Russia to build new reactors at Hungary nuke plant

BUDAPEST, Hungary (AP) — Hungarian officials say Russia will build two new reactors in the southern city of Paks, the site of Hungary's only nuclear power plant.

Janos Lazar, head of the prime minister's office, said that Russia will also give Hungary a loan covering around 80 percent of the construction costs estimated at between 10 and 12 billion euros ($13.7-$16.4 billion).

Hungarian Prime Minister Viktor Orban and Russian President Vladimir Putin met Tuesday near Moscow, where an agreement on the project was signed. The Paks plant provides around 40 percent of Hungary's electricity needs. It was built in the 1970s using Soviet technology.

Lazar said the first new reactor is expected to start production in 2023 and the completed project will boost the plant's capacity to around 50 percent of Hungary's demand.

Related Headlines

  • Viktor Orban

    Hungary's prime minster readies for elections

    Hungary's prime minister on Saturday predicted "a bright and great victory" in next week's parliamentary elections for his governing Fidesz party, which has a substantial lead ... 

  • Viktor Orban

    Hungary prime minister wins 3rd term

    Hungarian Prime Minister Viktor Orban's Fidesz party won parliamentary elections Sunday and narrowly secured a new two-thirds majority, but gains by a far-right party were a ... 

  • Attila Mesterhazy

    Hungary's Fidesz tipped to win big in Sunday vote

    Hungary's governing party is tipped to win parliamentary elections Sunday, while a far-right party is expected to make further gains, according to polls. Prime Minister Viktor ... 

  • Gabor Vona

    Softer image helps far-right's gains in Hungary

    Prime Minister Viktor Orban easily trounced his rivals to once again become Hungary's undisputed leader, but the strong showing of the country's far-right Jobbik party has ...