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round up


PLANT OPERATION UKRAINE’S STATE NUCLEAR Regulatory Inspectorate of Ukraine has agreed to a 10-year operating extension for unit 1 of the South Ukraine NPP. The 950 MWe Soviet-built VVER unit began commercial operation in 1983 with an original design lifetime of 30 years. Ukraine has adopted a programme of 10-year extensions for its reactors. South Ukraine 1’s last 10-year extension was issued in 2013 and was due to expire in December.


KANSAI ELECTRIC POWER Co has applied to Japan’s Nuclear Regulation Authority (NRA) to continue operating the 826 MWe pressurised water reactor at unit 1 at its Takahama NPP in Fukui Prefecture after it reaches 50 years of operation in November 2024. Kansai Electric has submitted changes to the plant’s safety regulations, including plans for the inspection and maintenance of the reactor for the next 10 years.


UPGRADES AFTER SEVERAL MONTHS of renovation work, Poland’s MARIA, research reactor located at the National Centre for Nuclear Research (NCBJ) in Otwock, Swierkhas restarted operations. In a letter to all those who had participated in the modernisation, NCBJ director Krzysztof Kurek said this was the largest modernisation project since the reactor was launched in 1974 and was necessary to obtain a licence extension in 2025.


REGULATION & LAW AN INTERNATIONAL ATOMIC Energy Agency (IAEA) Integrated Regulatory Review Service (IRRS) team of experts said Romania is committed to maintaining and strengthening its regulatory framework for nuclear and radiation safety. The team commended the Romanian authorities for their effective preparations for the future deployment of small modular reactors (SMRs) and made some recommendations for improvement.


POLICY FOLLOWING SEVERAL MONTHS of negotiations, the French government and EDF have agreed a price for nuclear electricity. Economy Minister Bruno Le Maire said the agreement “lays the foundations for new French nuclear regulation and brings EDF into the 21st century” It guarantees a reference price of around €70 ($75) per MWh for nuclear electricity with a ceiling of €110/MWh.


Paks-II construction schedule agreed


Hungarian Minister of Foreign Affairs & Trade Péter Szijjártó said the construction phase of the Paks NPP expansion project is underway. After signing of the construction timetable with Rosatom Director General Alexei Likhachev, he told a press conference that in new units would begin operation in the 2030s. “We will be able to connect the new NPP to the grid at the start of the next decade,” he said. The Paks-II project was launched in 2014 by


an inter-governmental agreement between Hungary and Russia for two VVER-1200 reactors (units 5&6) that were to be supplied by Rosatom. The contract was supported by a Russian


state loan to finance the majority of the project. The Hungarian Atomic Energy Authority issued the licence for the units in August 2022. The Hungarian parliament also subsequently approved a 20-year life extension for the four existing VVER-440 power units at the Paks NPP. The current life of the reactors would have ended in 2032-2037, and they are now expected to operate until at least 2052-2057. Paks currently provides half of all generated and one third of consumed electricity in Hungary. Paks-II is now the largest nuclear project in


Europe with a construction permit, Szijjártó noted. Rosatom said in a statement that Russia has begun the manufacture of long-lead equipment for the plant. Some 800-900 people are expected to be working at the construction site by the end of the year, increasing to 2,000


Canada Westinghouse acquisition complete Canada’s Cameco has completed acquisition of Westinghouse Electric Company in a strategic partnership with Brookfield Asset Management alongside Brookfield Renewable Partners and institutional partners. Cameco now owns 49% and Brookfield 51% in Westinghouse. Tim Gitzel, President & CEO of Cameco, said that, since first announcing the deal, “we believe the business prospects for Westinghouse have significantly improved”. Westinghouse President & CEO Patrick Fragman said Westinghouse “is strategically positioned with Brookfield and Cameco to leverage expertise in our respective areas to better serve our customers and achieve a carbon-free future”. The total enterprise value of $7.9bn was


adjusted for working capital balances at the close, resulting in a final enterprise value of $8.2bn, Cameco reported. Westinghouse has $3.8bn in outstanding debt commitments, for which it maintains responsibility after closing and which reduces the equity cost of the acquisition.


8 | December 2023 | www.neimagazine.com


by the end of 2024. At the peak of construction some 10,000-13,000 people will be working at the site, the statement added. Szijjártó said Paks-II is a truly international


project, noting that, in addition to the Russian main contractor, several American, German, French, Swedish, Austrian, and 94 Hungarian companies have been involved. He said excavation under the two planned units had been completed to a depth of five metres, and that the next target is to achieve a depth of 23–27 metres. In total, about 4m cubic metres of soil will be extracted. In November, work began on strengthening the soil to meet safety requirements. This will required the use of up to 1m tonnes of cement. In parallel, along the perimeter of the foundation pit of the future units, the construction of a 2.7-km-long anti-seepage curtain is continuing to protect the site from penetration by groundwater. These works are planned to be completed by the end of 2023. In addition, 60 buildings will be erected in the next six months. Likhachev stressed that there is no


alternative to nuclear energy, which is now the most stable, the most predictable and the cleanest source of energy from an environmental point of view. “We are well aware that the international environment is not exactly friendly to Rosatom, but we are ready to implement this project to the maximum, despite external pressures,” he said. ■


To finance its 49% share of the purchase


price, valued at $2.1bn, Cameco used $1.5bn in cash and drew the full amount of both $300m tranches of the term loan put in place concurrently with the execution of the acquisition agreement, and which mature two years and three years from the date of close. A $280m bridge commitment secured concurrently with the acquisition agreement was not required to complete the transaction. Cameco said it expects the acquisition to


enhance its participation in the nuclear fuel cycle “at a time when there is tremendous growth on the horizon for our industry”. Cameco noted that Westinghouse “has nuclear assets that are strategic, proven, licensed and permitted, and that are in geopolitically attractive jurisdictions”. Westinghouse also “has a long-term contract


portfolio, which positions it well to compete for growing demand for new nuclear reactors and reactor services, as well as the fuel supplies and services needed,” Cameco said, adding that this helps protect Westinghouse from macro- economic headwinds.


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