Is the SMR project still active at KGHM? A surprising turn in the strategy for the next 5 years

Luc Williams

We won't rush into SMR blindly

“Small nuclear power is an attractive direction for the diversification of generating capacity, but the process of obtaining permits and construction will be extended for many years. When asked whether we will line up and rush for this technology blindly, the answer is no. Ready to install there is no reactor and there will not be for some time,” Szydło said during a press conference.

He stressed that this does not mean that KGHM is withdrawing from the SMR project.

“We are not backing down from thinking about SMR, but it seems that our expectations are ahead of the market. I cannot imagine that in the next five years there will be an entity that will offer us an EPC contract for the construction of a small reactor. If it appears, we will immediately We will enter into negotiations. Of course, in terms of costs, it must be positive for our core business,” added the president.

The plan to increase own energy sources is questionable

According to him, “it would be good” if the plan to increase it to 50%, included in the strategy, could be implemented. energy from own sources in 2030, but “without SMR sources it will be a problem.”

The head of KGHM also did not rule out the company's participation in offshore projects, although he emphasized that the preferred location for its own renewable energy sources are places where the group consumes energy.

KGHM Polska Miedź has a broad portfolio of exploration, development and production projects in Poland, Germany, Canada, Chile and the USA. The company has been listed on the WSE since 1997; is included in the WIG20 index. In 2023, KGHM had PLN 33.47 billion of consolidated revenues.



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