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Financial Problems Hit Nuclear Projects in the Balkans

Financial Problems Hit Nuclear Projects in the Balkans

Latvian President Andris Berzins has reaffirmed Latvia's interest in buying electric power generated by Lithuania’s Visaginas nuclear power plant, but asserted that because of the country’s fiscal situation, Latvia would be unable to afford financing new projects for the foreseeable future.

Berzins said in an interview, "It is for the Lithuanian state to deal with this matter, and it would be unwise for them not to go ahead with this project, because they have people who know how to do it.... I am not totally against this project and I wish Lithuania luck. The question is about Latvia's ability to finance this project, which would increase either the government debt or the debt of (Latvian national power utility) Latvenergo," BNS news service reported.

When queried about Latvia's possible financial involvement with the Visaginas NPP project, Berzins remarked, "Sales opportunities are key to each business project, and this is business.... Latvia, of course, is interested, but the question is about terms.... The question is, how much and who would be ready to buy from this new enterprise. It is obvious that Latvia would be interested in buying (electricity)," adding, "Since this Lithuanian NPP project was delayed, Latvia decided to go ahead with its TEC-2 (thermal power plant) project and invested in it."

By. Joao Peixe, Deputy Editor OilPrice.com



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