Commission Decision (EU) 2025/429 of 30 April 2024 on the measure State aid SA.58207 (2021/N) which Czechia is planning to implement to support the construction and operation of a new nuclear power plant at the Dukovany site (notified under document C(2024) 2858)

ANNEXInputs into the financial model that are subject to changes
ANNEX
Inputs into the financial model that are subject to changes
Post EPC tender
Input
Description of the input
Sheet
Row
Justification for the update
Development phase 2 duration
Duration of phase 2 of the project’s development
Inp_C
43
Updated to reflect the EPC selection outcome. The exact timing will be confirmed on the basis of the winning EPC tender.
Construction period duration
Duration of the construction period of the project
Inp_C
47
Updated to reflect the EPC selection outcome. The exact timing will be confirmed on the basis of the winning EPC tender.
Full operation period
Duration of the full operation period of the project (excluding trial operations)
Inp_C
51
Updated to reflect the EPC selection outcome. The exact timing will be confirmed on the basis of the winning EPC tender.
Base capex – development phase 2
Cost for phase 2 of the project’s development
Inp_C
59
Updated to reflect the EPC selection outcome. The costs will be confirmed on the basis of the winning EPC tender.
Base capex – construction phase
Cost for the construction phase of the project
Inp_C
60
Updated to reflect the EPC selection outcome. The costs will be confirmed on the basis of the winning EPC tender.
Gross plant capacity
The gross capacity of the plant (not including any deduction for own consumption)
Inp_C
112
Updated to reflect the EPC selection outcome. The parameter depends on the technical specifications of the plant and will be confirmed on the basis of the winning EPC tender.
Own consumption
Amount of consumption needed to operate plant
Inp_C
113
Updated to reflect the EPC selection outcome. The parameter depends on the technical specifications of the plant and will be confirmed on the basis of the winning EPC tender.
Trial period availability
Availability of the plant during the trial period
Inp_C
132
Updated to reflect the EPC selection outcome. The parameter depends on the technical specifications of the plant and will be confirmed on the basis of the winning EPC tender.
Post-trial period availability
Availability of the plant during full operations
Inp_C
135 , 138
Updated to reflect the EPC selection outcome. The parameter depends on the technical specifications of the plant and will be confirmed on the basis of the winning EPC tender.
Development phase 2 capex phasing
Profile of spend during the phase 2 of the project’s development phase
Inp_V
43 -48 (chosen at Inp_C 65)
Updated to reflect the EPC selection outcome. The costs and exact timing will be confirmed on the basis of the winning EPC tender.
Construction capex phasing
Profile of spend during construction
Inp_V
53 -61 (chosen at Inp_C 66)
Updated to reflect the EPC selection outcome. The costs and exact timing will be confirmed on the basis of the winning EPC tender.
Availability assumptions
Annual profile of plant availability
Inp_V
70 -82 (chosen at Inp_C 138)
Updated to reflect the EPC selection outcome. The parameters affecting availability assumptions depend on the technical specifications of the plant and will be confirmed on the basis of the winning EPC tender. However, the update cannot reduce the availability assumptions in the Financial Model of 15 March 2024 which are based on the plant’s designs complying with minimum European Utility Requirements for LWR Nuclear Power Plants.
Variable cost
Costs which are largely determined by plant output (e.g. fuel, disposal of non-radioactive waste, decom. provision)
Inp_V
143 -220 (chosen at Inp_C 226)
Updated to reflect the EPC selection outcome. The costs and will be confirmed on the basis of the winning EPC tender.
Fixed cost
Costs which will be incurred regardless of plant output (e.g. wages, office supplies, security)
Inp_V
237 -279 (chosen at Inp_C 225)
Updated to reflect the EPC selection outcome. The costs and will be confirmed on the basis of the winning EPC tender.
Lifecycle cost
Costs which will be incurred for the replacement and major refurbishment of components in the NPP
Inp_V
286 -295 (chosen at Inp_C 227)
Updated to reflect the EPC selection outcome. The costs and will be confirmed on the basis of the winning EPC tender.
Operational cost
Profile of values of parameter c in the remuneration formula.
Inp_V
502 -506
Updated to reflect the EPC selection outcome. The costs and will be confirmed on the basis of the winning EPC tender.
