Slovakia – Czech stake repurchased; full control over the project in Bohunjice.

The Slovak state company JAVYS has acquired 49 percent of the stake in the Czech energy group ČEZ in the joint venture JESS (Jadrová energetická spoločnosť Slovenska), thereby Slovakia became the 100% owner of the project to build a new nuclear power plant

The value of the transaction is about 189 million euros (which is about 211 million dollars). The estimated value of the stake was prepared by the consulting firm EY, and was officially confirmed by the auditing firm KPMG. The ČEZ company, which is majority-owned by the Czech state, was motivated by the fact that projects to build new nuclear capacities worldwide are primarily carried out under direct state leadership. And this is a long-term plan, because the JESS company was established back in December 2009 precisely with the aim of preparing the project for a new nuclear power plant near the existing Bohunice complex.

Fico: "If we build a new power plant, we go full steam ahead"

And speaking after the signing of the agreement, Slovak Prime Minister Robert Fico stressed that taking full ownership significantly speeds up the entire process:

We agreed that the Slovak Republic would take 100 percent of this company, which means we gain full control over all documents and permits that JESS holds. In this way we can significantly accelerate the preparation and construction of a new nuclear power plant. If we have the opportunity to build a new power plant, we must go full steam ahead with full dedication.

By the way, Slovakia earlier this year signed memoranda of cooperation with the United States for a potential construction of a 1,200-megawatt American reactor block. Fico stressed that the project has already obtained the status of a strategic investment, noting that Slovakia has a "huge advantage when it comes to site readiness and permit issuance," and that it would be irresponsible not to take advantage of that momentum.

Energy record on the horizon and pressure from the AI sector

And Slovakia is just a step away from a historic record.

Namely, Slovakia currently has five operational nuclear reactors that provide more than half of the country's total electricity production, while the sixth reactor is in the commissioning phase.

The first two blocks at Bohunice have been in commercial operation since 1984 and 1985, while Blocks 1 and 2 at the Mochovce nuclear power plant have been online since 1998 and 1999. The construction of Mochovce 3 and 4, started as early as 1986 and halted in 1992, was subsequently revived – the third unit came online in 2023, while the attainment of full power of the fourth unit is expected in the coming months.

And when Mochovce 4 reaches full capacity, nuclear energy will cover as much as 77.5 percent of Slovakia's total electricity consumption – the largest share in the energy mix of any country in the world, even without taking into account the planned new block at Bohunice. And Slovakia will, in the coming months, take that title from the traditional "champion"—France.

Explaining the need for new baseload capacity, Fico warned about the growing demand from industry and new technologies:

"If we want to remain a car manufacturing powerhouse, we need new sources of energy. If we seriously discuss artificial intelligence, data centers and meeting the goals set by the European Commission, there is simply no other path than building a new nuclear power plant."

S.A.