Hungary has officially marked the beginning of construction on the Pakš II nuclear power station, a major expansion of the country’s flagship nuclear facility, with the ceremonial pouring of the first concrete in early February 2026. The event follows more than two years of preparatory work at the site near the town of Paks, where two new generation reactors designed to roughly 1,200 megawatts each will eventually be added to Hungary’s existing four-unit complex, nearly doubling the plant’s output. This project is a cornerstone of Hungary’s long-term energy strategy, aimed at securing low-carbon baseload generation, and is being developed under a custom agreement with Russia’s state nuclear corporation Rosatom and financed primarily through a long-term Russian loan. The new units, which represent a €12½ billion investment, are slated to enter operation in the early 2030s, with a planned lifetime of at least 60 years.
For Serbia, the launch of Pakš 2 has opened a new chapter in its regional energy cooperation. Officials in Belgrade have publicly reiterated interest in acquiring a minority stake in the new nuclear plant, with proposals ranging from 5 % to 10 % ownership floated by Serbian political and technical representatives. Such a stake, if realized, would entitle Serbia to a fixed proportion of the electricity generated and potentially offer long-term stable supply to support its own growing energy demand. Serbian interest in nuclear cooperation with Hungary is not new; President Aleksandar Vučić has previously raised the possibility of purchasing a share in the Paks expansion as part of broader efforts to diversify the country’s energy sources and strengthen regional integration.
Belgrade’s stated rationale goes beyond a mere financial investment. Serbian experts have described participation in Pakš 2 as a strategic decision to embed Serbia more deeply in modern regional energy flows, offering both energy security benefits and potential revenue streams through power deliveries or wholesale market participation. Officials emphasize that ownership would not simply be a passive holding but a meaningful stake aligned with Serbia’s long-term objectives of securing reliable, low-carbon baseload capacity amidst fluctuating regional energy markets.
The Paks nuclear complex already plays a central role in Hungary’s domestic energy mix. The existing four reactors at Paks have historically contributed more than half of Hungarian electricity output, and the two new reactors under Pakš 2 are expected to cement the facility’s position as a dominant source of clean electricity in Central Europe. The Hungarian project has navigated regulatory and geopolitical complexities, including challenges around European Union procurement rules and the sourcing of construction financing amid broader geopolitical tensions, yet Hungarian authorities have maintained that the project remains compliant with safety and regulatory standards and central to national energy strategy.
Serbia’s overture toward a stake in Pakš 2 intersects with broader shifts in its own energy policy. In recent years Belgrade has revisited long-dormant discussions about potential domestic nuclear energy options and legislative adjustments that would permit nuclear energy deployment on Serbian territory, reflecting a renewed strategic interest in nuclear as part of its future energy mix. Within this context, acquiring a stake in an operationally advanced plant like Pakš 2 could serve both as a pragmatic step toward securing future power supply and as a learning platform for any future Serbian nuclear endeavors.
Analysts caution, however, that the economics and geopolitics of cross-border nuclear investment are complex. The cost of participation must be weighed against alternative investments in domestic generation or cross-border power contracts, and Serbia’s engagement in a project developed under a Russian contract on EU soil carries geopolitical nuance. At the same time, Hungary’s outreach on energy cooperation underscores a broader regional dynamic in which nuclear power is increasingly seen as a stable complement to intermittent renewable generation and a hedge against fossil fuel price volatility.
As Pakš 2 moves from preparatory stages into full construction, Serbia’s pursuit of a minority stake in the project will likely form part of an ongoing conversation with Budapest and other regional partners about shared energy infrastructure, market integration, and long-term electricity planning. The extent to which Belgrade’s ambitions are realized remains to be seen, but the dialogue highlights an evolving energy landscape in Central and Southeastern Europe, where nuclear power once again plays a prominent strategic role.
