Bulgaria and the USA signed an Agreement on cooperation in the construction of two new units of the Kozloduy NPP, the Ministry of Energy announced.
The construction of the new facilities is expected to cost a total of up to 14 billion euros.
The price of electricity from the future VII and VIII of the Kozloduy NPP will not exceed 65 euros per megawatt hour.
This was said by the Minister of Energy Rumen Radev, who signed with the Assistant Secretary for International Affairs at the United States Department of Energy Andrew Light, an agreement on cooperation on the project to build nuclear power at the Kozloduy NPP site and on the exchange of technology and training to specialists.
Exactly how much the two NPP units will cost should become clear at the end of March from the report that will be prepared by the American company Westinghouse, with whose reactors the future capacities will operate.
Energy Minister Rumen Radev indicated that “we look at units 7 and 8 of the Kozloduy NPP as a state project with our state participation, with self-participation in the range of 25-30% and with loan financing, part of which we are ready to provide with the relevant state guarantees”.
The minister specifies that “we will try cumulatively possibly in the range of up to 14 billion for two blocks fully operational. I personally think we can go below that price. With such type of calculations, future electricity prices will be comfortably below the average mix for Europe. I believe that this project will not lead to prices exceeding 65 euros per megawatt hour“.
The decision of the Council of Ministers is for arrangements for fixed terms and a fixed price, which will allow the achievement of the optimal price.
Source: Ministry of Energy
For his part, Andrew Light, Assistant Secretary for International Affairs at the US Department of Energy, stated that today’s event is an important milestone in the development of the strategic partnership between the US and Bulgaria.
“Ratification of this Agreement will play a vital role in promoting the security and decarbonisation of not only the Bulgarian but also the European energy sector and will support Bulgaria’s efforts to strengthen all aspects of its civilian nuclear programme, including nuclear safety and security, delivery of nuclear fuel and the regulatory framework“, he also stated.
The two countries commit to cooperate directly in consultations and the exchange of expert and technical input regarding the nuclear program for civil purposes of the Republic of Bulgaria, the identification of potential financing of the Project for new nuclear capacities, research into the development and implementation of innovative nuclear technologies, the development of expertise in the management of spent fuel and radioactive waste.
The agreement also covers cooperation on regulatory issues, based on the Agreement signed at the end of last year between the Nuclear Regulatory Agency of the Republic of Bulgaria and the United States Nuclear Regulatory Commission on the exchange of technical information and cooperation, laboratory and university exchange, training and exchange of personnel, supply chain development, research and development.
Bulgaria and the USA create a Steering Committee to coordinate and manage the joint activities under the concluded agreement. The document does not create any financial rights or obligations for the parties.
For Bulgaria, nuclear energy has an important role in guaranteeing national, regional and European energy security, providing energy at affordable prices and transitioning to a low-carbon economy.
2024-02-12 17:02:36
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