Prof. Georgi Kaschiev – nuclear physicist with international experience. He has over 50 years of experience in nuclear energy, 19 years of work at the Kozloduy Nuclear Power Plant, and is the scientific director of the launch of Unit 5. Professor of nuclear reactors at the Tokyo Institute of Technology and senior researcher at the University of Vienna.
Posted on Facebook on November 22, 2025.
The Westinghouse Nuclear Symposium was held in Sofia on November 18.
What did the media report about this event?
The newspaper 24 Hours, probably quoting the organisers, claims that AP1000 “sets records for operational efficiency.” The term is not defined. However, the IAEA’s PRIS database shows that over the last five years, the average value of the three monitored indicators for the four operating AP1000 units in China is comparable to the corresponding indicators for units 5–6 of the Kozloduy NPP, units 1-4 of the Paks NPP, and other units that have been operating for more than 30 years. It is said that 14 more AP1000 units are being built worldwide, which is not true. China is not building AP1000 units, but CAP1000 units, which are a Chinese refinement of the AP1000, adapted to the country’s norms and standards, taking into account the lessons learned from the accidents at the Fukushima NPP and others.
On November 18 this year, the head of Kozloduy NPP “New Power Plants” Mr. Petio Ivanov told Investor.bg that the export agencies of the US and South Korea had reserved $8 billion each for the project. He casually mentioned that the loans would be granted after receiving state guarantees from Bulgaria. This means a new state debt of $16 billion. Mr. Ivanov did not say (and no one asked him) what the interest rate would be and when the loans would have to be repaid. He condescendingly explains that the Ministry of Finance had to consider how to secure the remaining funds, most likely through government debt. He shares that they had studied Poland’s experience, probably including the contract it had signed to build three AR1000 units worth about $52 billion. From this, anyone can calculate that, under the same conditions, 7-8 units with AP1000 at the Kozloduy NPP would cost around $35.5 billion. Taking into account the existing infrastructure of the plant, the initial costs would be slightly lower – around/above $34 billion. This means that to cover these costs, the country’s national debt by 2035 would increase by a total of over 57 billion BGN (over 29 billion EUR), without taking into account the costs of servicing the loans. The final costs will, of course, be even higher. According to Mr. Ivanov, in early 2026, the EC would begin discussing the notification of the planned state aid for units 7-8. In my opinion, following the EU court’s decision on September 11 this year to annul the approval of state aid for the Hungarian Paks NPP, Bulgaria cannot hope for approval from the EC since it has also failed to conduct a public procedure (tender) for the selection of a supplier for units 7-8 and has violated European regulations in the field of public procurement.
Mr. Ivanov says that electricity from units 7-8 will cost 130-140 euros/MWh. Let me remind you that, according to the Ministry of Energy, the market price of electricity in 2030 will be around €100/MWh and will decrease to €80-90/MWh by 2050. (https://www.24chasa.bg/biznes/article/16704027). However, no one is asking and, accordingly, no one is answering who will buy the much more expensive electricity from the new nuclear power plant.
Former Energy Minister Rumen Radev (who pushed this project and claimed that his goal was to make it “irreversible”) claimed that it would cost up to $14 billion, and the price of electricity from it would be less than 127 BGN/MWh (https://bntnews.bg/ news/7-i-i-8-i-blok-na-aec-kozloduy-shte-struvat-14-mlrd-dolara-1266726news.html).
Now, business representatives are protesting against the 2026 budget draft and the increase in public debt. One of the most outraged is former minister R. Radev, now chairman of the Bulgarian Industrial Capital Association (BICA). But he remains silent about the fact that the nearly BGN 1.5 billion spent on the project so far and the EUR 1.5 billion transferred (according to Mr. P. Ivanov) for 2026 did not fall from the sky, but were provided by the budget through the issuance of new government debt.
In an interview with Money.bg, Westinghouse Vice President Joel Ecker says that the AP1000 is an American design (electric motors for pumps, valves, etc., electrical components and electronics are for a frequency of 60 Hz, different from European ones: the voltage of alternating and direct current, as well as the units of length, area, temperature, pressure, etc., ACME standards are used, etc.). Accordingly, says Mr. Ecker, the project must be brought into line with European and Bulgarian standards. According to him, work on the European version of the AP1000 will be completed in about 2.5 years, and then the project will be presented to the Bulgarian government.
The current Minister of Energy, Mr. Zhecho Stankov, assures that the project will comply with the Bulgarian legal framework and standards and international safety norms (https://money.bg/ energy/energiyniyat-ministar-zalaga-na-kachestvo-pri-izgrazhdaneto-na-7-mi-i-8-mi-blok-na-aets-kozloduy.html). Prime Minister Rosen Zhelyazkov also categorically states that the project must comply with all national and European rules and standards (Press Center of the Council of Ministers, March 24, 2025).
However, Mr. Ecker’s words make it abundantly clear that huge sums of money have been spent from our pockets so far and that a final investment decision is planned for the construction of a project that does not comply with European and Bulgarian standards. Perhaps this is the icing on the cake served at the third symposium.
Photo credits: Photo by Allie Reefer on Unsplash