Ukraine's Energoatom specifies how construction of new nuclear reactors will be funded
A project to complete new nuclear units at the Khmelnytskyi Nuclear Power Plant (NPP) will be financed by the state nuclear energy company Energoatom, as well as by international banks and financial institutions.
Source: press service of Energoatom, in response to a query from Ekonomichna Pravda
Quote from the press service: "Public money will not be used to build the new blocks. The source of financing will be [Energoatom’s] own funds and money from foreign banks and financial institutions."
Details: Ekonomichna Pravda sources say negotiations on financing for the construction of the blocks are underway with a US bank.
Herman Halushchenko, Ukraine's Energy Minister, announced last week that the construction of four new nuclear reactors would begin this year.
Background:
- The Ministry of Energy recalled that on 22 November 2021, Energoatom and Westinghouse signed two cooperation agreements to implement a pilot project for the construction of AR1000 power units at the Khmelnytskyi NPP site.
- On 20 January 2023, the government issued a decree approving Ministry of Energy proposals to conduct a feasibility study for the construction of a nuclear installation using the technical characteristics of an AR1000-type reactor installation.
- In December 2023, Petro Kotin, CEO of Energoatom, and Patrick Fragman, CEO of Westinghouse Electric Company, signed an agreement for the purchase of equipment for Unit 5 of the Khmelnytskyi NPP.
- Halushchenko had previously stated that Ukraine planned to start building large units for nuclear power plants in cooperation with the United States in 2024, but provided no further details.
- In total, Ukraine plans to build nine power units using AR1000 technology, as outlined in decisions by the Cabinet of Ministers of Ukraine (the government) and memoranda signed between Energoatom and Westinghouse.
- The Westinghouse reactor to be purchased for the new unit at the Khmelnytskyi Nuclear Power Plant will cost Ukraine US$437.5 million.
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