The planned construction of Units 7 and 8 at the Kozloduy Nuclear Power Plant could generate up to 55 billion euros for Bulgaria’s economy over their operating lifetime, according to project representatives presenting updated progress on the initiative.
The briefing, held in Sofia with participation from Kozloduy NPP – New Capacity, Westinghouse, and Hyundai E&C, highlighted the project’s expected long-term economic and energy impact. Officials stressed that the expansion is essential for strengthening Bulgaria’s energy independence and reducing reliance on imported fuels.
Executive Director Petyo Ivanov said the investment carried broad macroeconomic significance beyond the energy sector.
“Bulgaria needs the construction of Units 7 and 8 to ensure energy independence and support economic development,” he stated, adding that the project would influence the economy even during the construction phase.
According to Ivanov, the building period alone is expected to last around a decade, during which it could contribute approximately 1% annually to GDP growth. Over the full operational cycle of roughly 60 years, he estimated that the two reactors would generate about 55 billion euros in added economic value, alongside an average long-term GDP contribution of around 0.8% per year.
He noted that final cost parameters and the future electricity price would only be clarified after the Engineering, Procurement and Construction (EPC) contract was signed. Until then, no binding financial projections have been finalized.
Westinghouse representatives confirmed that the AP1000 reactors are currently expected to begin operations in 2037. Senior vice president Joel Eacker said extensive preparatory work had already been completed, including technical studies in Bulgaria and early efforts to develop a domestic supply chain.
“We have carried out significant preparatory work and developed a full schedule for design, procurement, and construction,” Eacker said, adding that planning was already in place for equipment delivery and project execution.
He also emphasized cooperation with Bulgarian firms, noting that local engineering companies were actively involved and that European-produced steel is being used.
Eacker said the next key step was obtaining approval from the European Commission, which would enable Bulgaria to move forward with the investment framework and complete the financial model for the project. Work is also underway to prepare documentation required for securing bank financing.
The company has signed 36 memoranda of understanding with Bulgarian suppliers so far, reflecting efforts to integrate local businesses into the construction and supply chain.
Hyundai E&C’s global project leader Kiwon Lee said a preliminary risk assessment for the AP1000 construction at the Kozloduy site has already been completed. He added that teams are now focused on finalizing an integrated timeline and financial framework, along with permitting procedures and supply chain development.
“We are accelerating the overall process and maintaining close coordination with the Nuclear Regulatory Agency,” Lee noted, highlighting the combined involvement of international and Bulgarian engineering teams in implementation.
Westinghouse senior vice president Ellis Gedeon underlined the broader global context for nuclear expansion, stating that roughly half of the world’s operating nuclear plants already used the company’s technology. He pointed to rising global demand for nuclear energy driven by decarbonization goals, energy security concerns, and the need for stable electricity supply systems. (Novinite)