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Energoatom received a € 100 million loan for the Comprehensive Safety Upgrade Program of Ukrainian NPPS

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On Thursday, July 23, 2020, SE “NNEGC “Energoatom” received € 100 million from the European Atomic Energy Community for the implementation of the Comprehensive (integrated) Safety Upgrade Program (C(i)SUP) of Ukrainian nuclear power units, approved by the Government decision back in 2011. This is the third tranche under the Loan Agreement concluded with Euratom in 2013 and ratified by the Verkhovna Rada in May 2014.

As a reminder, a € 300 million Loan Agreement for the implementation of this Comprehensive Program came into force at the end of May 2015. Taking into account the agreement with the second lender of C(i)SUP, the European Bank for Reconstruction and Development (EBRD), which came into force in December 2014, the total loan amount was € 600 million, and this is the largest loan from European institutions in the development of the industry in the history of Ukrainian energy industry.

Energoatom considers the Comprehensive (integrated) Safety Upgrade Program (C(i)SUP) of Ukrainian nuclear power units to be a priority. The Program was developed taking into account the stress-tests performed at Ukrainian NPPs after the accident at Japanese NPP Fukushima (“post-Fukushima measures”), and it establishes the scope of measures to be implemented at all national NPP power units to bring their safety level to international standards.

Expenditures for the implementation of the Program are covered by the tariff, that is, funds SE “NNEGC “Energoatom” receives from the sale of electricity generated by nuclear power plants and loans provided by EBRD and Euratom.

It is also worth recalling that Euratom and EBRD laid down strict conditions to Ukraine without which the Loan Agreements would not have been effective. One of the most important requirement is assurance of State Nuclear Regulatory Inspectorate of Ukraine (SNRIU) independence. Our country fulfilled this requirement when, at the end of May 2020, the Verkhovna Rada adopted draft law No. 2372 “On Amendments to Certain Laws of Ukraine Concerning the Safety of the Use of Nuclear Energy”. Therefore, Ukraine regained the status of a state responsible for nuclear safety, and SE “NNEGC “Energoatom” got the opportunity to continue to use the Euratom loan.