Poland Allocates $14.7 Billion for First Nuclear Power Plant Under EU Project

The Polish government approved a bill the day before that provides for the transfer of PLN 60.2 billion in state support to Polskie Elektrownie Jądrowe. These funds should be used to build the first nuclear power plant in Poland. The financing will cover 2025-2030.

According to the Polish Nuclear Energy Programme, two nuclear power plants with a total capacity of 6 to 9 GW are planned to be built by 2020. The investor and operator is PEJ, a wholly owned subsidiary of the state-owned company. The technology partner of the first power plant will be the Westinghouse-Bechtel consortium. The location of the first power plant is Lyubiatovo-Kopalino in Pomerania.

The financial support will be provided by increasing the share capital of PEJ. The contribution will be made in cash or through treasury securities. The transfer of funds will be possible only after the European Commission's approval for state aid.

The financing mechanism stipulates that the decision to recapitalise will be made by the Minister of Finance upon the proposal of the Government Commissioner for Strategic Energy Infrastructure. The draft law sets annual limits on state budget expenditures.