Russia, Hungary move forward on expansion of nuclear power plant

Hungary has plans to expand its nuclear energy capacity at its only nuclear power plant in Paks, Hungary. But in order to execute its plans, the country will need financial help from Russia. Photo by Barna Rovács/Wikimedia Commons

During a diplomatic visit Tuesday, Russian President Vladimir Putin and Hungarian Prime Minister Viktor Orban agreed on plans to install two additional energy blocks at Hungary’s only nuclear power plant.

Reuters reports Hungary will receive a majority of the funding needed, approximately $13.65 billion, in the form of a loan from Russia, according to the state’s atomic agency head.

Prime Minister Orban’s chief of staff said the European Union approved a draft plan for construction and the energy blocks are slated to come on line by 2023.

Hungarians will continue to retain ownership of the plant, despite significant Russian funding.