With the launch of Mochovce Unit 4, Slovakia is moving to the very top of global nuclear energy. In terms of the share of electricity generated from nuclear power compared with the country’s total consumption, Slovakia will reach 77.5%, surpassing even France at 67% – long regarded as the symbol of nuclear dominance in Europe. This is a historic milestone that places Slovakia among the world’s most intensive users of nuclear energy, not only in absolute figures, but above all in relation to the size of its economy and the country’s needs.
Fuel loading marks the transition from the construction phase to the active commissioning of the unit. It will be followed by pre-critical tests, the first controlled fission reaction and a gradual increase in output up to synchronisation with the electricity grid.
Fuel loading is one of the most sensitive operations in the entire process of commissioning a nuclear unit and takes place under the strict supervision of the Nuclear Regulatory Authority of the Slovak Republic.
“The Nuclear Regulatory Authority of the Slovak Republic issued the decision authorising the commissioning of Unit 4 of Mochovce Nuclear Power Plant Units 3 and 4 after a thorough and detailed verification that all legislative conditions and technical requirements had been met. Inspectors of the Authority assessed the unit’s readiness to begin active testing in all areas under review, both by examining the submitted documentation and reports on the results of inactive tests, and through daily inspection activities on site during construction, equipment installation, functional testing and the verification of personnel readiness. A high level of nuclear safety remains an absolute priority also in the next stage of physical and power start-up testing.”
Marta Žiaková, Chair of the Nuclear Regulatory Authority of the Slovak Republic
Unit 4, with an installed capacity of 471 MW, will cover approximately 13% of electricity consumption in Slovakia. It complements Unit 3, which has been in operation since 2023 and, together with the other nuclear sources, significantly strengthens Slovakia’s ability to cover domestic consumption with its own production. If Units 1 and 2 at Mochovce and Bohunice Nuclear Power Plant are also included, nuclear sources already cover approximately two thirds of electricity consumption in Slovakia today.
Mochovce Unit 4 closes one of the key chapters in the development of Slovak energy. It is the moment when the long-standing efforts of thousands of people become tangible value for the country — stable, low-emission and price-predictable electricity. Mochovce 4 is a source of both professional and personal pride, and proof that even smaller countries and nations can achieve great things.
Branislav Strýček, Chairman of the BoD and CEO of Slovenské elektrárne
The Mochovce 4 project strengthens the energy security of Slovakia and the wider region. Nuclear energy remains a key stabilising element in Europe — it provides a significant share of low-carbon generation and helps balance fluctuations in renewable sources. Nuclear energy accounts for approximately 23% of electricity generation across the EU.
The Mochovce 3 and 4 project ranks among the largest private investments in Slovakia’s history, with total costs of approximately EUR 6.7 billion. Work on completion resumed in 2008, when Slovakia built on the original project and enhanced it with modern safety standards.
Unit 3 was synchronised with the electricity grid at the beginning of 2023 and gradually reached full output. The completion of Unit 4 therefore closes a project implemented across generations and today delivers its final result: a modern and safe source of electricity for Slovakia.
With a 66% share of total electricity generation in Slovakia, Slovenské elektrárne, a.s., is the country’s largest electricity producer. Following the closure of its last coal-fired power plant at the end of the first quarter of 2024, the company now produces all its electricity without direct CO₂ emissions. It operates five nuclear units, 31 hydroelectric power plants and two photovoltaic power plants.
The company’s commitment to producing electricity from low-carbon sources makes it a leader in sustainable energy generation in Central and Eastern Europe. The company has been included five times in the prestigious Europe’s Climate Leaders ranking, compiled since 2021 by The Financial Times and Statista.
Slovenské elektrárne, a.s., has two shareholders. The majority shareholder, with a 66% stake, is Slovak Power Holding B.V. (SPH), owned by the Czech energy group Energetický a průmyslový holding (EPH). The second shareholder is the Slovak Republic, which holds a 34% stake in Slovenské elektrárne.
In 2026, Slovenské elektrárne have once again secured their position among Europe’s climate leaders — for the fifth consecutive time. The prestigious Europe’s Climate Leaders ranking, compiled annually by the Financial Times in cooperation with Statista, once again places the company among those achieving the most significant progress in reducing greenhouse gas emissions. Slovenské elektrárne are also the only representative from Slovakia and, according to available data, rank among the TOP 10 electricity producers in Europe.
According to Financial Times, Slovenské elektrárne are among the fastest decarbonising energy companies in Europe. Between 2019 and 2024, the company reduced its emissions by more than 91% and cut its emissions intensity at an average annual rate of approximately 44%. Slovenské elektrárne ranked 83rd out of 600 evaluated companies, confirming their stable position among Europe’s climate elite.
This repeated recognition is not a one-off achievement but the outcome of a long-term and systematic energy transformation. Slovenské elektrárne have been included in the Europe’s Climate Leaders ranking since its first edition and continue to demonstrate measurable progress in decarbonisation.