Additional costs due to load following
Costs not captured in other cost items that are driven by the load following operation of the plant
Inp_V
300 – 304 (chosen at Inp_C 228)
Justified by EPC outcome (the costs will be specified based on the technical specification of the bidder)
Original debt – Interest rate fixed/floating
Determines whether the interest rate for the RFA is a fixed or floating rate
Inp_C
337
Updated to reflect the terms of the RFA.
Original debt – Interest rate – margin during operation
The cost of debt for the RFA during the operation phase
Inp_C
346 -356
Updated to reflect the terms of the RFA.
Original debt – fees
Fees related to securing the RFA
Inp_C
359 -361
Updated to reflect the terms of the RFA.
Standby debt repayment mode
The principal repayment option of any standby debt
Inp_C
376
Updated to reflect the terms of the RFA.
Standby debt – Interest rate fixed/floating
Determines whether the interest rate for the standby debt is a fixed or floating rate
Inp_C
380
Updated to reflect the terms of the RFA.
Standby debt – interest rate – margin during operation
The cost of debt for the standby debt during the construction phase
Inp_C
389 -399
Updated to reflect the terms of the RFA.
Standby debt – fees
Fees related to securing the standby debt
Inp_C
402 -404
Updated to reflect the terms of the RFA.
Fuel cost depreciation
Duration of depreciation of fuel costs
Inp_C
230
Updated to reflect the EPC selection outcome. The parameter depends on the technical specifications of the plant and will be confirmed on the basis of the winning EPC tender.
Lifecycle cost depreciation
Duration of depreciation of lifecycle costs
Inp_C
233
Updated to reflect the EPC selection outcome. The parameter depends on the technical specifications of the plant and will be confirmed on the basis of the winning EPC tender.
Working capital days
Days between generation of electricity and payment
Inp_C
251 -253
Updated to reflect the EPC selection outcome (payment terms with the EPC Supplier and with the SPV). Current assumption in the model may be updated to align with the RFA drawdown and repayment terms and any contractual provisions in the EPC contract.
Start of debt active funding period
Beginning of drawdown of RFA
Inp_C
276
Updated to reflect the EPC selection outcome. The exact timing is tied with the start of Development Phase 2 and will be confirmed on the basis of the winning EPC tender.
Dividends restriction by retained earnings
Determines whether dividends are restricted by retained earnings
Inp_C
455
Updated to reflect the EPC selection outcome. The EPC tender will define construction costs and therefore the debt amount and the final financing structure. Also, the form of equity could impact this input.
Reference quantity (k) profile
Profile of values for the k parameter in the remuneration formula
Inp_V
473 -485 (chosen at Inp_C 185)
Updated to reflect the EPC selection outcome. The parameter depends on the technical specifications of the plant and will be confirmed on the basis of the winning EPC tender.
Alpha parameter profile
Profile of values for the alpha parameter used in the remuneration formula
Inp_V
489 -493 (chosen at Inp_C 187)
Updated to reflect the EPC selection outcome. The parameter depends on the technical specifications and operating costs of the plant and will be confirmed on the basis of the winning EPC tender.
Load following assumptions – pasted from revenue model – % of revenue
Impact on revenues which represent the benefit of load following behaviour (modelled in the revenue model)
Inp_V
523 -540 (chosen at Inp_C 198)
Updated to reflect the EPC selection outcome. The parameters affecting load following availability assumptions depend on the technical specifications of the plant and will be confirmed on the basis of the winning EPC tender. However, the update cannot reduce the availability assumptions in the Financial Model of 15 March 2024 which are based on the plant’s designs complying with minimum European Utility Requirements for LWR Nuclear Power Plants.
Load following assumptions – pasted from revenue model – % of operational cost
Impact on costs which represent the benefit of load following behaviour (modelled in the revenue model)
Inp_V
536 -542 (chosen at Inp_C 199
Updated to reflect the EPC selection outcome. The parameters affecting load following availability assumptions depend on the technical specifications of the plant and will be confirmed on the basis of the winning EPC tender. However, the update cannot reduce the availability assumptions in the Financial Model of 15 March 2024 which are based on the plant’s designs complying with minimum European Utility Requirements for LWR Nuclear Power Plants.
Target DSCR
The target Debt Service Cover Ratio for total debt service
Inp_C
297 , 328 -330
Justified by finalisation of RFA and EPC tender (construction costs will be confirmed through the EPC tender).
