Serbia has expressed interest in participating in the construction of Hungary’s Paks 2 nuclear power plant, potentially acquiring 5 to 10 percent of its power generation capacity. This move follows discussions between Serbian President Aleksandar Vučić and Hungarian Prime Minister Viktor Orbán. Serbia is prepared to pay the full price for this stake, but Hungary has yet to respond.
The Paks 2 project, which will add 2.4 gigawatts of power through two new reactors, is being built by Russia’s state-owned Rosatom. While the European Union has exempted the project from sanctions due to its energy importance, geopolitical tensions, particularly related to Russia’s role in the war in Ukraine, could complicate matters. The EU’s stance on Russian involvement in energy projects remains a point of uncertainty.
Serbia’s participation would allow it to secure significant electricity generation, with 10 percent of Paks 2 producing around 240 megawatts annually. This would contribute to Serbia’s energy needs and provide a source of revenue if sold on the market. However, experts caution that the cost of participation must be carefully evaluated.
Experts like Nikola Rajaković argue that buying a stake in Paks 2 could be a practical solution, offering Serbia reliable electricity while avoiding the challenges of building a nuclear plant domestically. However, concerns about the project’s cost and the potential for delays remain. Miodrag Kapor suggests that Serbia could instead focus on renewable energy sources like geothermal and biomass, which could provide stable energy at a lower cost.
The Paks 2 nuclear plant, with a total cost of about 12 billion euros, is expected to be completed by the early 2030s, although construction delays are likely.