Biznes Fakty
President Andrzej Duda signed the act on financing the first nuclear power plant in Poland
President Andrzej Duda has signed the legislation to allocate over PLN 60 billion for the establishment of Poland’s inaugural nuclear power plant, as announced by the Chancellery of the President of the Republic of Poland. Approval from Brussels is still necessary.
The legislation outlines the recapitalization of the Polish Nuclear Power Plants company, which will serve as both the investor and future operator of the inaugural power plant – amounting to PLN 60.2 billion. This law is set to take effect 14 days post-announcement, contingent upon receiving the European Commission’s approval for the subsidy.
Support for the PEJ company, fully owned by the State Treasury, will be delivered via an increase in its share capital through a cash contribution. The legislation also permits capital increases through non-cash contributions, such as treasury securities.
This pertains to the Act of 20 February 2025, which amends the Act concerning the preparation and execution of investments in nuclear energy facilities and related projects, as well as the Act on profit distributions by single-member companies of the State Treasury.
Polish power plant requires approval from the European Commission
The prerequisite for the recapitalization is the European Commission’s consent for state aid. The government submitted a notification application for state aid, which includes recapitalization from the budget, to Brussels at the end of 2024. In December 2024, the Commission initiated a formal notification procedure regarding state aid for the nuclear power plant.
The legislation delineates the process for applying for an increase in share capital, determining the method of capital injection, the entities involved in the share capital increase, and annual expenditure limits from the state budget for cash contributions. This support is intended for the period from 2025 to 2030.
Furthermore, the act specifies that if recapitalization occurs via bonds, the state budget expenditure limit for cash contributions is to be adjusted accordingly. The Minister of Finance will make the decision regarding recapitalization upon the request of the Government Plenipotentiary for Strategic Energy Infrastructure.
The legislation stipulates that the authorized representative cannot request the Minister of Finance for the recapitalization of PEJ until the European Commission grants approval for public aid in this manner.
Polish Nuclear Energy Program
The current iteration of the Polish Nuclear Power Program (PPEJ) as of 2020 anticipates the construction of two nuclear power plants with a combined capacity of 6-9 GW, with Polish Nuclear Power Plants, a fully state-owned entity, serving as the investor and operator. The prior administration identified the Westinghouse-Bechtel consortium as the partner for the initial power plant to be established in Lubiatowo-Kopalino in Pomerania.
Nuclear power plant – generator ShutterstockThe government projects that 30% of the construction expenses will be financed from the investor’s own resources, comprising the capital injection mandated by law, with the remaining 70% sourced from debts incurred with financial institutions.
According to the latest statements from the Government Plenipotentiary for Strategic Energy Infrastructure, the so-called first nuclear concrete for the initial reactor is scheduled to be poured in 2028, with the commercial operation of the first unit aimed for 2036.
Nuclear power plant PAP/Maria SamczukThe second nuclear power plant in Poland
Bełchatów and Konin are the two preferred sites under consideration for the construction of Poland’s second nuclear power plant, as announced by Paweł Gajda, director of the Nuclear Energy Department at the Ministry of Industry, in mid-March.
– These locations, particularly Bełchatów and Konin, are actively pursuing this investment – he added.
As Paweł Gajda noted, the site selection has been narrowed down to areas where coal-fired power plants currently exist. – Our goal is to facilitate this transition from coal to nuclear energy – he elaborated.