A key milestone was the phase-out of coal-fired generation at the Nováky and Vojany power plants, enabling the company to produce electricity without direct CO₂ emissions today.
“The energy sector is undergoing a fundamental shift. It is no longer only about how much electricity we produce, but how we produce it — and whether it is sustainable in the long term. The repeated recognition of Slovenské elektrárne among Europe’s climate leaders confirms that our transformation is delivering real results. Phasing out coal, developing nuclear and hydropower, and investing in new technologies allow us to supply electricity without direct CO₂ emissions.
Robert Jambrich, Head of International Relations, European Affairs and Environment
Our ambition is to remain a stable pillar of the energy system while being an active part of the solution to climate challenges.”
As the largest electricity producer in Slovakia, Slovenské elektrárne play a key role in the country’s energy transition. Thanks to a generation mix primarily based on nuclear and hydropower, the company is able to deliver electricity with a minimal carbon footprint while supporting the decarbonisation of the broader economy.
At the same time, the company continues to invest in additional low-carbon solutions, including the completion of Mochovce Unit 4, flexibility projects, battery storage systems, and the development of small modular reactors (SMRs).
The repeated inclusion of Slovenské elektrárne among Europe’s climate leaders demonstrates that even a large-scale energy company can be part of the solution to climate challenges.
The Europe’s Climate Leaders ranking has been published by Financial Times and Statista since 2021. Each year, around 600 European companies are selected based on their achievements in reducing greenhouse gas emissions intensity.
In the latest edition, the evaluation considers not only the reduction in emissions intensity, but also the absolute reduction of emissions and additional factors such as climate commitments and transparency in reporting.
The overall project is in its first phase consisting of the design activities of the VVER 440 fuel assembly and its associated transport container. Further on, a Lead Test Assembly (LTA) program will be performed, enabling the reloads licensing with each Nuclear Power Plant concerned. All of this will be made possible through an integrated and robust 100% European design and supply chain involving Framatome’s French and German fuel fabrication facilities.
“Today we celebrate far more than a technical accomplishment— we celebrate a shared vision and a strong teamwork across borders. I warmly congratulate all Framatome teams and extend my sincere gratitude to ČEZ, Fortum, MVM Paks NPP, and Slovenské elektrárne for the trust they have placed in Framatome. Their confidence has been essential in bringing this ambitious project to life. This agreement reflects our shared intention to work together over the long term, fostering continuous improvement, innovation, and operational excellence in nuclear fuel supply,” said Grégoire Ponchon, CEO of Framatome.
“ČEZ Group has long focused on diversifying its nuclear fuel suppliers, which is a key priority for strengthening supply security, enhancing energy security, and ensuring the efficient operation of our power plants. Our participation in the development of a new fuel design for VVER‑440 units operated at the Dukovany Nuclear Power Plant therefore represents a logical and strategically important next step,” said Bohdan Zronek, Member of the Board of Directors and Director of the Nuclear Division of ČEZ Group.
“Security of energy supply is a strategic priority for us at Fortum. Diversifying the entire nuclear fuel value chain strengthens our ability to supply electricity reliably to our customers. It is great that we can now, through European cooperation, develop a solution that benefits several companies at the same time and can enhance energy security in many European countries,” said Petra Lundström, Executive Vice President responsible for Fortum’s nuclear operations.
“MVM Paks Nuclear Power Plant plans responsibly for the long term and is preparing a further extension of the operating life of its active units. An essential part of this work is to anticipate the conditions of our operation for decades and ensure them in fuel procurement as well. Preserving and strengthening energy sovereignty, guaranteeing the security of supply and maintaining environmentally friendly, clean electricity production are of key importance for Hungary, to which the newly signed agreement also significantly contributes.”, said Péter János Horváth, CEO of MVM Paks NPP.
“Nuclear power is a pillar of the energy security for Slovakia and all of Europe. If this pillar is to be strong on long-term basis, we must have control over one of the most important inputs, namely nuclear fuel. Long-term safe operation of nuclear power plants requires a stable and diversified fuel chain. Involvement of Slovenské elektrárne in the development of European fuel for VVER‑440 reactors is a logical step in the management of these technological and contractor-related risks. This project facilitates the operation predictability and improves the resilience of nuclear power industry within the European Union,” declared Branislav Strýček, Chairman of the Board of Directors and CEO of Slovenské elektrárne.
Framatome and seventeen stakeholders, including these four European VVER utilities, have been working on the development of this new VVER fuel technology, including within the framework of the Framatome Safe and Alternative VVER European Project – “SAVE” - funded under the Euratom Research and Training Programme by the European Union.
Nineteen VVER reactors are currently in operation in the European Union, including fifteen VVER 440 MW reactors in the Czech Republic, Finland, Hungary and Slovakia. Framatome aims at manufacturing its first own-design lead fuel assemblies starting from 2028. It intends to contribute to the safe, reliable and uninterrupted operation of the existing nuclear fleet and prepare for the next generation of nuclear fuel.
