BUSINESS IN SHORT

Mochovce still without budget

THE SHAREHOLDERS of Slovenské Elektrárne (SE) have not approved a new budget for completion of construction of the Mochovce nuclear power plant (EMO). The state’s representatives opposed the plan, the SITA newswire reported on May 28.

THE SHAREHOLDERS of Slovenské Elektrárne (SE) have not approved a new budget for completion of construction of the Mochovce nuclear power plant (EMO). The state’s representatives opposed the plan, the SITA newswire reported on May 28.

“The budget is a necessary condition for continuation of the work on the project, which will be gradually halted without a quick decision,” said SE spokesperson Jana Burdová, as quoted by SITA.
According to SE representatives, in the past few months they have offered the state’s representatives all the necessary financial documents, explaining that the higher costs will be financed from the company’s own resources without burdening the state. Originally, construction should have cost €2.8 billion, but this later rose to €3.8 billion, SITA wrote.

The increase in the budget was caused by the complexity of the project and the need to secure compliance with the latest international security standards, Burdová explained.

“Our highest priority is security, which should not be the subject of any compromises,” she added, as quoted by SITA.

The possible halt in construction might result in financial loss to both shareholders and the Slovak economy since “our investments in the completion of construction of the third and fourth reactors of EMO represents a significant contribution to the growth of the Slovak economy”, said SE head Paolo Ruzzini, as reported by SITA. He added that in 2011 and 2012 investments reached 1 percent of Slovak GDP, and to date SE had closed deals worth more than €3 billion, and was preparing to invest another €800 million.

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