Turkey to Complete Review of Russia's Nuclear Power Plant Bid in Two Months

Turkey will complete a review of a bid by Russia's Atomstroiexport to build the country's first nuclear power plant within two months, with Energy Minister Taner Yildiz stating that the cabinet will receive a report on the tender in coming days. The review comes after Atomstroiexport won the tender a year ago and offered to lower the price of power from the planned nuclear station by 27 percent. The revised price of $0.1535 per kilowatt hour is still about double current rates. Turkey has guaranteed 15 years of power purchases to encourage investment in the plant, which will cost as much as $8 billion to build and is planned for a site on the Mediterranean.

Key Takeaways:

• The Turkish government will complete a review of Russia's Atomstroiexport bid to build the country's first nuclear power plant within two months.
• The review was initiated after Atomstroiexport won the tender a year ago and offered to lower the price of power from the planned nuclear station by 27 percent.
• The revised price of $0.1535 per kilowatt hour is still about double current rates, but the government has guaranteed 15 years of power purchases to encourage investment in the plant.
• The nuclear power plant, which will cost as much as $8 billion to build, is planned for a site on the Mediterranean and aims to meet 20 percent of Turkey's power needs by 2030.
• Turkey has cancelled four previous attempts to build a nuclear plant, beginning in the late 1960s, due to the high cost and environmental concerns.
• The Turkish government sees atomic power as a way to reduce its dependence on foreign energy imports, as natural gas, of which Turkey has few reserves, fires half of its power plants.

Statistics:

• 27 percent: The amount by which Russian company Atomstroiexport offered to lower the price of power from the planned nuclear station.
• $0.1535 per kilowatt hour: The revised price offered by Atomstroiexport for power from the planned nuclear station.
• 15 years: The period of power purchases guaranteed by the Turkish government to encourage investment in the nuclear power plant.
• $8 billion: The estimated cost of building the nuclear power plant.
• 20 percent: The target proportion of Turkey's power needs that the nuclear power plant aims to meet by 2030.

Sources:

• CNN Turk
• Euclid Infotech Pvt. Ltd.
• Syndigate.info an Albawaba.com company