Market Report, "Slovakia Power Report Q3 2013", published
New Energy market report from Business Monitor International: "Slovakia Power Report Q3 2013"
[UKPRwire, Tue Jul 30 2013] Thanks to anticipated subdued demand growth during 2013, coupled with some supply expansion, Slovakia should reduce its net power import requirement. However, with the domestic and regional economy in a rough patch, and power prices hovering around historic lows, there is a risk that several major investments planned for the years ahead may experience delays or fail to materialise altogether.
Unlike many countries in the wake of the Japanese earthquake and tsunami in February 2011, Slovakia remains committed to the use of nuclear energy in its power generation mix, and nuclear power will remain the most important electricity source for the country for the foreseeable future. However, a challenging economic environment and rising costs have called into question the viability of a number of major planned projects, including the building of two new reactors at the EMO Mochovce power plant in Western Slovakia. While subdued domestic demand growth in the short term should see the country reduce its net import requirements, major delays to planned investments could raise challenges for the industry in the years to come.Key trends and developments in the Slovak electricity market:
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* A spokesman for Enel said in May that the company may halt work on the construction of two new nuclear power plants at the Mochovce power plant, where two new reactors were scheduled to be completed by 2014, adding 880 megawatts (MW) of capacity. The spokesman has called on the government to 'quickly' approve a plan to increase financing for the project, with an additional US $1.03bn needed for the project to meet the most up-to-date safety standards. Slovenske - Enel's Slovakian arm - has already allotted US$3.89bn to the project and owns 66% of it.
* German utility E.ON announced on May 8 that it is seriously considering shutting down production at its 430MW gas-fired power plant in Malcenize in Slovakia. Chief Executive Johannes Teyssen said that the company's business across Europe is coming under pressure, as prices hover around historic lows, eroding its profit margins. The company has threatened to 'mothball' production - shutting down machines but preserving them in working order - in the past as a means of encouraging governments to implement market reforms.
* During the period 2013-2022, Slovakia's overall power generation is expected to increase by an annual average of just 0.9%, reaching 29.7 terawatt hours (TWh). Average annual gains of 0.4% and 2.4% in gas-fired and nuclear generation respectively will drive this growth, with supply from non-hydro renewables to grow by almost 10.6% per annum.
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