ČEZ is selling its stake in JESS to Slovak state-owned JAVYS. Bratislava aims to speed up construction of a new reactor at Jaslovské Bohunice, a project linked to Washington through a memorandum.
ČEZ, a group majority-owned by the Czech state, is selling its stake in JESS (Jadrová energetická spoločnosť Slovenska) to Slovak state-owned company JAVYS. Slovakia will thus hold the entire company, which was established in December 2009 to prepare new nuclear capacity near the existing Bohunice power plant. Other European countries are also weighing their nuclear options: in Switzerland, a coalition claims more than 131,800 signatures for a nuclear referendum, while Armenia is to announce its decision on a new reactor soon.
A sale justified by the role of the state
ČEZ justifies the transaction by the central role of public authorities in this type of project. “The construction of new nuclear power plants is carried out all over the world under the direction of the state, which is why this sale is being made,” the Czech group said.
According to ČEZ, the valuation of the stake was prepared by accounting firm EY and then confirmed by KPMG. The price of the transaction was not included in the information released.
Speeding up the Jaslovské Bohunice project
Slovak Prime Minister Robert Fico spoke after the signing of the agreement. “We have agreed that the Slovak Republic, through its representatives, will acquire 100% of this company, which means that we can have all the documents and permits that JESS has at its disposal, and significantly accelerate the construction of a new nuclear power plant in the Jaslovské Bohunice area,” he said.
Earlier this year, Slovakia and the United States signed a memorandum of cooperation concerning what the US State Department describes as a “state-owned American 1,200 MWe nuclear unit”. Fico says the project has been granted strategic investment status. He cites a “huge lead” in preparing the territory and obtaining permits.
An already dominant nuclear fleet
Slovakia operates five nuclear reactors, which generate more than half of its electricity, and a sixth is currently being commissioned. The first two, at Bohunice, entered commercial operation in 1984 and 1985. Mochovce 1 and 2 were connected to the grid in 1998 and 1999.
Construction of Mochovce 3 and 4 began in 1986, was halted in 1992 and later restarted. Mochovce 3 entered service in 2023, and Mochovce 4 is expected to operate at full power within the next few months. Nuclear would then provide the equivalent of 77.5% of the country’s electricity consumption, the highest proportion of any country, even without the new Bohunice unit.
Fico links the project to the country’s industrial ambitions. “If we are to continue to be an automotive powerhouse, we need new energy sources. If we are to seriously talk about artificial intelligence, data centres and fulfil the plan the European Commission is talking about, then no other path than building a new nuclear power plant is possible,” he said.
Source: Energy News