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Czech nuclear power plan can’t survive without tax-payer funding

CEZ Can’t Fund New Czech Reactors on Its Own, Minister Says, By Ladka Mortkowitz Bauerova

  • State support necessary for reactors to replace aging stock Czech utility CEZ AS can’t invest billions of dollars in new nuclear reactors without government assistance, in spite of what the nation’s prospective leader says, according to the government’s industry minister.
  • The Prague-based utility, while profitable, must protect the interest of minority shareholders by offering some form of state guarantee in any nuclear project, according to Industry and Trade Minister Jiri Havlicek. He rejected the view of billionaire Andrej Babis, whose ANO party is poised to win this month’s general election, that CEZ should finance new reactors on its own.
  • “Without the participation of the state –- whether in the form of taking over CEZ’s nuclear assets or some form of indirect state support –- there won’t be any new nuclear units,” Havlicek said in an interview…..
  • The Social Democrat-led government, which controls about 70 percent of CEZ, has repeatedly called for new nuclear capacity as aging coal-fired power plants and Soviet-era reactors are retired in the coming decades.

     So far, the state has failed to agree on providing the financial guarantees that would render such a massive project profitable. CEZ canceled a $15 billion tender for a new reactor in 2014 after electricity prices slumped by almost two-thirds from the levels in 2008 when the decision to build was made…….

October 4, 2017 - Posted by | EUROPE, politics

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