The board of the Hungarian Electricity Works (MVM) has approved a plan to expand the Paks nuclear plant. It has decided to set up a project company to take charge of the new section of the facility. This project is of strategic importance to the government, because, according to the Prime Minister, Gordon Bajnai, it will increase the country’s energy security and reduce CO2 emissions.
It will take 11-12 years for MVM to complete the new capacity, and the company will use its own financial resources for this project. The extensive scale of the funding will not, therefore, affect the state budget.
The Paks plant’s capacity in 2009 accounted for 40% of the country’s demand for electricity.