Serbia is actively considering acquiring a minority equity stake of around 5% to 10% in the Paks 2 expansion project in Hungary, a move seen by many energy experts and policymakers as a first concrete step toward deeper engagement with nuclear energy and regional energy integration after decades without domestic nuclear generation. The Paks 2 project, currently under construction with two new VVER-1200 reactors designed by Russia’s Rosatom, represents one of the largest ongoing investments in Central European energy infrastructure and a potential source of long-term, low-carbon electricity generation.
Participation in Paks 2 would have multiple strategic benefits for Serbia’s energy landscape. Ownership of even a minority share would entitle Serbia to a proportionate claim on the electricity generated by the new reactors, potentially improving long-term supply stability and offering a hedge against volatility in fossil fuel markets. Analysts argue that integration into the regional nuclear supply network could support diversification of Serbia’s energy mix, which remains heavily reliant on coal and hydrocarbon imports, and could provide a degree of insulation from regional price fluctuations that have affected power costs in recent years.
Energy experts such as Slavko Dimović, Director of the Nuclear Sciences Institute “Vinča,” emphasize that owning a stake in a well-established nuclear project has both symbolic and practical value. It would signal Serbia’s return to the nuclear domain after more than three decades, create pathways for technology transfer, and accelerate the development of a local workforce with nuclear expertise. This “entrance into the nuclear family,” as he describes it, could catalyze broader capacity building and public engagement, helping to build national competence and confidence in atomic power.
Critically, experts stress that a minority investment in Paks 2 should not be seen as a complete solution for Serbia’s long-term energy autonomy. Serbia’s leadership has made clear that parallel efforts toward developing domestic nuclear capacity — including modern small modular reactors (SMRs) and potentially larger units on Serbian soil — remain central to national strategy. This dual approach aims to balance immediate access to reliable nuclear-generated electricity with future self-sufficiency in power generation and technology development.
From a geopolitical standpoint, engaging in the Paks 2 project positions Serbia within a network of regional cooperation that intersects with broader EU and international energy policies. While Paks 2 is built under a contract involving Russian technology, the participation of European partners in certain technological components and recent diplomatic efforts to secure regulatory and financing accommodations underscore the complexity of cross-border nuclear collaboration in the 2020s. For Serbia, this cooperation offers a platform for deeper ties with neighboring EU member states and supports initiatives aimed at synchronizing regional energy markets and infrastructure.
Minority stake in Paks 2 could provide Serbia with a stable supply of low-carbon electricity, a strategic foothold in modern nuclear energy markets, and valuable experience that informs its own future nuclear projects — while also illustrating the country’s willingness to engage substantively in regional energy cooperation after decades without domestic atomic generation infrastructure.
