Latest news with #CEZ
France 24
6 days ago
- Business
- France 24
Czechs sign nuclear deal with S.Korea firm KHNP: PM
A Czech court had blocked the multi-billion-dollar deal in May after French energy group EDF filed a complaint, questioning the transparency of the tender which it lost. But a higher court threw out the ruling on Wednesday over procedural flaws, enabling the government of Czech Prime Minister Petr Fiala to ink the deal. "A while ago we signed an agreement on the supply of two units for the Dukovany nuclear plant," Fiala told reporters. "We did our best to make sure the deal can be signed the instant the legal obstacles are removed," he said. He hailed the signature as a "fundamental step on the way to higher energy security and self-sufficiency". KHNP is due to build the two units at the southern Czech nuclear plant of Dukovany run by the state-run CEZ group. The Czech Republic, an EU member of 10.9 million people, relies on nuclear power -- produced by Dukovany and the Temelin plant also in the south -- for 40 percent of its electricity consumption. With the two new units and small modular reactors due to be built by 2050, the share of nuclear energy is expected to rise to 50 percent as the country shifts away from burning fossil fuels. Fiala said earlier KHNP won the tender as its bid was "better in all criteria assessed" than EDF's offer. On Wednesday, he said KHNP has vowed to hand 60 percent of the contract to Czech suppliers. KHNP has offered to build the two new units for around 200 billion Czech koruna ($9 billion) each. Prague expected to finalise the deal with KHNP by March this year, but complaints by EDF delayed the process. CEZ expects construction to begin in 2029 and the first new reactor launched in trial operation in 2036.
6 days ago
- Business
A deal to build nuclear reactors worth $18B unblocked after court clears the way
PRAGUE -- A deal to build at least two nuclear reactors in Czechia was unblocked Wednesday, after an appeals court dismissed on Wednesday a lower court ruling that blocked the government from signing a deal with South Korea's KHNP power utility. The Supreme Administrative Court said that the ruling was not in line with law, meaning the signing of the deal could go ahead. KHNP won a lucrative public tender last year, beating a competing bid by France's EDF. The two new reactors will be built at the existing Dukovany power plant in an effort for the country to wean itself off fossil fuels. The contract between the dominant power company CEZ, where the Czech state has a majority stake, and KHNP was due to be signed on May 7 but EDF lodged a legal challenge at the regional court in the second-largest Czech city of Brno after the Czech anti-monopoly office dismissed its complaint about the tender. The regional court said on May 6 that the deal could not be signed before it rules on the EDF case, because then there would be no way to change it even if the French company won. CEZ and KHNP challenged that. The two new reactors will complement Dukovany's four 510-megawatt units that were completed in the 1980s. The total cost is estimated to be over over 400 billion koruna ($18 billion). The first new reactor is expected to become operational for a trial by 2036, the second about two years later.
Yahoo
6 days ago
- Business
- Yahoo
A Czech deal to build nuclear reactors worth $18 billion is unblocked after a court clears the way
PRAGUE (AP) — A deal to build at least two nuclear reactors in Czechia was unblocked Wednesday, after an appeals court dismissed on Wednesday a lower court ruling that blocked the government from signing a deal with South Korea's KHNP power utility. The Supreme Administrative Court said that the ruling was not in line with law, meaning the signing of the deal could go ahead. KHNP won a lucrative public tender last year, beating a competing bid by France's EDF. The two new reactors will be built at the existing Dukovany power plant in an effort for the country to wean itself off fossil fuels. The contract between the dominant power company CEZ, where the Czech state has a majority stake, and KHNP was due to be signed on May 7 but EDF lodged a legal challenge at the regional court in the second-largest Czech city of Brno after the Czech anti-monopoly office dismissed its complaint about the tender. The regional court said on May 6 that the deal could not be signed before it rules on the EDF case, because then there would be no way to change it even if the French company won. CEZ and KHNP challenged that. The two new reactors will complement Dukovany's four 510-megawatt units that were completed in the 1980s. The total cost is estimated to be over over 400 billion koruna ($18 billion). The first new reactor is expected to become operational for a trial by 2036, the second about two years later.
Winnipeg Free Press
6 days ago
- Business
- Winnipeg Free Press
A Czech deal to build nuclear reactors worth $18 billion is unblocked after a court clears the way
PRAGUE (AP) — A deal to build at least two nuclear reactors in Czechia was unblocked Wednesday, after an appeals court dismissed on Wednesday a lower court ruling that blocked the government from signing a deal with South Korea's KHNP power utility. The Supreme Administrative Court said that the ruling was not in line with law, meaning the signing of the deal could go ahead. KHNP won a lucrative public tender last year, beating a competing bid by France's EDF. The two new reactors will be built at the existing Dukovany power plant in an effort for the country to wean itself off fossil fuels. The contract between the dominant power company CEZ, where the Czech state has a majority stake, and KHNP was due to be signed on May 7 but EDF lodged a legal challenge at the regional court in the second-largest Czech city of Brno after the Czech anti-monopoly office dismissed its complaint about the tender. The regional court said on May 6 that the deal could not be signed before it rules on the EDF case, because then there would be no way to change it even if the French company won. CEZ and KHNP challenged that. The two new reactors will complement Dukovany's four 510-megawatt units that were completed in the 1980s. The total cost is estimated to be over over 400 billion koruna ($18 billion). The first new reactor is expected to become operational for a trial by 2036, the second about two years later.
The Hill
6 days ago
- Business
- The Hill
A Czech deal to build nuclear reactors worth $18 billion is unblocked after a court clears the way
PRAGUE (AP) — A deal to build at least two nuclear reactors in Czechia was unblocked Wednesday, after an appeals court dismissed on Wednesday a lower court ruling that blocked the government from signing a deal with South Korea's KHNP power utility. The Supreme Administrative Court said that the ruling was not in line with law, meaning the signing of the deal could go ahead. KHNP won a lucrative public tender last year, beating a competing bid by France's EDF. The two new reactors will be built at the existing Dukovany power plant in an effort for the country to wean itself off fossil fuels. The contract between the dominant power company CEZ, where the Czech state has a majority stake, and KHNP was due to be signed on May 7 but EDF lodged a legal challenge at the regional court in the second-largest Czech city of Brno after the Czech anti-monopoly office dismissed its complaint about the tender. The regional court said on May 6 that the deal could not be signed before it rules on the EDF case, because then there would be no way to change it even if the French company won. CEZ and KHNP challenged that. The two new reactors will complement Dukovany's four 510-megawatt units that were completed in the 1980s. The total cost is estimated to be over over 400 billion koruna ($18 billion). The first new reactor is expected to become operational for a trial by 2036, the second about two years later.