Lionel Gaiffe, senior executive vice president of the Fuel Business Unit at Framatome declared: “This milestone for Europe’s energy future reflects our commitment to supporting both the nuclear industry and the energy policies of the European countries operating VVER reactors. Framatome is the only fuel supplier able to guarantee a 100% sovereign European technology.”
Framatome is an international leader in nuclear energy recognized for its innovative, digital and value-added solutions for the global nuclear fleet. With worldwide expertise and a proven track record for reliability and performance, the company designs, services and installs components, fuel, and instrumentation and control systems for nuclear power plants. Its more than 22,000 employees work every day to help Framatome’s customers supply ever cleaner, safer and more economical low-carbon energy.
Visit us at www.framatome.com and follow us on LinkedIn.
Framatome is owned by the EDF Group (80.5%) and Mitsubishi Heavy Industries (MHI – 19.5%).
ČEZ Group is one of the most prominent energy companies in Central Europe and the leading producer of electricity in the Czech Republic. It also serves as a key operator of the country's electricity and gas distribution networks.
In the nuclear sector, ČEZ Group ensures the safe, reliable, and highly efficient operation of the Dukovany and Temelín nuclear power plants, which constitute the backbone of the Czech Republic’s zero‑emission electricity generation. In 2025, these facilities supplied more than 32 TWh of electricity.
ČEZ further plays a critical role in advancing the next phase of nuclear development in the Czech Republic. The Group participates in the preparation of the new nuclear unit at Dukovany, in the planning of additional large‑scale units, and in the development of small modular reactors (SMRs). These initiatives form part of the strategic framework VISION 2030 – Clean Energy of Tomorrow, aimed at building a low‑emission energy mix, strengthening national energy security, and ensuring stable long‑term electricity supply.
Beyond its nuclear activities, ČEZ operates in renewable energy, distribution, energy services, and smart energy infrastructure. Across these areas, the Group focuses on digitalization, decarbonization, and the deployment of efficient and forward‑looking energy solutions. ČEZ is majority‑owned by the state and ranks among the largest publicly traded companies in Central Europe.
Fortum is a Nordic energy company. We generate and deliver reliable energy to our customers and the Nordic energy system while at the same time helping industries decarbonise their processes and grow. Our core operations comprise efficient and best-in-class low-carbon power generation, customer services, and heating and cooling. Fortum’s power generation is already 99% from renewable or nuclear sources with one of the lowest specific CO2-emissions in Europe. We are guided by our ambitious SBTi-validated emission reduction targets on our way towards net-zero by 2040. For our ~4,500 employees, we commit to be a safe and inspiring workplace. Fortum's share is listed on Nasdaq Helsinki. fortum.com
The MVM Paks Nuclear Power Plant has been supplying Hungary's residential and industrial consumers with safe, cheap and environmentally friendly electricity for 40 years. The power plant operating with 4 units has a nominal capacity of 2,000 megawatts, which provides almost half of Hungary's electricity production. Since the beginning of its operation, the nuclear power plant has been developing its systems with modifications that enhance safety, sustainability and cost-effectiveness, and operates at an internationally recognized high level of safety.
With more than 70% share in the overall electricity generation in Slovakia, Slovenské elektrárne, a.s. is the largest electricity producer in the country. After having shut down the last coal power plant at the end of the first quarter of 2024, it generates all electricity free of direct CO2 emissions. It operates 5 nuclear units, 31 hydro power plants, and 2 photovoltaic plants.
The Company’s commitment to generate electricity from low-carbon sources makes it the leader in sustainable energy generation in the Central and Eastern Europe. The company has been included in the prestigious Europe's Climate Leaders index, which The Financial Times and Statista have been producing since 2021, four times.
2025 was a year of breaking records in Slovenské elektrárne. In the position of the largest electricity producer in Slovakia, Slovenské elektrárne produced 21,013 GWh of electricity free of direct CO2 emissions in 2025 (after having deducted the station service consumption, the company supplied 18,804 GWh to the grid). For illustration, production of 21,013 GWh of electricity free of emissions would be sufficient for 1.75 to 3 million households, if we take into account a standard Slovak household with electrical heating.
Nuclear power plants comprised the key pillar of Slovenské elektrárne’s portfolio: thanks to the high availability of the units and reduced outage durations (i.e. the scheduled “technical review” of the reactor in order to carry out important inspections, refuelling, and maintenance) they achieved the highest supply in their history. At the same time, the company has been using its pumped storage power plants to compensate for the effects of the drought and made use of the market price signals.
The five nuclear units demonstrated high level of stability. Slovenské elektrárne preveted enforced outages and had less total outage days than in 2024, which was reflected in better generation results. The company actually achieved 17,930 GWh of emission-free electricity from the nuclear with five operated units, which would be enough for approximately 1.5 to 2.6 million Slovak households. This is a new record!
