Czechs start $7 billion nuclear project as power prices surge

Czechs start $7 billion nuclear project as power prices surge

Bloomberg: The Czech Republic moved closer to building a nuclear reactor for at least $7 billion as part of efforts to wean itself off coal.

Prime Minister Petr Fiala’s administration gave majority state-owned utility CEZ a formal go-ahead to start looking for the supplier of a new unit at its Soviet-era Dukovany atomic power plant. The company expects to receive the first round of bids by the end of November, present the results to the government in December 2023 and sign a contract with the winner in 2024.

The landlocked country with limited options for wind and solar power sees nuclear energy as necessary to give up coal and meet the European Union’s environmental goals. Surging electricity prices and the continent’s push to become independent of Russian oil and gas have further boosted the case for the investment in new reactors.