Poland is set to allocate 4.6bn zloty ($1.2bn) from its 2025 budget to initiate the development of its first nuclear power plant. The announcement was made by Poland's finance minister, Andrzej Domanski, in Olsztyn, as the country seeks to diversify its energy sources and reduce electricity costs.

The nuclear power plant, expected to be located near the Baltic Sea, is slated to begin operations in approximately ten years. Domanski highlighted the importance of combining nuclear and renewable energy sources to lower electricity prices, positioning this as Poland's largest-ever investment.

The initial funding of $1.2bn will support the 2025-2030 phase of the project, with further financial backing expected from the United States, which will provide the necessary nuclear technology. In total, around 60bn zloty will be required for this phase.

In April 2024, the International Atomic Energy Agency (IAEA) praised Poland's progress after conducting an Integrated Nuclear Infrastructure Review. The report lauded Poland's steps towards building the infrastructure necessary for nuclear energy development.

In parallel, the Polish government has also been advancing its renewable energy agenda, recently unveiling a €5bn loan program for offshore wind projects, which will be supported by EU recovery funds.

Sources:power-technology.com