Target LLCR
The target loan life cover ratio for total debt service
Inp_C
301
Justified by finalisation of RFA and EPC tender (construction costs will be confirmed through the EPC tender).
Target PLCR
The target project life cover ratio for total debt service
Inp_C
304
Justified by finalisation of RFA and EPC tender (construction costs will be confirmed through the EPC tender).
Original debt – debt tenor and moratorium period
The total tenor of the RFA
Inp_C
311 -312
Updated to reflect the EPC selection outcome and the RFA as the investment costs and amount of the RFA will be confirmed on the basis of the winning EPC tender.
Original debt repayment mode
The principal repayment profile for the RFA
Inp_C
329
Updated to reflect the EPC selection outcome and the RFA as the investment costs and amount of the RFA will be confirmed on the basis of the winning EPC tender.
Maintenance reserve account details
Account used to cover a portion of anticipated maintenance over a defined forecast period
Inp_C
466 -472
Updated to reflect the EPC selection outcome and the RFA as the investment costs and amount of the RFA will be confirmed on the basis of the winning EPC tender.
Debt service reserve account
Account used to cover a portion of anticipated debt service over a defined forecast period
Inp_C
482 -502
Updated to reflect the EPC selection outcome and the RFA as the investment costs and amount of the RFA will be confirmed on the basis of the winning EPC tender.
Decommissioning reserve account details
Account to cover anticipated decommissioning costs
Inp_C
474 -480
Updated in case of costs increases covered by Legitimate grounds.
Decommissioning reserve
Profile of funding requirement for the decommissioning reserve
Inp_V
310 -315 (chosen at Inp_C 477)
Updated in case of costs increases covered by Legitimate grounds.
Original debt sculpting factor
Sculpting factor of RFA principal repayment
Inp_V
354 -364 (chosen at Inp_C 330)
Updated to reflect the EPC selection outcome and the RFA as the investment costs and amount of the RFA will be confirmed on the basis of the winning EPC tender.
Fixed debt repayments
Profile of fixed debt principal repayment per year
Inp_V
378 -388 (chosen at Inp_C 335
Updated to reflect the EPC selection outcome and the RFA as the investment costs and amount of the RFA will be confirmed on the basis of the winning EPC tender.
Floating rate for original debt
Profile of floating rate for the RFA cost of debt
Inp_V
390 -397 (chosen at Inp_C 340)
Updated to reflect the EPC selection outcome and the RFA as the investment costs and amount of the RFA will be confirmed on the basis of the winning EPC tender.
Inflation assumptions
Macroeconomic assumptions related to the chosen indexation mechanisms
Inp_V
15 -24 (chosen at Inp_C 239-245)
Updated to calculate nominal value of CAPEX from over-night CAPEX inputs received in EPC tender.
VAT rate
Rate of value add tax applicable to the project
Inp_C
548
Updated in case of legislative changes in both directions (increase or decrease compared to initial assumptions).
VAT applicability
Revenue and cost items for which VAT is applicable
Inp_C
544 -556
Updated in case of legislative changes in both directions (increase or decrease compared to initial assumptions).
Business tax – Maximum allowable interest as % of EBITDA
Maximum allowable interest expense expressed as a % of EBITDA which is used to calculate taxable income
Inp_C
562
Updated in case of legislative changes in both directions (increase or decrease compared to initial assumptions).
Business tax rate
Rate of business tax applicable to the project
Inp_C
576
Updated in case of legislative changes in both directions (increase or decrease compared to initial assumptions).
Capital allowance rate – general and special rate pool
Rates for capital allowances
Inp_C
581 -583
Updated in case of legislative changes in both directions (increase or decrease compared to initial assumptions).
Project costs taxation
Determines capital allowance taxation related to specific cost items
Inp_C
587 -589
Updated in case of legislative changes in both directions (increase or decrease compared to initial assumptions).
Accounting depreciation
Accounting depreciation information across different asset categories
Inp_V
324 -336
Updated in case of legislative changes in both directions (increase or decrease compared to initial assumptions).
Tax depreciation
Tax depreciation information across different asset categories
Inp_V
338 -350
Updated in case of legislative changes in both directions (increase or decrease compared to initial assumptions).
During the PC
Input
Description of the input
Sheet
Row
Justification for the update
Variable cost
Costs which are determined by plant output (e.g. fuel, disposal of non-radioactive waste, decom. provision)
Inp_V
143 -220 (chosen at Inp_C 226)
Variable cost will be updated to reflect cost overruns in Legitimate Grounds events.
