Matovic Slams Nuclear Energy Deal, Warns of €500-mn Annual Loss

Bratislava, 23 July (TASR) – The new nuclear energy project in Slovakia, to be constructed by US-based company Westinghouse, will result in an annual loss of €500 million for the Slovak economy, leader of the opposition 'Slovakia' party Igor Matovic declared at a press conference on Wednesday. Matovic also warned of expected cost overruns, interest expenditures and a risk premium on national debt, which he claimed would drive the total costs to €50 billion — far exceeding the originally planned €15-billion budget. "Westinghouse builds nuclear power plants in America. These facilities produce electricity at a cost of 120 euros per megawatt-hour, but you can currently purchase electricity on the market for the next ten years at 70 euros per megawatt-hour," Matovic calculated. According to him, Prime Minister Robert Fico (Smer-SD) is preparing to sign a contract that would mean a loss of 50 euros per megawatt when compared to market prices. Matovic stressed that Slovakia doesn't need a new nuclear power plant for its own consumption. The electricity would therefore be intended for export. However, he questioned how the state plans to make a profit at the mentioned prices. He also criticised the decision-making process, claiming that the prime minister acted unilaterally, without public debate or any analytical backing. "We're talking about a new nuclear source, for which Fico, on his own accord, decided not to hold any public tender. No public discussion on whether we need it or under what conditions," emphasised Matovic. Julius Jakab of the 'Slovakia' party added that, based on global examples, delays and cost overruns are to be expected in the construction of new nuclear plants. According to him, the cost increase, including interest and risk premium, would raise the investment to €50 billion, indebting Slovak citizens for three generations. mf/df