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EU: Brussels clears Hungary to build Russia-financed nuclear reactors

By  |  March 6, 2017

The European Union has cleared Hungary to provide state aid to build two nuclear reactors with Russian help after Budapest made commitments to safeguard competition in the energy sector.

The Hungarian deal for Russia to build the two additional reactors at the Paks nuclear plant, which was struck three years ago, had been held up because of the EU’s regulatory demands.

Prime Minister Viktor Orban has said he hopes to start construction soon once approval is agreed upon.

EU Antitrust Commissioner Margrethe Vestager said that “the Hungarian government has made substantial commitments, which has allowed the Commission to approve the investment under EU state aid rules.”

The expansion of Hungary’s nuclear power plant will be financed mostly with a loan from Russia of $10.6 billion and carried out by Russia’s Rosatom.

Full Content: Politico

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