OREANDA-NEWS. In October 2014, as agreed between TVEL Fuel Company and MVM Hungarian Electricity Ltd, the Paks Nuclear Power Plant will begin a changeover of its Power Unit 3 to the second generation fuel that will extend the fuel cycle up to 15 months. The first 12 fuel assemblies with an improved profile will be loaded in the reactor soon. The second generation fuel, which is more consumer-focused and has better operating and financial performance, was produced by MSZ, a TVEL Group company.

The Paks Nuclear Power Plant, a subsidiary of the fully state-owned MVM Group, obtained a regulatory permit to load the second generation fuel (4.7% of U-235) in Power Unit 3. Starting from 2015, the new fuel will first be used alongside with the standard 4.2% U-235 fuel, and the Paks NPP will begin a gradual transition to a 15-month fuel cycle, running on the improved fuel.

The new fuel has a proven track record in Russia, Slovakia, the Czech Republic and Finland.

Products and services related to the initial stage of the nuclear fuel cycle form the core of TVEL FC's activities (about 80% of 2013 revenue). In 2013, the Company invested RUB 1,687 million in research and development of nuclear fuel (RUB 1,779 million in 2012).

Paks NPP is the only Hungarian nuclear power plant. It was launched in 1982 and now produces 50.71% of total power generated by the country. The nuclear fuel supply contract signed between TVEL and our Hungarian partner in 1999 is valid for the entire NPP service life (extended till 2037). Fuel sales in 2013 amounted to about EUR 83 million.