The Chairman and CEO of Paks II Ltd. explained during the executive panel discussion on the challenges and dilemmas of the transforming electricity market, emphasizing that due to changing factors, nuclear power plant construction projects are worldwide surrounded by risks. – A large number of projects are currently in the preparation phase. Looking only at our neighboring countries, Slovakia, the Czech Republic, and Poland are all planning to build new nuclear power plants. Currently, Paks II is the largest and most advanced investment within the European Union, – he pointed out. He emphasized that in the absence of reference points, there is little to rely on during the preparation and implementation phases of such investments. He highlighted that China is leading globally in this area, where two state-owned companies are building more than fifty power plants simultaneously.

– It’s an important message for the nuclear construction community that it may be worthwhile to consider how to improve our relationships, how to align supply chains, and build benchmarks. It could be crucial for Europe today to develop the competence to measure ourselves, track our progress, share experiences, learn from others, and thereby build a safely operable nuclear power plant in a shorter timeframe, – he stressed.

During the panel discussion, Gergely Jákli also noted that while the market has high expectations for the emergence of small modular reactors, their construction will also face challenges similar to those encountered in large-scale plant construction. He pointed out that SMR projects must also consider site-specific geotechnical and geological factors, involve complex logistics, and require appropriate infrastructure.
 According to the Global Energy Review published by the International Energy Agency (IEA) on Monday, global energy consumption grew much faster in 2024 than in the previous ten years: it increased by an average of 1.3% between 2013-2023, but by 2.2% last year. As Portfolio.hu reported, according to the IEA, electricity consumption shows a similar trend: it jumped by 4.3%, almost double the average rate of the previous ten years.

The detailed study by the IEA highlights that 80% of the surge in electricity consumption was covered by the increase in renewable and nuclear-based energy production, and the two together accounted for 40% of total energy production, which is unprecedented.

The Global Energy Review of energy trends for 2024 shows that more than 80% of the growth in energy consumption was accounted for by developing countries and emerging economies, but energy consumption in advanced economies also increased after several years of decline.

The growth in global energy demand was led by the electricity sector, with consumption increasing by 1,100 terawatt hours, or 4.3%. Increased cooling demand due to record high temperatures, growing industrial consumption, the electrification of transport, and the spread of data centres and artificial intelligence all contributed to the sharp increase.

Most of the increased electricity demand was covered by the expanding supply of low-emission energy sources: renewable energy capacity increased by 700 gigawatts worldwide, and nuclear power capacity expansion reached the fifth highest level in the past three decades.

The Portfolio article also mentions that energy-related carbon dioxide emissions increased by 0.8% to 37.8 billion tonnes, but the spread of clean energy technologies is increasingly decoupling the growth of emissions from economic growth.

Half of the electricity produced in our country and a third of the electricity used are currently provided by the operating nuclear power plant. The two new Paks units are intended to maintain nuclear energy production in the long term, and their construction will guarantee Hungary’s security of supply even with growing energy demands. The Paks II. project will also significantly contribute to maintaining Hungary’s climate-friendly electricity supply.