Polskie Elektrownie Jądrowe join the Mutual Insurance Association (TUW) of the Polish Mutual Insurance Institution (PZUW)

28.02.2024

The cooperation between the investor responsible for the construction of Poland's first nuclear power plant and the country's largest mutual insurance association is an important step toward providing insurance coverage for this key project for the energy sector.

Insuring the project, which is strategic for Poland and its energy security, is one of the conditions for its execution. The range of insurance contracts used in this type of investment project is very wide. They include construction and assembly work, as well as, for example, transportation or civil liability. Having adequate insurance coverage protects the interests of both the investor and the general contractor, and is required by the institutions that finance the investment project as a condition for obtaining debt financing.

‘Joining Mutual Insurance Association of the PZUW is an important element in building the company's insurance strategy for the construction and operation phase of Poland's first nuclear power plant, which will be built in the Choczewo commune. Accession to the TUW PZUW will allow us, as an investor, to gain access to specialized nuclear insurance offered on the market,’ says Wojciech Rosiński, director of the Finance Division of Polskie Elektrownie Jądrowe.

‘What unites us is taking on ambitious challenges. The aim of the project to build the nuclear power plant is to ensure Poland's energy security, and our ambition is to participate in providing insurance coverage for this project. That is why we are glad that a company as important to the energy transition as Polskie Elektrownie Jądrowe has become a member of our mutual insurance association,’ says TUW PZUW President, Rafał Kiliński.

Well-designed insurance reduces project risks. First of all, it protects against the financial consequences of contingencies that may possibly occur during the construction process on this type of project. With a view to insuring nuclear investment projects in Poland, the TUW PZUW already last year entered into a strategic cooperation with the world leader in this field, Nuclear Risk Insurers. The agreement with the British partner, which protects civilian nuclear facilities in the UK and is involved in more than 300 similar projects worldwide, gives access to know-how, as well as internships and training.

Owned by the PZU Group, Poland's largest mutual insurance association has simultaneously launched an initiative to create a nuclear insurance pool, a consortium of Polish insurers that will provide coverage for nuclear power in our country.

‘We are in the forefront. We engage in national and international cooperation, and we encourage others to do the same. We want to contribute as much as possible to the energy transition in Poland. The trust placed in us by Polskie Elektrownie Jadrowe creates all the more promising prospects,’ stresses President Kiliński.

Polskie Elektrownie Jądrowe sp. z o.o. is a company responsible, among other things, for the preparation of the investment process and acting as the investor in the project to build nuclear power plants. The first Polish Nuclear Power Plant with the capacity of 3,750 MWe will be built in the Choczewo commune, at the Lubiatowo-Kopalino site, in Pomerania. The project now has a number of necessary administrative permits, including the decision in principle, location decision and decision on environmental conditions. The power plant will be constructed using US AP1000 technology, by experienced US companies, Westinghouse and Bechtel.