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Hungary's Paks II Nuclear Project May Require Major Adjustments

According to sources familiar with Hungary's nuclear industry and discussions on the Paks II nuclear project, the new Hungarian government led by Peter Magyar believes that the Paks II project, based on Russia's Rosatom design, can only proceed if major adjustments are made. Sources said that due to factors such as ethics, technology, sanctions restrictions, licensing procedures, and existing contract terms, the Paks II project is difficult to continue under its original arrangement. However, industry insiders also believe that it would not be appropriate to abandon the project outright due to short-term sentiment or temporary setbacks. If more participants could be brought in,...

2026-09-04

Russia says it has not yet received an invitation for negotiations on Hungary's Paks II nuclear power plant

On September 2, Alexey Likhachev, CEO of Russia's State Atomic Energy Corporation (Rosatom), said during the Eastern Economic Forum in Vladivostok that Rosatom has not yet received an invitation from the Hungarian government for negotiations on the construction project of the Paks II nuclear power plant. Likhachev stated that Rosatom has expressed its willingness to participate in discussions on project parameters in any civilized manner. He noted that the company has always placed the interests of its partners and clients in a position of priority and is prepared to provide explanations and justifications regarding the effectiveness of the project's technical solutions as well as related financial and economic impacts...

2026-09-03

Hungary Plans Additional ~EUR 300 Million in Funding for Paks II Nuclear Power Plant

The Hungarian government plans to allocate an additional HUF 111.6 billion, equivalent to approximately EUR 305.5 million, to the Paks II nuclear power plant project. The funds have been included in the draft amendment to the 2026 budget, which is expected to be submitted to the Hungarian Parliament for review. According to the budget document, financial support for the Paks II project through the end of 2026 will increase from HUF 95 billion to HUF 206.6 billion, approximately EUR 565.5 million. Based on relevant calculations, over the past 12 years, the Hungarian government has directly allocated HUF 628.7 billion, exceeding EUR 1.7 billion, to the project; with the inclusion of this budget arrangement, cumulative financial support will exceed EUR 2.2 billion. The Paks II nuclear power plant involves the participation of Russia's State Atomic Energy Corporation (Rosatom)...

2026-08-31

Hungary's New Government Questions Paks II Nuclear Project, Audit Dissatisfaction May Lead to Contractor Replacement

Hungary's new government (Prime Minister Péter Magyar) has continued to send unclear signals regarding the Paks II nuclear power plant expansion project contracted to Russia's Rosatom, bringing this major energy project involving the Russian state nuclear corporation back into the spotlight. The government is dissatisfied with the interim results of the contract audit and has hinted that Budapest does not rule out the possibility of replacing the contractor. The Paks II project was originally regarded as a key component of Hungary's long-term energy security strategy. Nuclear power holds fundamental significance for Hungary's electricity supply, and the expansion of the Paks nuclear plant was also seen as a measure to reduce energy import pressure and stabilize electricity prices.

2026-08-10

Danube Water Level Temporarily Recovers, Hungary's Paks Nuclear Power Plant May Continue Reduced-Power Operation

Hungarian Prime Minister Peter Magyar said on August 7 that due to rainfall in Austria, the Danube water level is expected to temporarily recover in the near term, which will help improve cooling conditions at the nuclear power plant, but the Paks Nuclear Power Plant, which supplies nearly half of Hungary's electricity, may still continue to operate at reduced power. In a social media video, Magyar said the current situation at the Paks Nuclear Power Plant remains very difficult. Affected by persistent high temperatures and historically low Danube water levels, the plant has been operating at approximately 10% output since last week. At a subsequent press conference, he stated that Hungary must find a solution for the operation of the Paks Nuclear Power Plant, because "the Hungarian economy cannot function for months without the plant." Previously, the government had called on businesses and residents to reduce electricity consumption in the evening and dim the decorative lighting of historic buildings in Budapest to alleviate power supply pressure.

2026-08-08

Hungary replaces head of Paks II nuclear power project company.

István Kapitány, Hungary’s Minister of Economy and Energy, announced on July 24 the dismissal of Gergely Jákli as CEO of Paks II Nuclear Power Plant Ltd. (Paks II Atomeromu Zrt). The company is responsible for ad

2026-07-27