Hungary's Prime Minister Peter Magyar announced that the Paks nuclear power plant would be shut down by Monday due to historically low water levels in the Danube River, which is essential for cooling the plant's reactors. This shutdown, the first in the plant's 44-year history, is expected to last for weeks, leading to "critical" conditions in the country's power market and significant economic repercussions. The Paks plant typically supplies over 40% of Hungary's electricity, with a generating capacity of 2,000 megawatts.
Magyar warned that the country faced its "most critical five days ahead" and urged companies, public institutions, local governments, and households to voluntarily reduce electricity consumption, particularly during peak evening hours (5 p.m. to 10 p.m.). The government also indicated it might implement mandatory restrictions for large companies if voluntary cuts are insufficient, with grid operator MAVIR empowered to mandate consumption cuts and temporarily disconnect large users. The Paks plant was already operating at reduced capacity, producing only 240 megawatts, before the full shutdown. Earlier in the week, water levels in Budapest measured 23 centimeters (9 inches), falling below the previous record low of 33 centimeters (13 inches) set in 2018.
The economic impact could be substantial, with Tisza Party Vice Chairman Mark Radnai estimating that the surge in imported electricity prices could cost Hungary between $315 million and $630 million (€273 million to €546 million). While Magyar initially announced a full shutdown, slight improvements in water management forecasts allowed one turbine to remain operational briefly, but the long-term outlook remains uncertain due to continued drought and high temperatures. Households are expected to be the last to face restrictions, but the government's call for energy conservation highlights the severity of the situation.
