Russia Strikes Deal to Finance New Reactors in Hungary

Russia and Hungary have announced a deal to finance and build two new reactors south of Budapest.

The agreement was signed in Moscow Tuesday at a ceremony with Hungary’s Prime Minister Viktor Orban and Russian President Vladimir Putin in attendance. Under its terms, Russia will loan 80 percent of the cost to build two units at the existing Paks nuclear plant. Hungarian news service MTI reported that the contract also covers fuel supplies and servicing. Commissioning of the first 1,000 megawatt reactor is scheduled to take place in 2023.

Nuclear power from the Paks plant currently provides more than a third of Hungary's electricity. According to the World Nuclear Association, four VVER-440/V-213 reactors were built at the site in the 1980s and generate 470 megawatts apiece after subsequent uprates. Nuclear energy enjoys considerable political support in Hungary, and the government has set a goal of generating 60 percent of the country's power from reactors in the future.

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