“With respect to the operation, 2025 was a successful year for the nuclear power plants. We managed to keep the units at slightly higher power than planned. Colder summer helped us too, so we usually did not need to reduce power as we had to during the previous hot summers,”
Ján Mazánik, Manager of the Trade in Regulating Services and Resource Employment
The final quarter of last year further increased our performance. The shortest general outage in the history of unit 2 at Mochovce (17.97 days) helped significantly. In December 2025, we supplied 1,711,769 MWh from the nuclear sector, which is the highest production for one month in the history of our nuclear power plants.
Slovenské elektrárne hydro power plants produced 1,691 GWh last year. The beginning of the year brought low levels in the Liptovská Mara and Orava reservoirs, which struggled with exceptional drought for almost three seasons. This resulted in the lowest supply from the run-of-river power plants in the history – 1,085 GWh. The autumn rains mitigated the impact but they could not change the trend of the year.
Slovenské elektrárne partially compensated for the unfavourable weather conditions with the pumped storage power plants, which were employed significantly more than planned. They produced 582 GWh (plan 377 GWh) with the consumption for pumping at almost 774 GWh (plan 512 GWh).
“Many times at noon with surplus of energy from solar plants, the electricity price was decreasing to zero and sometimes even to negative values, while the morning and evening peaks brought high prices. This was an ideal profile for pump operation when the electricity was cheap and turbine operation during peaks”, Ján Mazánik explained.
In 2025, the company employed the pumped storage power plants the most in the history of more than 20 years since they have been managed by the Slovenské elektrárne dispatching.
2025 brought the most trading periods with negative prices in history. This is the direct effect of the fast growth of the installed capacity from unpredictable renewables in the interconnected European grid. For this reason, the character of the daily market changed from hourly to 15‑minute trading as of October 2025. A shorter product reflects the real situation better and brings higher price differences between 15-minute intervals.
According to J. Mazánik, the volatility will be emphasised even further and the price differences between the 15-minute intervals will grow even more. In order to make better use of the flexibility on the changing market in trading, the company is preparing some adjustments in the operation of the hydro power plants within the Váh River Cascade to 15‑minute mode.
In addition, the portfolio of Slovenské elektrárne will be enriched by the battery energy storage system at Nováky this year. There will be two systems with the output of 36 MW and capacity of 72 MWh. These are now going through energy tests with the dispatching. Their commissioning is scheduled for March 2026. The batteries will complement the pumped storage power plants and improve our response to fast price volatility.
Experience from the last year can serve the company as a well-proven recipe for the following season: stable generation at nuclear, flexible pumped storage power plants, and intelligent profit from intraday opportunities. In addition, the Nováky BESS and technological readiness for 15-minute trading will be added to the energy portfolio of Slovenské elektrárne.
With more than 70% share in the overall electricity generation in Slovakia, Slovenské elektrárne, a.s. is the largest electricity producer in the country. After having shut down the last coal power plant at the end of the first quarter of 2024, it generates all electricity free of direct CO2 emissions. It operates 5 nuclear units, 31 hydro power plants, and 2 photovoltaic plants.
The Company’s commitment to generate electricity from low-carbon sources makes it the leader in sustainable energy generation in the Central and Eastern Europe. The company has been included in the prestigious Europe's Climate Leaders index, which The Financial Times and Statista have been producing since 2021, four times.
Slovenské elektrárne, a.s. has two shareholders. Slovak Power Holding B.V. (SPH) owned by a Czech energy group Energetický a průmyslový holding (EPH) is the majority shareholder with a 66% share. The second shareholder is the Slovak Republic holding 34% of the company.
The SE Integrator Project on the Čierny Váh River is among the first initiatives in Europe to combine a traditional pumped storage power plant (PSPP) with a modern battery storage on a large scale. The hybrid model will significantly increase the balancing capacity of the Slovak electrical grid and will also contribute to the stabilization of regional markets in Central Europe. The first phase of the Slovenské elektrárne project is being funded by the European Commission with a grant of € 62.63 million under the Connecting Europe Facility (CEF) programme. A total of € 650 million will be allocated to 14 cross-border energy projects.
“We are proud that Slovakia will have one of the most technologically advanced pumped storage power plants in Europe. The introduction of variable speed and the largest frequency converters of their kind in pumped storage power engineering is a breakthrough that will take our flexibility to an entirely new level. We have demonstrated that even a country of our size can deliver projects of European significance.”
Branislav Strýček, Chairman of the Board of the Board of Directors and CEO of Slovenské elektrárne, a.s.
The Čierny Váh power plant is the largest pumped storage power plant in Slovakia with an installed capacity of 735 MW and an annual generation of approximately 200 GWh. Its hybridization will significantly expand its functions:
“A strong and independent Energy Union, which brings clean and cheap energy to consumers, must be based on an integrated and secure energy infrastructure. The projects we financially support will strengthen Europe's competitiveness and energy security and put us on a stable path to independence.”
