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Market Report, "Slovakia Power Report Q2 2013", Published

New Energy research report from Business Monitor International is now available from Fast Market Research


Boston, MA -- (SBWIRE) -- 05/28/2013 -- BMI View: Thanks to anticipated subdued demand growth during 2013, coupled with some supply expansion, Slovakia should reduce its net power import requirement. The growth in nuclear capacity from around 2013/14 should diminish the country's reliance on imported gas as a fuel for power generation, and Slovakia will also scale back the use of coal and oil.

Unlike many countries in the wake of the Japanese earthquake and tsunami in February 2011, Slovakia remains committed to the use of nuclear energy in its power generation mix. In November 2012 the country's Economy Minister Tomas Malatinsky stated that Slovakia will continue to rely on nuclear energy for the foreseeable future, and plans to build two new reactors at the Jaslovske Bohunice power plant remain firmly on the table. This stance has been reinforced by a report released in December 2012 by the Slovak Technical University, which showed that the power grid is currently not ready for the construction of renewable energy sources, or other new sources of power.

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Key trends and developments in the Slovak electricity market:

- Enel is committed to investing US$3.8bn in Slovakia's power sector. The majority will go towards the EMO Mochovce nuclear power plant, which is expected to cost approximately US$3.6bn. Two new nuclear power reactors, known as Mochovce 3 and 4, are expected to be completed by 2014 and will add 880 megawatts (MW) of capacity. The government is considering the construction of a new nuclear power plant in Jaslovske Bohunice, in place of the decommissioned NPP V1 plant.
- During the period 2013-2022, Slovakia's overall power generation is expected to increase by an annual average of just 0.9%, reaching 29.7 terawatt hours (TWh). Average annual gains of 0.4% and 2.4% in gas-fired and nuclear generation respectively will drive this growth, with supply from non-hydro renewables to grow by almost 10.6% per annum.
- Following an estimated 2.5% increase in real GDP in 2012, BMI forecasts average annual growth of 3.1% between 2013 and 2022. The population is expected to rise only slightly, from 5.5mn in 2013 to 5.6mn in 2022, with net power consumption looking set to increase from 26.7TWh to 27.8TWh. During the period, the average annual growth rate for electricity demand is forecast at just 0.5%, though risks to this forecast are to the upside as the economic climate improves.
- Thanks partly to the forecast rise in net generation, growth of which exceeds the underlying demand trend, Slovakia's power supply shortfall should decline steadily. A lower percentage of transmission and distribution losses will help strengthen the market. The net import requirement could have been eradicated by 2016 and could be transformed into potential net exports of more than 0.3TWh by the end of the forecast period if capacity is expanded in line with forecasts.

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