State-owned banks to fund safety improvements at Ukrainian NPPs

The National Atomic Energy Generating Company Energoatom intends to raise 3.1 billion UAH from state-owned banks to improve safety at nuclear power plants (NPPs). Long-term loans will be provided, which will be used starting in 2014 to extend the service life of power units at Ukrainian NPPs, the Information-Analytical Bulletin of the Cabinet of Ministers of Ukraine informs.

To enhance the safety of nuclear power plants, the State Nuclear Regulatory Inspection will optimize actions to be taken and the government will ensure additional funding.

The Cabinet's resolution approved on the subject envisions allocation of additional funds in the amount of 4.298 billion UAH (excluding VAT) to support the Program on safety improvement at nuclear power plants for 2013-2017.

The Cabinet previously approved preliminary total funding for the above Program – 12.5 billion UAH for the entire period of its validity in 2011-2017. The government also provided for annual update of the funding for more efficient realization of comprehensive measures.

Among other things, additional funding - need for which appeared in 2013 - is associated by SNRI experts with safety improvement at nuclear facilities after the accident at Japanese NPP Fukushima-1 in 2011. Also, as noted by Ministry of Energy and Coal Industry experts, Ukraine has pledged to the international community to create necessary conditions extending the service life of nuclear power units.