Bulgaria and USA Ink Deal for New Nuclear Power Units at Kozloduy NPP

Business » ENERGY | February 12, 2024, Monday // 19:12
Bulgaria: Bulgaria and USA Ink Deal for New Nuclear Power Units at Kozloduy NPP Kozloduy NPP @Wikimedia Commons

Bulgaria and the United States have formally sealed an agreement to collaborate on the construction of two new units at the Kozloduy Nuclear Power Plant (NPP). The pact, signed by Bulgarian Energy Minister Rumen Radev and US Assistant Secretary for International Affairs Andrew Light, outlines cooperation in nuclear power development and technology exchange.

According to Minister Radev, the cost of electricity generated by the future Units VII and VIII of the Kozloduy NPP will be capped at 65 euros per megawatt-hour. The total construction expenses for the new units are estimated to reach up to 14 billion euros, pending a forthcoming report from Westinghouse, the American company supplying the reactors for the project.

Radev emphasized that the Bulgarian government views the construction of Units 7 and 8 as a national endeavor, with state participation ranging from 25-30% and financing secured through loans, partly backed by state guarantees. However, he expressed optimism that the total project cost could be reduced below the estimated figure.

The Energy Minister assured that arrangements have been made for fixed terms and prices, aiming to ensure the optimal cost for the project. He projected that future electricity prices would remain competitive, comfortably below the European average, and not exceeding 65 euros per megawatt-hour.

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Tags: Bulgaria, USA, Kozloduy NPP, nuclear power

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