In 2015, the Government of the Czech Republic approved the "National Action Plan for the Development of Nuclear Energy", which also includes the development of our nuclear power plants. This plan assumes the continuation of the preparation of projects for new nuclear sources in the Temelín and Dukovany localities, in the variant of 2 units with the subsequent construction of 1 unit (with the possibility of extension to 2 units) in each locality. Implementation of this plan envisaged the establishment of special-purpose project companies for the construction of nuclear units in the Dukovany and Temelín sites, in which the projects of new nuclear sources (NJZ) will be earmarked in these locations. The project companies Elektrárna Temelín II, a. s. and Elektrárna Dukovany II, a. s. were established at the end of 2015, and the assets were allocated and transferred to these companies based on the decision of the General Meeting of ČEZ, a. s. as of October 1, 2016.
The process for allocating projects to a special purpose vehicle (SPV) was initiated at ČEZ in 2015 by an organizational change in the Business and Strategy Division. A follow-up was also the establishment of a pair of new subsidiaries - the Temelín II Power Plant and the Dukovany II Power Plant.
A variant of fully integrated subsidiaries using CEZ Group services was selected. This option also meets the requirements for ensuring synergies in the preparation of projects in both locations, flexibility of the solution with regard to uncertainties of future development and further utilization of the capacities of the existing "Nuclear Power Plant Construction" unit to support other CEZ Group projects.
The separation of projects into special purpose vehicles increases the flexibility of choosing the business and investor model of construction of both projects while maximally preserving their value and will enable transparent financing of both projects. This will allow the use of both debt financing and equity financing through the equity input of a strategic partner. This can be a state, a supplier or, for example, a strategic investor.