Slovakia to buy CEZ stake in joint venture JESS in H1

Bratislava, April 1 (CTK correspondent) - Slovakia should acquire a 49 percent stake in joint venture (JESS), which plans to build a new nuclear power plant with a 1,200 MW capacity in the country, from Czech energy group CEZ in H1 of this year, JAVYS board chairman Peter Gerhart said at a press conference today.

Representatives of the state-controlled JAVYS (Jadrova a vyradovacia spolocnost) did not disclose the value of the transaction, which had previously been announced by Slovak Prime Minister Robert Fico. According to the opposition party Progressive Slovakia, the price of CEZ’s stake in JESS (Jadrova energeticka spolocnost Slovenska) could reach between EUR200m and EUR230.

"I expect that JAVYS will become the sole owner of JESS before the end of the first half of this year," Gerhart said. JAVYS currently holds a 51 percent stake in JESS.

JESS was established during Fico's first term in office in 2009, when his government selected CEZ as its partner for the construction of a nuclear power plant. The original plan was for the new unit to begin generating electricity in 2020. However, construction of the plant has not even begun yet.

Fico's current cabinet has decided, however, that the new nuclear power plant will be state-owned. US company Westinghouse is expected to become Bratislava's main partner in the project. According to an earlier statement by Fico, Slovakia intends to sign a relevant agreement with Westinghouse next year.

tam/er

CZ0005112300