Dan Jörgensen, European Commissioner for Energy
The growing share of wind and solar power in Europe significantly increases the need for long-term electricity storage and its balancing. Pumped storage plants provide nowadays more than 90% of all large-scale storage in the EU and are the pillar of grid stability. Hydropower is still the largest low-carbon power source in the EU. Slovenské elektrárne company operates 31 hydroelectric power plants with an installed capacity of 1,653 MW, out of which 916.4 MW are pumped storage power sources (Čierny Váh, Liptovská Mara, Ružín, Dobšiná). Hydropower sources account for an average of 11% of SE’s annual electricity generation of and are among the fastest deployable balancing capacities in the country.
The hybrid regime of Čierny Váh will enable Slovakia to provide primary, secondary and tertiary balancing from a single source, thanks to a unique combination of pumped storage technology and battery storage, capable of responding almost instantly to fluctuations in generation from renewables. At the same time, it will create some space for cross-border trading of balancing energy on the European MARI and PICASSO platforms. This will increase Slovakia's integration into the single market with ancillary services. Thanks to significantly expanded balancing capabilities, the modernized Čierny Váh will be able to support grid stability of the neighbouring countries - Hungary, Poland and the Czech Republic - and, if necessary, Ukraine, making it one of the key elements of regional energy security.
Having more than 60% share in the overall electricity production in Slovakia, Slovenské elektrárne, a.s. is the largest electricity producer in the country. After having shut down the last coal power plant in 2024, it generates all electricity without direct CO2 emissions. It operates 5 nuclear units, 31 hydro power plants, and 2 photovoltaic plants.
The Company´s commitment to generate electricity from low carbon sources makes it the leader in sustainable energy generation in the Central and Eastern Europe. The Company was listed four times in the prestigious index Europe's Climate Leaders, developed by The Financial Times and Statista since 2021.
Slovenské elektrárne, a.s. has two shareholders. The majority shareholder, with 66% share, is Slovak Power Holding B.V. (SPH) owned by a Czech energy group Energetický a průmyslový holding (EPH). The second shareholder is the Slovak Republic holding 34% of the company.
Slovakia completed its first comprehensive feasibility study on small modular reactors, titled Project Phoenix. The study was developed in collaboration with the international engineering firm Sargent & Lundy, the Ministry of Economy of the Slovak Republic, and Slovenské elektrárne, a.s., as a key technical partner. The project was supported by the U.S. Department of State’s FIRST program (Foundational Infrastructure for Responsible Use of Small Modular Reactor Technology), which promotes the safe and responsible global deployment of SMRs.
The study’s objective was to independently assess Slovakia’s technical, economic, environmental, and regulatory readiness for SMR deployment — reactors with an electrical output of up to 300 MWe.
Small modular reactors represent a strategic opportunity for Slovakia. They can strengthen our energy security, support decarbonization, and bring new investment to the regions. The study confirms that we not only have suitable sites, but also the technical know-how and experience to build on. We are already thinking ahead — electricity demand is expected to rise in the coming years, and SMRs are one of the viable options we are seriously considering to meet that challenge.
Branislav Strýček, Chairman of the Board and CEO of Slovenské elektrárne.
“Project Phoenix demonstrates Slovakia’s robust nuclear energy experience, infrastructure, regulatory framework, and industrial base provide a strong platform for early deployment of small modular reactor technologies under the highest international safety and security standards,” U.S. Deputy Chief of Mission Heather Rogers said. “We are delighted to support Slovakia’s efforts to strengthen energy resilience and shared prosperity and look forward to continued collaboration.”
Small modular reactors represent one of the options for how Slovakia can strengthen its energy sovereignty in the future and prepare for the growing demand for zero‑emission electricity. The study shows that by adhering to strict safety and regulatory conditions, Slovakia has the potential to join the countries that will assess this technology systematically and responsibly. “For the state, it is crucial that such decisions are based on expert analyses, international safety standards, and transparent dialogue with the public. I am glad that a new area of nuclear energy is taking shape in Slovakia, where we can make use of our many years of experience and thus also outline a clear direction for future generations of ‘nuclear experts’. Nuclear energy is experiencing its renaissance, and we must take timely steps — both in education and in preparing infrastructure, as well as in promoting support for nuclear energy across all platforms — so that we can then share the benefits of nuclear energy production at both the national and regional levels,” said Szabolcs Hodosy, First State Secretary of the Ministry of Economy of the Slovak Republic.
The study evaluated over 100 parameters based on recommendations from the International Atomic Energy Agency (IAEA), including external risks, geological conditions, environmental and safety factors, and site suitability. Four specific locations were assessed — Bohunice, Mochovce, Vojany, and U. S. Steel Košice — based on seismic stability, water availability, grid connectivity, and environmental impact. All four sites met the baseline criteria for SMR deployment. In parallel, the study reviewed advanced SMR designs from leading global vendors. Several of these technologies were found to be technically compatible with Slovak conditions and compliant with international safety standards.
