Slovakia earmarks EUR189.4m to buy CEZ's stake in nuke project

Slovakia earmarks EUR189.4m to buy CEZ's stake in nuke project

Bratislava/Uhrovec, West Slovakia, Sept 30 (CTK correspondent) - The Slovak government has earmarked EUR189.4m to buy Czech energy group CEZ's minority stake in semi-state nuclear energy company JESS, which is preparing the construction of a new nuclear power plant in Slovakia, the cabinet decided today.

State-controlled JAVYS will take full control of JESS after acquiring the remaining 49 percent stake, as it currently holds 51 percent.

The price for settling the ownership structure of JESS had previously sparked disputes between Fico and the Economy Ministry, but a new valuation confirmed the original appraisal of CEZ's stake in the company.

Slovakia and CEZ established JESS in 2009 during Fico's first government. The current Fico cabinet previously decided that the new power plant would be state-owned and that the state would therefore buy CEZ's stake in JESS. Following a dispute over the transaction price, Fico's cabinet transferred responsibility for preparations for the new nuclear power plant from the Economy Ministry to the government's nuclear energy development commissioner and the Government Office.

According to earlier information, US company Westinghouse is expected to become Bratislava's main partner in building the new state-owned nuclear power plant.

For the construction of the new plant, with a capacity of around 1,200 megawatts, the state plans to use existing infrastructure at Jaslovske Bohunice, where Slovakia shut down two units of the older V1 nuclear power plant in 2006 and 2008 due to its commitments to the EU. Slovenske elektrarne (SE), Slovakia's largest electricity producer and part of the Energeticky a prumyslovy holding (EPH) group, also operates its own nuclear power plant at the site.

tam/er