Slovakia’s energy supply will continue to depend on nuclear power


GlobalData’s latest report, “Slovakia Power Market Outlook to 2035, Update 2022 – Market Trends, Regulations, and Competitive Landscape”, discusses the electricity market structure in Slovakia and provides historical and forecast figures for capacity, production and consumption up to 2035. Detailed analysis of the country’s electricity market regulatory structure, competitive landscape and a list of major power plants are provided. The report also provides an overview of the electricity sector in the country on major macroeconomic parameters, security of supply, generation infrastructure, transmission and distribution infrastructure, import and export scenario of electricity, degree of competition, regulatory scenario and future potential. An analysis of transactions in the country’s power sector is also included in the report.

Nuclear energy, which currently accounts for more than 50% of Slovakia’s total electricity generation, will maintain its dominance of the country’s energy generation mix over the next decade as the country continues to be a net importer electricity and thermal fuels. Nuclear energy is expected to represent 64.9% of the country’s generation mix by 2035.

Energy demand from the industrial and commercial sectors is currently driving consumption levels. Most of the country’s natural gas demand is met by imports from Russia. Thus, as a member of the EU, Slovakia will be aware that EU sanctions related to the war in Ukraine will create uncertainty as EU countries stand together to reduce its dependence on vis-à-vis Russian imports.

Annual electricity consumption in Slovakia has increased from 24.9 terawatt hours (TWh) in 2010 to 26.4 TWh in 2021 at a CAGR of 0.5%. Between 2021 and 2030, the increase is expected to be slightly higher due to the expected resurgence of the industrial sector. Electricity consumption is expected to reach 28.6 TWh by 2030, growing at a CAGR of 0.9% from 2021.

Slovakia is a net importer of electricity, with about 0.7 TWh of electricity in 2021. The country depends on imports to meet the majority of its thermal fuel needs. In fact, most of its natural gas demand is met by imports from Russia. Although Slovakia has good potential coal reserves, these are currently not recoverable, making it dependent on imports for more than 90% of its coal resources. Although the government is looking to expand its renewable energy capacity, the Slovak government will continue to rely on nuclear power generation during the forecast period.

GDP grew from $90.3 billion in 2010 to $113.7 billion in 2021, at a CAGR of 2.1% (constant rates). The Slovak economy has taken a hit during the pandemic, with GDP down by 4.4% in 2020 compared to 2019. Supported by several funding programs from the European Commission, the economy has revived, with a GDP growing by 3.8% in 2021 compared to 2020, with all the above rates being at constant rates. GDP is expected to reach pre-pandemic levels between 2022 and 2023. The threat of the pandemic has also impacted new capacity additions in the country. Fear of the spread of the pandemic has resulted in a reduced workforce and disruption of supply chains, leading to difficulties in procuring capital equipment, which has led to delays in the commissioning of projects that are in advanced stages of construction. For example, the Mochovce 3 nuclear reactor was supposed to be online in 2020 but is delayed due to Covid-19 and is now expected to be online by the end of 2022.

Related companies


About Author

Comments are closed.