“Sargent & Lundy conducted this SMR feasibility study for Slovakia in accordance with the highest international standards for nuclear power plant development. The report affirms that Slovakia is strategically situated to deploy SMRs, with several mature, safe, and secure SMR technologies available that align with the country’s needs and goals. All candidate sites assessed are viable, and Slovakia is primed to take the next steps should they choose to proceed” said Joshua Best, senior manager at company Sargent & Lundy.
Slovenské elektrárne views SMRs as a complementary solution to existing nuclear and renewable energy sources. The study recommends developing a tailored regulatory framework, conducting detailed site investigations, and continuing engagement with technology vendors. Public involvement and transparent communication will be essential throughout the process.
“Our goal is to foster an open dialogue with the public and the expert community. Decisions about the future of energy must be grounded in facts, trust, and broad societal consensus,” added Strýček.
The study marks a significant milestone in shaping Slovakia’s energy future. Within the next 10 to 15 years, SMRs could become a safe, clean, and economically viable addition to the country’s energy mix.
Small modular reactors (SMRs) are a new generation of nuclear power plants, typically with an electrical output of up to 300 MWe. Unlike traditional large-scale nuclear reactors, SMRs are designed as compact, factory-fabricated units that can be deployed more quickly, flexibly, and cost-effectively. They incorporate advanced safety features, including passive safety systems that can automatically cool the reactor without external power or human intervention. SMRs are seen as a promising solution for countries seeking to reduce emissions, strengthen energy security, and replace fossil fuel-based generation.
With a share exceeding 60% of total electricity production in Slovakia, Slovenské elektrárne, a.s. is the country’s largest electricity producer. Since shutting down its last coal-fired power plant at the end of Q1 2024, all electricity generated by the company is free of direct CO₂ emissions. It operates 5 nuclear reactors, 31 hydropower plants, and 2 photovoltaic plants.
The company’s commitment to producing electricity from low-carbon sources makes it a leader in sustainable energy production in Central and Eastern Europe. The company has been listed four times in the prestigious Europe’s Climate Leaders index, published since 2021 by The Financial Times and Statista.
Slovenské elektrárne, a.s. has two shareholders. Slovak Power Holding B.V. is the majority shareholder with 66%. (SPH), which is owned by the Czech energy group Energetický a průmyslový holding (EPH). The other shareholder is the Slovak Republic, holding a 34% stake in the company.
At the General Meeting held on 16 December, the company’s shareholders approved the payment of dividends. Approximately EUR 170 million will flow into the state budget, representing an important contribution to public finances at the end of the year. The Slovak Republic holds a 34% stake in Slovenské elektrárne, with shareholder rights exercised by the Ministry of Economy of the Slovak Republic. The remaining 66% is owned by Slovak Power Holding B.V., part of the international Energetický a průmyslový holding (EPH).
“Following EPH’s entry into Slovenské elektrárne and the successful commissioning of NPP Mochovce 3 in 2023, the company began to reduce its debt and reached a financial position that enabled the payment of dividends. In addition to taxes, Slovenské elektrárne will contribute EUR 170 million to the state budget through dividends. Thanks to the completion of Mochovce, Slovakia benefits from higher energy security, cleaner air, and a guaranteed price of baseload electricity for household suppliers.”
Branislav Strýček, Chairman of the Board of Directors and CEO
This is the first dividend payment in the company’s history since its privatization in 2006. Shareholders will receive a total of EUR 500 million in dividends from retained earnings. Until now, Slovenské elektrárne had reinvested all profits—primarily into the construction and completion of Mochovce Units 3 and 4. The total cost of this strategic project reached EUR 6.6 billion, making it the largest private investment in Slovakia.
In 2022, the company signed a memorandum with the state under which electricity suppliers for households purchase baseload electricity from Slovenské elektrárne at a price significantly below the market level. In 2023–2025, the company gave up unrealized revenues of approximately EUR 2.4 billion, protecting Slovak households and other protected customers from a sharp rise in energy prices.
With more than a 60% share of Slovakia’s total electricity generation, Slovenské elektrárne is the country’s largest electricity producer. After shutting down its last coal-fired power plant at the end of Q1 2024, the company now generates all electricity without direct CO₂ emissions. It operates five nuclear units, 31 hydropower plants, and two photovoltaic plants.
The company’s commitment to low‑carbon generation positions it as a leader in sustainable energy production in Central and Eastern Europe. Slovenské elektrárne has been included four times in the prestigious Europe’s Climate Leaders index compiled by the Financial Times and Statista since 2021.
Slovenské elektrárne, a.s., has two shareholders. The majority shareholder with 66% is Slovak Power Holding B.V., owned by the Czech energy group EPH. The Slovak Republic holds the remaining 34%.
Slovenské elektrárne, a.s., the largest electricity producer in Slovakia, has successfully entered the European green bond market. The first publicly tradable international issue for €750 million attracted extraordinary interest from investors – initial demand exceeded €4.8 billion, which is a clear sign of the market’s confidence in the company’s stability, transparency and sustainable heading.
