On Friday, Mirosław Czekaj, president of BGK, met with Piotr Piela, vice president of Polskie Elektrownie Jądrowe (PEJ). The talks focused on the BGK capacity to finance the nuclear power plant construction in Poland.
During the talks, we presented BGK's position and our capabilities for financing the construction of the nuclear power plant in Poland. For several months, we have been emphasizing that we see an enormous growth potential in this investment project, not only for the energy sector, but for the entire economy. The construction of the nuclear power plant in Poland will trigger a series of investment projects and may be a significant stimulus for development. Therefore, it is important to involve Polish entrepreneurs who already have experience with such projects.
By building a nuclear power plant and the entire Polish nuclear sector along with it, we are also laying a strong foundation for the economic growth of Poland. A nuclear power plant means, among other things, new jobs, support for industry, trade, and a boost for the education sector. We think in terms of decades. And right here and right now, we are talking about financing not for the next two or three years, but in the long term. Cooperation with Bank Gospodarstwa Krajowego is another example of how Polish entities can be an important part of our project.
According to the report “Ile Polski w atomie? Local content programu energetyki jądrowej” (“How much Poland in the nuclear? Local content in the nuclear energy program”), over 70 percent of Polish companies declare that they have experience in the energy industry that can be used in a nuclear project. One-third of the companies report to have worked on other nuclear projects abroad. The main barrier was considered to be securing funds for the preparation of activities necessary to apply for contracts in the nuclear power plant project in the commune of Choczewo.
PEJ, the company responsible for the construction of Poland’s first nuclear power plant, has been negotiating with financial institutions to secure debt financing for the project. The interest in Poland’s first nuclear project is very significant. To date, we have obtained letters of intent from 11 export credit agencies and conducted market sounding in which nearly 30 commercial institutions expressed interest in contributing to the financing of our project. In December 2025, the European Commission also issued its formal approval for state aid for Poland’s first nuclear power plant. It covers a capital injection for the investor, i.e., state-owned PEJ, with approximately PLN 60 billion, a 40-year contract for difference, and State Treasury guarantees covering the entire debt financing. In return, the power plant will be required to sell at least 70 percent of the energy it generates through power exchanges. The conditions contained in the Commission’s decision mean that current estimates of the strike price in the contract for difference are below PLN 500 per MWh.
At the end of 2025, PEJ also signed an amendment to the existing EDA with the Westinghouse-Bechtel consortium, guaranteeing the progress of design and field work, including in-depth geological surveys. Currently, preparatory works for the construction are carried out. In parallel, the design process for the power plant is underway. The Company is also negotiating the EPC (Engineering, Procurement Construction) contract with the U.S. Westinghouse-Bechtel consortium, as well as preparing documentation to inform applications for further administrative permits required to commence construction.