Serbia is exploring new energy strategies in response to potential electricity supply challenges across Europe. Serbian President Aleksandar Vučić revealed that he has formally requested Hungarian Prime Minister Viktor Orbán to consider Serbia purchasing a 5% or 1% stake in Hungary’s Paks Nuclear Power Plant, at full market price. President Vučić emphasized that Hungary has agreed to review the proposal.
This move comes as Serbia begins to assess its own future nuclear energy options. In June 2024, Serbia’s Ministry of Mining and Energy launched a tender for a preliminary technical study to evaluate the potential use of nuclear energy in the country. The study, estimated to cost around 120,000 euros, will explore the possibility of integrating nuclear power as a stable and low-carbon energy source to complement Serbia’s growing energy needs. This assessment is part of a broader plan to manage energy demands in the coming decades, driven by factors like the electrification of the economy, an increased share of renewable energy sources and a gradual reduction of coal-based energy production.
The study will include a comparative analysis of different nuclear technologies, including conventional third-generation nuclear power plants and more advanced options like small modular reactors (SMRs). The goal is to determine which technology would best suit Serbia’s unique needs for sustainable energy.
Before committing to a nuclear program, Serbia intends to integrate the findings of this analysis into its national energy strategy, taking into account documents like the Integrated National Energy and Climate Plan and the National Energy Development Strategy.
Meanwhile, Hungary’s Paks Nuclear Power Plant, currently supplying about 50% of the country’s electricity, is undergoing significant expansion. In 2014, Hungary signed an agreement with Russia’s Rosatom to add two new reactors, increasing the plant’s output from 2,000 MW to 4,400 MW. This expansion is being financed with a 10 billion euro loan from Russia, covering about 80% of the construction costs. Although the first new unit was originally expected to be operational by 2023, the latest timeline predicts the first reactor will not be ready until 2030-2031.