The company thus borrowed funds from investors for seven years with an interest rate of 3.875%. The bonds came to market on 21 November 2025, the bonds are listed on the Euronext Dublin exchange and have a BBB rating from S&P and Fitch.
“Slovenské elektrárne’s debt was refinanced at the beginning of 2025 and our company enjoys the confidence of financial markets. This is our first foray into the green bond market on the international level. It will enable us to reduce the financing cost of increasing our competitiveness while giving due consideration to nature and the low carbon footprint of our powerplants,”
Branislav Strýček, Chairman and CEO of Slovenské elektrárne, a.s.
Around 300 investors placed orders and the strong interest enabled the electricity producer to reduce its borrowing costs.
By geographical origin, the largest group of investors was from the United Kingdom and from Ireland (42%), followed by Germany, Austria and Switzerland (18%), the rest of Europe (11%), the BeNeLux countries (11%), southern Europe (8%), the rest of the World (6%) and France (5%).
“Initial price guidance was set at 180 basis points but demand kept building and the spread was ultimately tightened to 140 basis points over mid swap*, with demand at €4.2 billion. It was the second largest investor interest in a corporate bond issue in Central Europe.”
Lukáš Maršálek, first vice chairman of the board of directors and Chief Director of Procurement, Services and International Relations at Slovenské elektrárne, a.s.
* Mid swap – the midpoint between the ask and bid prices for interest rate swaps. A spread of MS+140 basis points means that the interest rate of the bond is 1.4% higher than the current mid-swap for bonds with a maturity of 7 years.
In terms of investor type, a majority were investment funds (79%), followed by banks and private banks (7%), insurance corporations and pension funds (7%), hedge funds (6%) and other (1%).
The net proceeds will be allocated to finance or refinance eligible green projects in line with Green Finance Framework.
The S&P Global Ratings agency rated the company as “medium green” in the Green Finance Framework, which confirms that it is aligned with the international principles of green bonds and the European taxonomy. Furthermore, an independent report will be prepared each year detailing how the funds were used.
Slovenské elektrárne, the largest electricity producer in Slovakia, has concluded a new long-term contract with the Canadian company Cameco for the supply of natural uranium hexafluoride (UF6) to be used in nuclear power plants in Slovakia. The contract including the supply of uranium and conversion services is to provide a diversified and reliable source of natural UF6 to meet a significant portion of the needs of Slovenské elektrárne until 2036. Thanks to this contract the Mochovce and Bohunice power plants will have a stable and reliable source of fuel from 2028 onwards.
The signing of the contract was announced on behalf of Slovenské elektrárne by Pierre Poncik, Director of Trade, Market, Regulation and Dispatching, and Róbert Kňažek, Head of Fuels and Back End of Nuclear Energy, together with Cameco representatives, at an informal event during the World Nuclear Association Symposium in London on 5th September 2025.
“Conversion is one of the most critical parts of the nuclear fuel cycle – the process by which natural uranium is converted into a form suitable for enrichment and reprocessing. Slovenské elektrárne has succeeded in securing a long-term and reliable supply of a significant share of this key raw material until 2036, which is a significant step for Slovakia’s energy security. The contract is strategic for Slovenské elektrárne – allowing us to diversify our suppliers, reduce our dependence on one source, and at the same time guarantee the smooth operation of our nuclear power plants.
Branislav Strýček, Chairman and CEO of Slovenské elektrárne
Conversion is the chemical process by which natural uranium, usually in the form of uranium oxide (the so-called “yellowcake”), is converted into uranium hexafluoride (UF₆) – a substance that can be easily converted into a gas and is essential for the next step in the fuel cycle, which is enrichment. This process takes place in specialised facilities where uranium oxide is chemically treated with fluorine. Resulting UF₆ is then hermetically sealed in special containers and transported to enrichment facilities where the fissile isotope fraction of U-235 is increased. Conversion is therefore a key link in the nuclear fuel chain – without it, it would not be possible to prepare uranium for use in nuclear reactors.
“We are proud to play a key role in securing nuclear fuel for Slovakia. With this long-term contract, we are expanding our operations into a new market while supporting Slovakia with a stable and reliable supply of uranium fuel that will contribute to strengthening energy security in the region.”
Tim Gitzel, CEO of Cameco
Slovenské elektrárne generates more than 87% of its electricity from nuclear sources, positioning it among Europe’s climate leaders. After shutting down the last coal-fired power plant in 2024, the Company’s entire production is now free from direct CO₂ emissions. Thus, the contract with Cameco directly contributes not only to strengthening Slovakia’s energy security but also to achieving climate neutrality goals and maintaining reliable and stable electricity supply for households and industry in Slovakia.
With a share exceeding 60% of total electricity production in Slovakia, Slovenské elektrárne is the country’s largest electricity producer. Since shutting down its last coal-fired power plant at the end of Q1 2024, all electricity generated by the company is free from direct CO₂ emissions. It operates 5 nuclear reactors, 31 hydroelectric power plants, and 2 photovoltaic plants.
