net Technical Capacity to be achieved on the 7th and following years of operation.
(2)Investment costs excluding Strategic Spare Parts.
(3)Latest budget EDF Press Release Dec 2012.
(4)Latest budget Areva estimate Dec. 2012.
(5)Total cost communicated in EDF Energy press release of Oct 21st 2013. Applied currency exchange rate : 1 GBP = 1,2561 EUR at 28/8/2014.