Sakova: Investors Primarily Ask about Electricity Availability and Grid Capacity

Bratislava, 26 March (TASR) - Energy is gradually becoming one of the most important factors for investors when deciding where to locate their operations, and energy and competitiveness go hand in hand, stated Economy Minister Denisa Sakova (Voice-SD) on Thursday at a conference called 'Energy for sustainable business' organised by the American Chamber of Commerce in Slovakia. "While tax and social security burdens in individual countries played a major role in the past; today, when an investor comes to any country and wants to invest, they ask whether about the availability of energy, whether we are self-sufficient in electricity production, and whether the capacity of the transmission and distribution grid will be sufficient for their needs," said Sakova. The minister noted that Slovakia currently has one of the cleanest energy production systems in the world, as the majority of its energy is generated by nuclear power and hydro-electric plants. At the same time, the country is planning additional zero-emission nuclear sources in Jaslovske Bohunice (Trnava region) and is selecting suitable sites for placing small modular reactors. Environment Minister Tomas Taraba (a Slovak National Party/SNS nominee) sees the main problem with new investments in the length of the permit process for new facilities. "The most critical issue is whether permits take 5-10 years to process, or whether there's even a timeline at all," he pointed out. Taraba also addressed energy prices, which remain high in Slovakia despite emission-free production. "How are we supposed to defend the strength of our heavy industry when, despite having the cleanest electricity mix, electricity prices are what they are, and the European Union is effectively driving industry out?" he asked. According to him, the decarbonisation of heavy industry in Europe will require the construction of 140 new nuclear reactors. "If we want to manufacture anything here and attract a new wave of investment, it won't work without new sources of electricity," added the minister. am/df