The Company’s commitment to producing electricity from low-carbon sources makes it a leader in sustainable energy production in Central and Eastern Europe. The Company has been listed four times in the prestigious Europe’s Climate Leaders index, published since 2021 by The Financial Times and Statista.
Slovenské elektrárne has two shareholders. The majority shareholder, holding a 66% stake, is Slovak Power Holding B.V. (SPH), owned by the Czech energy group Energetický a průmyslový holding (EPH). The other shareholder is the Slovak Republic, holding a 34% stake in the Company.
Cameco is one of the world’s largest suppliers of the uranium fuel needed to secure energy future. Our competitive advantage lies in our controlling ownership of the world’s largest and most concentrated, low-cost uranium deposits, as well as our extensive investments in the entire nuclear fuel cycle – including stakes in Westinghouse Electric Company and Global Laser Enrichment. Energy companies around the world rely on Cameco as a partner in providing safe, reliable and carbon-free nuclear fuel. The company’s shares are traded on the Toronto and New York stock exchanges. The company is headquartered in Saskatoon, Saskatchewan, Canada.
Slovenské elektrárne, a.s., the largest electricity producer in Slovakia, signed a long-term contract on Friday, 25 July 2025, with Urenco Group, an international leader in uranium enrichment, in the presence of British Ambassador Nigel Baker. The agreement secures supplies of enriched uranium for the nuclear power plants at Bohunice and Mochovce until the mid-2030s. This partnership demonstrates our long-term commitment to diversifying nuclear fuel suppliers and strengthening Slovakia’s energy security.
“We are pleased that through future cooperation with Urenco Group, we can diversify our business relationships. It will significantly help us continue maintaining the stable and secure operation of our nuclear power plants.”
Branislav Strýček, Chairman of the Board of Directors and CEO of Slovenské elektrárne
This contract results from an international tender launched in early 2024. Amid geopolitical uncertainties and disrupted supply-demand balance in the nuclear materials market, securing stable and reliable supplies is crucial for the safe and uninterrupted operation of Slovak nuclear power plants.
“In today’s world, diversity of energy supply is a critical factor in national security. This long-term agreement between Urenco and SE helps Slovakia achieve that goal, ensuring a reliable alternative supply of enriched uranium to fuel Slovakia’s growing nuclear industry for years to come. I am delighted to see this close partnership between Urenco and SE, which also strengthens the bonds between Slovakia and the United Kingdom.”
Nigel Baker, British ambassador in Slovakia
The process of nuclear fuel production consists of four stages:
Uranium enrichment is technologically and financially the most demanding phase, with global capacities concentrated among just a few players. Therefore, access to reliable and diversified enrichment services is a strategic priority for every nuclear power plant operator.
“We are very proud at Urenco Group to be entering into a new market with a new customer, and I’d like to pay tribute to Slovenské elektrárne for placing their trust in us.”
Laurent Odeh, Chief Commercial Officer of Urenco
Slovenské elektrárne generates more than 87% of its electricity from nuclear power, positioning it among Europe’s climate leaders. Following the closure of the last coal-fired power plant in 2024, the Company’s entire production is free of direct CO₂ emissions. The contract with Urenco thus directly contributes not only to strengthening Slovakia’s energy security but also to achieving climate neutrality goals and maintaining reliable and stable electricity supply for households and industry in Slovakia.
With a share exceeding 70% of total electricity production in Slovakia, Slovenské elektrárne, a.s. is the country’s largest electricity producer. Since shutting down its last coal-fired power plant at the end of Q1 2024, all electricity generated by the company is free of direct CO₂ emissions. It operates 5 nuclear reactors, 31 hydropower plants, and 2 photovoltaic plants.
The company’s commitment to producing electricity from low-carbon sources makes it a leader in sustainable energy production in Central and Eastern Europe. The company has been listed four times in the prestigious Europe’s Climate Leaders index, published since 2021 by The Financial Times and Statista.
Slovenské elektrárne, a.s. has two shareholders. Slovak Power Holding B.V. is the majority shareholder with 66%. (SPH), which is owned by the Czech energy group Energetický a průmyslový holding (EPH). The other shareholder is the Slovak Republic, holding a 34% stake in the company.
Urenco is an international supplier of uranium enrichment services, fuel cycle products, and related solutions, with sustainability at the core of its business. For more than 50 years, Urenco has operated in a key segment of the nuclear fuel supply chain, understands the importance of energy security, and facilitates reliable supplies of low-carbon electricity production for customers worldwide.
Headquartered in London, United Kingdom, Urenco ensures diversity and security of supply for its customers globally through uranium enrichment facilities located in Germany, the Netherlands, the United Kingdom, and the USA.
Urenco positively contributes to global climate change goals through its core operations and has committed to achieving net-zero carbon emissions by 2040.
