Brussels, 12/06/2012 (Agence Europe) - The Commission's favourable opinion on the Baltic nuclear power station in Visaginas, Lithuania, means that it will be eligible for Community financial support.
In accordance with the Euratom Treaty, the European Commission issued Lithuania with a favourable opinion on its nuclear reactor project at Visaginas on Friday 8 June. The European Commission considers that this project fulfils all the objectives of the Euratom Treaty and contributes to the security of the Baltic region's energy supply and full integration of the Baltic states in the internal energy market.
The Commission also expressed the opinion that the project development company should be based on solid internal governance structure and secure adequate funding to complete the project. The Commission gave a favourable opinion on the confirmation by the Lithuanian national regulator that the reactor's stress test criteria in the event of extreme natural disasters would be included as obligatory factors during the licensing process for the design and operation of the plant.
The Commission's favourable opinion means that nuclear energy projects will be able to apply to Community financial instruments, such as Euratom and the EIB.
Construction of the future Visaginas plant is expected to begin in 2015 and it is due to become operational in 2020-2022. The Japanese Hitachi group will be the main contractor in this plant, which will have a capacity of 1,300 megawatts. It will cost €5 billion and will be the biggest investment made in Lithuania since the end of the Communist era. Alongside Hitachi, which will control 20% of the capital of the consortium in carrying out the project, the Lithuanian state will have a 38% stake in the project. Estonia and Latvia will have respective stakes of 22% and 20%. The project remains open to Polish participation, though Poland decided, at the end of 2011, not to be involved in the project because it intends to build its own reactor between now and 2020. (EH/transl.fl)