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International Internet Magazine. Baltic States news & analytics Friday, 29.03.2024, 07:57

EU might support Visaginas NPP project

BC, Vilnius, 10.10.2014.Print version
The decision made by the European Commission enabling the United Kingdom to finance the construction of a nuclear power plant at Hinkley Point, Somerset, using state funds gives hope that support might be allocated for Visaginas Nuclear Power Plant (VAE) project as well, informs LETA/ELTA.

Representatives of law firm Sorainen believe that VAE project has become rather realistic and the European Union should not hinder the distribution of state funds to finance the construction.

 

"The European Commission is monitoring EU member states so that they would not distort competition by funding certain projects, especially in energy sector. Nuclear power plants have a vast influence over the energy market, thus, the European Commission often opposed to allocate funding or even prohibited the state to support construction or operation of NPPs. However, this week the European Commission announced that such decisions are a domestic matter, but they should not distort competition in the domestic market," said Paulius Koverovas, the Head of the Energy Sector Group at Sorainen.

 

The new precedent regarding state support regulation brings good news to VAE project as its business plan provides for ensuring state guarantee on loans, the move that would have to be authorised by the European Commission.






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