Variable cost which constitute 'c' will be updated periodically as part of the remuneration formula review.
Fixed cost
Costs which will be incurred regardless of plant output (e.g. wages, office supplies, security)
Inp_V
237 -279 (chosen at Inp_C 225)
Updated to reflect cost overruns in Legitimate Grounds events.
Additional costs due to load following
Costs not captured in other cost items that are driven by the load following operation of the plant
Inp_V
297 – 306 (chosen at Inp_C 228)
In case a Legitimate Grounds event leads to an overrun in additional load following costs, the input ‘additional cost due to load following’ will be updated in the financial model accordingly.
Additional cost due to load following will be also revisited and updated as part of the periodic PC remuneration formula review.
Overrun capex – development phase 1
Quantum of any overrun spend occurring during the first phase of development
Inp_C
70
Updated to reflect cost overruns in Legitimate Grounds events.
Overrun capex – development phase 2
Quantum of any overrun spend occurring during the second phase of development
Inp_C
71
Updated to reflect cost overruns in Legitimate Grounds events.
Overrun capex – construction phase
Quantum of any overrun spend occurring during construction
Inp_C
72
Updated to reflect cost overruns in Legitimate Grounds events.
Percentage of overrun which is LG
Proportion of overruns which are due to Legitimate Grounds issues
Inp_C
77
Justified by cost overruns in Legitimate Grounds event Updated to reflect cost overruns in Legitimate Grounds events.
Overrun capex – development phase 1
Profile of any overrun spend occurring during the first phase of development
Inp_V
415 -420 (chosen at Inp_C 83)
Updated to reflect cost overruns in Legitimate Grounds events.
Overrun capex – development phase 2
Profile of any overrun spend occurring during the second phase of development
Inp_V
425 -430 (chosen at Inp_C 84)
Updated to reflect cost overruns in Legitimate Grounds events.
Overrun capex – construction phase
Profile of any overrun spend occurring during construction
Inp_V
435 -440 (chosen at Inp_C 85)
Justified by cost overruns in Legitimate Grounds event Updated to reflect cost overruns in Legitimate Grounds events.
Inflation assumptions
Macroeconomic assumptions related to the chosen indexation mechanisms
Inp_V
15 -24 (chosen at Inp_C 239-245)
Updates to reflect movements in the value of the respective indices over time. Update of the values will be overseen by MIT.
VAT rate
Rate of value-add tax applicable to the project
Inp_C
548
Updated in case of legislative changes in both directions (increase or decrease compared to initial assumptions).
VAT applicability
Revenue and cost items for which VAT is applicable
Inp_C
544 -556
Updated in case of legislative changes in both directions (increase or decrease compared to initial assumptions).
Business tax – Maximum allowable interest as % of EBITDA
Maximum allowable interest expense expressed as a % of EBITDA which is used to calculate taxable income
Inp_C
562
Justified by changes to tax law Updated in case of legislative changes in both directions (increase or decrease compared to initial assumptions).
Business tax rate
Rate of business tax applicable to the project
Inp_C
576
Updated in case of legislative changes in both directions (increase or decrease compared to initial assumptions).
Project costs taxation
Determines capital allowance taxation related to specific cost items
Inp_C
587 -589
Updated in case of legislative changes in both directions (increase or decrease compared to initial assumptions).
Reference quantity (k) profile
Profile of values for the k parameter used in the remuneration formula
Inp_V
473 -485 (chosen at Inp_C 185)
The reference quantity will be determined ex ante every five years. The value of k will change over the PC (during these periodic reviews), reflecting the expected output of the plant for each year based on maintenance activities, before the impact of any load following operation.
This parameter will also be updated in case of Legitimate Grounds.
Alpha parameter profile
Profile of values for the alpha parameter used in the remuneration formula
Inp_V
489 -493 (chosen at Inp_C 187)
The alpha parameter will be determined ex ante every five years (as stated in recital 97). The alpha parameter is defined equal to f/c each year, and its value will need to be updated in line with any update to c, over the PC.
Commission Decision (EU) 2025/429 of 30 April 2024 on the measure State aid SA.58207 (2021/N) which Czechia is planning to implement to support the construction and operation of a new nuclear power plant at the Dukovany site (notified under document C(2024) 2858)

Schedules & Appendices

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