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American fuel in Paks Nuclear Power Plant? Is Hungary trying to decrease Russian energy dependency?
A new chapter may begin in Hungary’s nuclear fuel supply, as the MVM Group signed a long-term agreement with the American company Westinghouse Electric Company on 7 November.
Huge deal for Hungary
The cooperation aims to provide the Paks Nuclear Power Plant with stable and secure VVER-type fuel produced in Europe, thereby reducing the country’s energy dependence, says Privátbankár.
Under the agreement, Westinghouse is expected to start supplying Hungary from 2028, once the necessary licensing procedures have been completed. According to Károly Mátrai, CEO of MVM Group, this strategic step will not only enhance the safety of the plant’s operations but also increase the flexibility of Hungary’s energy supply.
He added that diversifying fuel procurement reduces external exposure and contributes to providing predictable and affordable energy for both households and businesses.
Westinghouse already a supplier to many European countries
Tarik Choho, President of Nuclear Fuel at Westinghouse, emphasised that with this contract, the company now serves all European operators of VVER-type reactors, thereby strengthening the continent’s energy security.
According to MVM’s statement, Westinghouse’s decades of experience and its existing partnerships with nuclear power plants in the Czech Republic, Slovakia, Bulgaria and Finland provide additional assurance for reliable cooperation.
The US Embassy in Budapest noted that the agreement is valued at around USD 114 million, approximately HUF 38 billion. The move clearly aligns with Hungary’s broader efforts to reduce its energy dependence and to strengthen the long-term, safe role of nuclear power in the country’s energy production.
A leaked photo tells the secrets of the deal
A recently leaked photograph has shed light on the key messages the United States intended to deliver to Hungarian Prime Minister Viktor Orbán during his recent meeting in Washington.