Author: Lucia Lauková

Electricity consumption in Slovakia could, according to forecasts by the Slovak Electricity Transmission System (SEPS), grow by 30 to 70 percent by 2040. The growth is driven by the electrification of industry, transport, and heating. For large investors, it is not only the price of electricity that matters, but increasingly its carbon intensity, as ETS2 pressure and corporate climate commitments are making low-carbon sources a requirement, not an advantage.

Slovakia is responding to this challenge by betting on nuclear energy. With a share of nearly 62 percent of nuclear in electricity generation, it has a relatively clean and stable energy mix. This could be its strongest card in the competition for investors at a time when the country's competitiveness has been declining long-term, labor costs have approached those of neighboring economies, and neither taxes nor infrastructure are attracting investors today.

The condition, however, is to break free from the Soviet legacy. Otherwise, it is impossible to guarantee fuel supply security, eliminate geopolitical risk, or meet EU conditions for financing strategic energy investments. The key question therefore remains: who will Slovakia rely on in building this nuclear future?

Everything necessary in one room

The nuclear renaissance in Slovakia has been driven more by geopolitics than by efforts to reduce fossil fuel consumption. While gas requires thousands of kilometers of pipelines and a constant supply from unstable regions, nuclear offers self-sufficiency on a relatively small scale.

"To cover annual consumption, Slovakia needs approximately 55 huge tankers. A three-year fuel supply for two reactors fits comfortably into one ordinary room," illustrated Andrej Žiarovský, Director of Strategic Development and International Projects at VUJE Trnava. This low time preference, he argues, allows the country to insulate itself from global turbulences.

The pragmatic shift in the perception of nuclear power plants — which became unpopular mainly after the accident at Fukushima in Japan — also reflects a change of mood in Europe. Even Germany, the biggest opponent of nuclear energy, is now talking about a return to the technology. In Brussels, nuclear energy is returning to the category of strategic investments after years of being pushed aside.

European Commission President Ursula von der Leyen openly admitted at the March summit in Paris that the retreat from this source was a mistake that weakened the continent. "Reducing the share of nuclear was a choice. I think it was a strategic mistake for Europe to turn its back on a reliable and affordable source of low-emission energy. That should change," she stated.

The "made in EU" rule

Who will Slovakia rely on for its plans? The government is choosing a partner from the West — and from across the Atlantic at that.

"The Government of the Slovak Republic has decided to build a new nuclear source in Jaslovské Bohunice, and we will cooperate very closely with the United States of America on its construction. In January, Prime Minister Robert Fico signed an intergovernmental agreement with US Energy Secretary Chris Wright that deepens the transatlantic partnership, particularly in the field of nuclear energy," stated Minister of Economy Denisa Saková at the March AmCham conference in Bratislava.

The project — intended as a replacement for the aging V2 units after 2040 — was entrusted to the company Jadrová energetická spoločnosť Slovenska (JESS).

"Preparatory project activities are currently underway, including technical assessment of the solution, preparation of the contractual framework, and continuation of the permitting processes," said JESS communications and education specialist Marta Pavliková.

The AP1000 technology is to be supplied by American company Westinghouse, with estimated costs approaching 15 billion euros.

"At this stage, only indicative estimates of total costs exist, which may be further refined depending on the project scope, the final contractual model, and the financing structure," added Pavliková.

She also emphasized that nuclear projects are complex investment units with a long time horizon, requiring consideration of multiple types of risk — which is why they are preparing the project from the outset to ensure effective risk management at every stage.

Westinghouse President for the Czech Republic and Slovakia, Petr Brzezina, stressed that the new unit is intended to become part of a broader European network of American investments. "We believe the new unit at Bohunice can become part of a fleet of AP1000 reactors in Europe, and that the Slovak nuclear industry will participate in its delivery, servicing, and operation," he said at the same event.

However, the Slovak government's strategic choice to cooperate closely with the US is running into new legislative constraints in Brussels. The European Commission recently introduced a proposal for the Industrial Accelerator Act (IAA), which pushes for strict "Made in EU" rules. The regulation introduces mandatory requirements on the European origin of products in public procurement and state aid schemes in strategic sectors.

These could complicate the provision of state aid for projects using non-European suppliers — including the American AP1000 technology selected for Bohunice. This creates a state of strategic uncertainty for Slovakia: while the IAA promises accelerated administration within 18 months, the European-origin requirement for technology may be a barrier for publicly funded projects.

Power plants are changing the fuel

Slovenské elektrárne (SEAS), which operates all existing nuclear plants at Mochovce and Jaslovské Bohunice, will not be involved in building the new nuclear source. The government wants to build the new unit in Bohunice under 100 percent state ownership, whereas it holds only a 34 percent stake in Slovenské elektrárne.

However, cooperation with Western partners also concerns SEAS. While continuing to focus on the operation and maintenance of existing units, they are looking for alternative fuel and technology suppliers for their reactors, in order to reduce dependence on Russia.

Westinghouse has had a long-standing presence in Slovakia — it has an office in Trnava and cooperates on the decommissioning of the Jaslovské Bohunice plant. It had expressed interest in supplying fuel for Slovak reactors previously, but at the time the Russian state company TVEL won the tender. That contract was valid until 2026.

