Mochovce a year late and €270m over budget

Completion of the two blocs of the Mochovce nuclear power plant will be almost a year late and €270m over budget, announced Slovenské elektrárne. The third bloc will connect to the power grid early in 2020 and the fourth one a year later. The additional spending will be funded by EPH and Enel (each owns a 33% stake in SE). SE blames the delay and overspending on technical glitches, complicated construction, and Austrian activists’ protests. It reckons the current high power prices create favorable conditions for repayment of loans for the completion.

The police apprehended Paolo Ruzzini, former SE CEO, and charged him with violating duties in administering foreign property. Another former SE CEO, Nicola Cotugno, faces the same charges. They were allegedly involved in a €22m fraud related to the Mochovce completion.

(HN/1)