Hungarian Power Companies Ltd.

We provide energy to your everyday life

Skip Navigation LinksPaks II. Zrt. » Paks II. Ltd. » Paks II. » Mission and Strategy

Skip Navigation LinksMission and Strategy

The goal of the Company is to perform at a high professional standard the tasks involved in the preparation of the establishment of new nuclear power plant units. On the basis of the decision of the Shareholders’ Meeting of MVM Hungarian Electricity Ltd., MVM Paks II Nuclear Power Plant Development Private Limited Company (today Paks II Nuclear Power Plant Private Limited Company), operating as a project company, has been doing the preparatory work for the establishment of the new nuclear power plant units since 26 July 2012. The performance of these tasks represents the basis for the successful implementation of the proposed project, which is essential for meeting Hungary’s future electricity demand.
Following ratification by Parliament of the intergovernmental agreement between Hungary and Russia on the use of nuclear energy for peaceful purposes, the mission of Paks II Ltd. is to establish the new nuclear power plant units and to manage the project, whereby it will significantly contribute to increasing the growth potential of the national economy and maintaining Hungary’s safe supply of electricity at an affordable price.
On the basis of the analyses performed by MAVIR Hungarian Transmission System Operator Company Ltd., the present condition of the power plants operating in the Hungarian electricity system and the expected increase in electricity demand require the commissioning of about 6,300 MW of new gross power plant capacities in the next 15 years. In order to guarantee the security of domestic supply and to keep prices at an affordable level, of the planned new capacity, the installation and utilisation of 2,000 to 3,000 MW of nuclear power plant capacity is necessary, especially since the operational units of the Paks Nuclear Power Plant will have to be shut down between 2032 and 2037, and the establishment of a power plant takes several years, even up to a decade.
The decision preparation documentation relating to the resolution of Parliament required for commencing the preparation of establishment was done by MVM Group. On the basis of the documentation, on 30 March 2009 Parliament approved the proposal of the Government for granting consent in principle.  The implementation of the parliamentary resolution began at the Paks site to unite the preparatory work of the new units to be established, obtaining the required licenses and permits and the steps of establishments.