Hungary is facing a severe energy crisis as its only nuclear power plant, Paks, is being shut down for the first time in its 44-year history. The shutdown is a direct consequence of record-low water levels in the Danube River, which is used to cool the plant's reactors. On Sunday, the plant will cease all operations, having already reduced its output to 240 megawatts from its normal 2,000 megawatts. This facility typically provides over 40% of Hungary's electricity generation.
Prime Minister Peter Magyar announced the shutdown, noting that the Danube's water level at Paks is expected to fall to a record low of minus 144 cm, far below the previous record of minus 98 cm set in 2018. This critical water level necessitates a full shutdown of the plant. The prime minister warned that the plant could remain offline for weeks, creating significant strain on the power grid and public services, especially with temperatures expected to exceed 38 degrees Celsius (100 degrees Fahrenheit) in the coming days.
To mitigate the impending energy crunch, the Hungarian government has urged companies, public institutions, local governments, and households to voluntarily reduce electricity consumption, particularly during peak hours between 5 p.m. and 10 p.m. Large power users are being asked to cut consumption, with some, like MOL, pledging a 40% reduction. Magyar also indicated that mandatory electricity restrictions for large companies might be implemented from Monday, and a "rotational shutdown regime" could be applied if voluntary efforts are insufficient. The financial impact of surging imported electricity prices could cost Hungary between $315 million and $630 million.