The situation changed with Russia's attack on Ukraine in 2022. Slovenské elektrárne signed an agreement with Westinghouse in 2023, and a year later with French company Framatome, which designs and services components and fuel for nuclear power plants. The goal was to have at least two independent suppliers for each stage of the fuel cycle.

First deliveries of alternative fuel for VVER-440 reactors are expected in 2027, but this is conditional on the successful completion of the licensing process with the Nuclear Regulatory Authority (ÚJD SR), which must confirm that Western fuel is 100 percent safe in Soviet-era reactor types.

Fuel replacement in a reactor does not happen all at once. At each annual outage, approximately one fifth to one quarter of the fuel assemblies are replaced. Full replacement of Russian fuel is therefore estimated to occur no earlier than 2032. Until then, the transition period is covered by existing stockpiles, which should last until approximately 2030.

Waiting for the permit 

Although first deliveries of new, non-Russian fuel are expected as early as 2027, the regulatory process has not yet begun. "At present, the Nuclear Regulatory Authority of the Slovak Republic (ÚJD SR) is not conducting any administrative proceedings in connection with granting approval for the use of a new type of nuclear fuel," stated ÚJD office director Miriam Vachová.

It is up to the holder of the nuclear power plant operating license — Slovenské elektrárne — to decide when they have the documentation ready and submit such an application. The company did not respond to euBrief's questions regarding new sources and their deliveries.

According to Vachová, Slovenské elektrárne declare that the planned Framatome fuel is to be technically identical to the current fuel. "If the fuel is completely identical, no approval for its use will be required. If there are differences — such as labeling of fuel assemblies or other differences that do not affect the fuel's properties — such approval would be needed," she clarified. In that case, the assessment would be focused solely on the identified differences, making the entire process less time-consuming.

Framatome and four European VVER-440 reactor operators — ČEZ (Czech Republic), Fortum (Finland), MVM Paks NPP (Hungary), and Slovenské elektrárne — are also planning further cooperation. In early April, they signed a contract for the joint development of exclusively European fuel.

The project is to proceed in stages: first the design of a fuel assembly and transport container, then a test assembly program enabling fuel licensing at all participating plants. Production will take place at Framatome's French and German facilities.

"Long-term safe operation of nuclear power plants requires a stable and diversified fuel supply chain. Slovenské elektrárne's participation in the development of European fuel for VVER-440 reactors is a logical step in managing technological and supply risks," said Branislav Strýček of Slovenské elektrárne.

Small reactors as a technological complement

Alongside large-scale units, Slovakia is increasingly and intensively analyzing the deployment of small modular reactors (SMRs). The European Commission plans to bring this technology into operation in the EU in the early 2030s.

According to Andrej Žiarovský, small and large reactors are not competitors but necessary partners in the network. "These technologies are complementary. In an energy mix, a large reactor makes as much sense as advanced modular technologies," he explained. SMRs could thus serve directly to decarbonize industrial centers such as Vojany or the U.S. Steel Košice site — both already confirmed as suitable locations by a feasibility study under the Phoenix project.

According to the European Commission, small reactors represent a more attractive option for private investors due to their smaller footprint and lower cooling water consumption. However, the Commission also acknowledges their current economic challenges in accompanying technical analyses. "SMRs have their 'but,' and that is the cost per megawatt-hour generated. Until there are large series of these units, production will always be more expensive than with large sources," noted Petr Brzezina of Westinghouse.

For microreactors, for example, the Commission estimates the levelized cost of electricity at up to 140 US dollars per MWh, making them currently non-competitive for supply to the regular electricity grid.

For comparison, Slovenské elektrárne delivered electricity to the grid in recent years at 61.21 euros per MWh, while the final price for households, after adding distribution and fees, ranged from 155 to 204 euros per MWh — less than half the estimated cost of microreactors.

The repository is too far away

The last, yet strategically crucial, piece of the puzzle is nuclear waste management. The European Commission's taxonomy of sustainable investments makes the classification of nuclear as a sustainable source conditional on the existence of concrete plans for deep geological repositories.

"All investment projects in the EU nuclear industry must meet the strictest standards of nuclear safety, radiation protection, radioactive waste management, and the security safeguards applicable in the EU," it emphasizes.

Although Slovakia, thanks to its experience from the V1 decommissioning, recycles up to 95 percent of material, the final disposal of high-level waste remains a challenge for entire generations. "Thanks to this, we have in Slovakia practically all the technologies for radioactive waste processing that are available," emphasizes Žiarovský.

Slovakia currently plans, under its national programme, to bring a deep geological repository into operation around 2065. Compared to countries such as Finland — whose deep repository Onkalo, located near the Olkiluoto nuclear power plant, is already nearly complete — this represents a significant time lag.

The Nuclear Regulatory Authority currently clearly declares that decision-making on this strategic horizon is outside its competence, leaving the political responsibility with the state and the company JAVYS. Slovakia's strategy for the back end of the nuclear fuel cycle explicitly states that ultimate responsibility in this area lies with the state.