Poland intends to continue developing the nation’s first nuclear power station, moving against analysts’ concerns that the $15.8 billion project may not materialize. The program is overseen by PGE Polska Grupa Energetyczna SA (PINK: PGPKY), Poland’s top utility.
The government’s blueprint for power sector development takes into account total expenses of around 60 billion zlotys ($19.1 billion) by the end of this decade. The funds will go into eight new power units in Turow, Opole, Pulawy, Blachownia, Stalowa Wola, Jaworzno, Kozienice, and Wloclawek.
“There will be an additional 50 billion zlotys on the power station, but this investment decision, the choice of technology, this will come only in 2015,” Treasury Minister Mikolaj Budzanowski told broadcaster TVP Info.
PGE has only begun scouting for locations, and that’s going to be a long process—expected to close in 2015.
Poland has been pushing into nuclear and renewable power to slash its dependence on Russian fuel and polluting coal. The hope is to launch a 3 GW nuclear facility by 2023 and double that by 2030.
International interest runs high; GE Hitachi, Areva (EPA: AREVA), and Westinghouse have all indicated interest in supplying materials and technology.