Poland has announced an investment of 4.6bn zloty ($1.2bn) from its 2025 budget to initiate the development of the nation's inaugural nuclear power plant (NPP), Bloomberg reported.
This move is a strategic effort to diversify the country's energy mix and reduce electricity costs, Poland finance minister Andrzej Domanski said in Olsztyn, northeast Poland.
He emphasised on the necessity of combining renewable energy sources with nuclear generation to achieve more affordable electricity prices.
Domanski disclosed the preliminary funding details for the project, which is poised to be the largest investment in the country's history, just days ahead of a cabinet meeting to discuss the upcoming year's budget proposal.
The government had earlier projected that around 60bn zloty would be needed for the 2025-2030 phase of the nuclear project, before additional funding from the US, which is providing the technology, becomes available.
The plant, which is expected to be situated near the Baltic Sea, is anticipated to commence operations in roughly ten years.
The International Atomic Energy Agency (IAEA) conducted a review mission in April, which praised Poland's progress in establishing the necessary infrastructure for nuclear power.
The Phase 2 Integrated Nuclear Infrastructure Review, which occurred from 15 to 25 April, was requested by the Polish Government. It aimed to assess the country's preparedness to either invite bids or negotiate a contract for its first nuclear power plant.
The review team “identified good practices that would benefit other countries developing nuclear power in the areas of contracting approach, strategic approach to funding, early authorisation of technical support organisations to support the nuclear regulator, engagement with the electrical grid operator, stakeholder involvement and industrial involvement.”
Earlier this month, the Polish Government revealed plans to introduce a loan programme for offshore wind energy worth approximately €5bn ($5.46bn), supported by the EU’s recovery funds.
State-owned bank BKG announced that the loan agreements will support projects with a minimum installed capacity of 300 MW.
These loans can be arranged until 31 August 2026, with repayment periods extending up to 2053.
