BUSINESS IN SHORT

Economy minister visits Mochovce

PRIOR to the general assembly of Slovenské Elektrárne (SE) scheduled to decide about the increased budget for completing the second two blocks of the nuclear power station in Mochovce, Economy Minister Pavol Pavlis visited the construction site on November 3 to view the progress. He reiterated his criticism over the slow and expensive work, but indicated that the state would agree to the increase in budget, as well as the extended deadline.

PRIOR to the general assembly of Slovenské Elektrárne (SE) scheduled to decide about the increased budget for completing the second two blocks of the nuclear power station in Mochovce, Economy Minister Pavol Pavlis visited the construction site on November 3 to view the progress. He reiterated his criticism over the slow and expensive work, but indicated that the state would agree to the increase in budget, as well as the extended deadline.

The Economy Ministry as the 34-percent shareholder of SE in which the Italian Enel holds 66 percent, must okay the hike in the budget for the third and fourth blocks of Mochovce. The extraordinary assembly is scheduled for November 7.

“I express my great, great dissatisfaction with how the completion of the current project is going,” Pavlis said, as quoted by the SITA newswire. “In connection with the completion of the third and fourth units at Mochovce, as of today the Economy Ministry will breathe down the Italians’ necks every day.”

The so-far approved budget for completion of Mochovce is €3.8 billion, while it had already been increased from €2.8 billion. Minister Pavlis indirectly confirmed for the Hospodárske Noviny economic daily that SE is asking for an €800 million hike in the budget to €4.6 billion, and that the state would agree with it as well as with a later completion date. While the third block should be complete in late 2016, the fourth one should be finished in 2017.

The Economy Ministry and SE also agreed upon creating a working team whose task will be to inform about the latest developments in construction works. They also agreed upon 11 criteria for mutual cooperation.

SE officially re-launched the completion of Mochovce in 2008 while construction of this nuclear power plant was launched during the previous communist regime in 1981. The first two blocks were completed in 1998 and 1999, respectively, construction of the second two blocks was halted and resumed only after the Italian Enel acquired a majority stake in SE.

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