Poland's first nuclear power plant estimated to cost $40 bln
BUCHAREST, July 24 (Reuters) -Poland's first nuclear power plant will cost an estimated $40 billion and while the funding structure for the project has yet to be finalised, the United States will contribute through Exim Bank US, a senior official from the U.S. Department of Energy said on Wednesday.
Warsaw plans to build six reactors worth 6-9 gigawatts (GW) of nuclear capacity in two locations on the Baltic coast to reduce the country's carbon emissions and phase out coal.
In 2022, Poland's previous government chose Westinghouse Electric Co to build the plant, which is set to be in full operation by 2040.
"So it's six reactors, $40 billion total," a senior U.S. Department of Energy official told Reuters on the sidelines of an annual Transatlantic Energy and Climate Cooperation (P-TECC) conference in Romanian capital Bucharest.
The funding structure was still being negotiated, the official said.
"But basically, the primary financing is coming through Exim Bank U.S. We are proposing ... a sort of special vehicle that will be created so that the United States, through Exim Bank, can take a direct stake in the project, which is what the Poles had asked for."
"So it's not a direct equity, but it creates a vehicle that provides equity through a special vehicle."
The official added the proposal is expected to be approved by the Exim Bank board over the course of next year.
Warsaw had been seeking a partner to build the power plant and provide up to 49% equity financing for the project.
In June, Maciej Bando, deputy climate minister in charge of strategic energy infrastructure, was quoted saying a final cost estimate will become possible when the details of the construction contract are available next year and financing for the project is closed.
Reporting by Luiza Ilie; editing by Jane Merriman
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
