What is wrong with EXIM’s plan to pay for Westinghouse reactors in Ukraine?
Source: Olexi Pasyuk
Briefing | 27 March 2023
In June 2022, Energoatom, the Ukrainian state energy company that operates the country’s nuclear fleet, signed an agreement with the Westinghouse electric company to build 9 new nuclear reactors. The history of both companies casts doubts on the likely success of such a project. The Export-Import Bank of the United States (EXIM) and Ukrainian Ministry of Finance are expected to provide guarantees, passing the risks to taxpayers in both countries. In an unlikely scenario where any unit will be completed by Westinghouse in Ukraine, it will bring unnecessary financial and security risks. Instead, public funding should support a modern distributed energy system based on renewable energy and improved efficiency of the nation’s energy use.