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Budget of Mochovce power plant completion to be increased

SHAREHOLDERS of electricity utility Slovenské elektrárne (SE) on November 21 approved increasing the budget for the completion of the third and the fourth reactor blocks at the Mochovce nuclear power plant from €3.8 billion to €4.63 billion. The company will take out a loan to cover the extra €830 million, the TASR newswire reported.

SHAREHOLDERS of electricity utility Slovenské elektrárne (SE) on November 21 approved increasing the budget for the completion of the third and the fourth reactor blocks at the Mochovce nuclear power plant from €3.8 billion to €4.63 billion. The company will take out a loan to cover the extra €830 million, the TASR newswire reported.

SE General Director Luca D’Agnese said that the decision to raise the budget reflects the importance of the completion of the project not only for the Slovak economy, but also for the nearly 10,000 people that have jobs thanks to the project, as well as for SE. The manager added that 80 percent of the third block is completed, while some 40 percent of the fourth still needs attention, according to TASR.

“I would like to use this opportunity to approve the commitment of Slovenské elektrárne and Enel group to finish the power plant,” D’Agnese said, as quoted by the Pravda daily.

In addition, the state has agreed with the Italian company Enel, which owns a 66-percent stake in SE, to take 14 measures to boost the supervisory and control capacities of the project and to optimise expenditures.

“We’ve set a condition that all invoices and contracts exceeding €2 million will be subject to checks and will have to be approved unanimously by the managing board,” Economy Minister Pavol Pavlis told press after the company’s general meeting, as quoted by TASR.

The general meeting also saw shareholders passing the envisaged schedule for the completion, according to which the third block should begin commercially operating in November 2016 and the fourth one in November 2017, TASR reported.

Pavlis went on to say that he is not particularly happy with the way that the project and the system of its management have been conducted so far.

“These activities have been carried out in an inefficient way to date,” Pavlis said, as quoted by TASR. “That’s why the expenditures have had to be increased, and that’s why we want to intervene and take some of the responsibility upon our shoulders.”

Source TASR, Pravda

Compiled by Roman Cuprik from press reports
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