Mochovce 3&4 costs rise to €4.6bn

24 November 2014

Slovenske Elektrarne has approved an €800 million increase in the budget for completion of two VVER-440 reactors at the Mochovce nuclear power plant in the Slovak Republic.

The overall costs for construction of Mochovce 3&4 now amount to €4.630 billion, and will be covered by the company's own financial resources, SE said.

Italian utility Enel currently owns 66% of SE, but is in the process of trying to sell off its stake, and has received non-binding offers, including from the Czech power provider, CEZ. The Slovak economy ministry owns the remaining 34% of SE.

The SE shareholders also approved a set of 14 'improvement measures' that aim to strengthen project management and control for both shareholders.

Construction began on Mochovce 3&4 in 1986 and resumed in 2008 after a 16-year suspension. Unit 3 is almost 80% finished, and is expected to be completed in late 2016, according to SE. Mochovce 4 is 60% complete and slated to completion in 2017. Both units will have an output of 471 MWe.

"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," said Luca D'Agnese, Director General of Slovenské Elektrarne.

Once completed Mochovce 3&4 is expected to meet around 26% of Slovak power demand. It is expected to have an economic benefit of around €550 million for the state budget.

Photo: Mochovce nuclear power plant (Source: Slovenske Elektrarne)

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