Kyiv is planning to spend approximately $1.7 billion to upgrade Ukraine’s existing nuclear reactors. Rather than shutting down its fleet of Soviet-era nuclear power reactors, Kyiv is eager to modernise the reactors to ensure they are up to current Western standards.
The project has already received strong support from the West, as it has been confirmed that $600 million investment will be split evenly between the European Bank for Reconstruction and Development (EBRD) and Euratom, the EU's nuclear agency.
This plan supports the country’s bid to further it’s energy independence from Russia and embrace the opportunity of potentially exporting electricity to Western Europe.
"There is a lot of pressure around the world to life-extend existing plants as it becomes more difficult to build new ones. As a result, the utilities are wanting to hang onto the ones they've got," says Steve Thomas, former professor of energy policy at the University of Greenwich.
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