PGE and ZE PAK signed an agreement on the establishment of a company to start talks about Korean nuclear power in Pątnów.
PGE and ZE PAK have created a special-purpose vehicle that will engage in talks with the Korean KHNP on a project to build a nuclear power plant in Pątnów, where a coal-fired power plant is currently located. The companies will talk about building two to four APR1400 reactors in the 2030s.
This solution is to complement the government Polish Nuclear Power Program, as part of which 6-9 GW will be added by 2043 with the first AP1000 reactor in Pomerania in 2033. The plant will be built by Westinghouse.
Sasin: Atom from Korea in Poland in 2035
“Today we are taking another step on a difficult but right path. A few months ago, a project for the joint construction of a nuclear power plant was created to complement the government project. The two government-owned power plants will be complemented by a business project, but supported by the government. Energy security will determine our opportunities for development,” said Deputy Prime Minister and Minister of State Assets Jacek Sasin at a press conference. We have an agreement to establish a company that will engage in the construction of a nuclear power plant in cooperation with the Korean KHNP, which is coming out of its motherland and continues to expand its technology across the world. “2035 is a safe date for a nuclear power plant to become a reality,” he added.
Dąbrowski: Atom is a solid foundation
“With this investment, we are building a new energy mix in Poland, we need a strong foundation. This investment is especially important today. Renewables are not stable, and we need a stable baseload for Poland to be a strong economy in the world,” said PGE CEO Wojciech Dąbrowski. “We have carried out preliminary geotechnical and financial analyses. The location in Pątnów is promising, everything indicates that it is suitable. We are also working with the Korean partner. Polish capital will have control over the newly created company. Both sides have full rights, decisions will be made by consensus,” he stressed.
Woźny: Atom is the future of mining regions
“Only four months have passed since our visit to Seoul, and since then we have carried out location analyses in Pątnów. We agree on specific further work to do more analyses. This will be the safest energy investment in the region. This investment will show that there is a future for mining regions where investments in zero-emission energy can be made. The area is ready, the open pits have been flooded with water, they will take part in the cooling of nuclear reactors,” said the president of ZE PAK Piotr Woźny.
The president of PGE also said that the financing will be organized in the framework of project finance. “We are talking about obtaining financing, Korean entities are interested in this, but the talks are at an early stage. However, Korean institutions have a positive attitude. However, it is too early to talk about the details, although the talks are ongoing,” he said. “Our company will have a majority stake in the investment. The value of the project is estimated, it can be compared to similar investments in the United Arab Emirates, where the cost was USD 24 billion,” added Wojciech Dąbrowski.