The Slovenia Times

Auditors Finally Take Aim at Controversial TEŠ 6 Project



"We will focus on whether the boards of both companies - HSE as the parent company and SOD as the manager of the state stake in HSE - have realistic scenarios for the financing of unit six," Court of Audit president Tomaž Vesel told the press on Wednesday.

Despite the court's limited reach, Vesel hopes that a legal framework will be created during the several months of the audit to allow the auditors to "gain an insight into unit six."

The audit is designed to determine what risks, if any, HSE is assuming, and whether there is a risk that the EUR 440m state guarantee could be called up.

More broadly, the auditors will check the impact of the investment on the development of the energy sector in general.

HSE told the STA in a response that it supports any investigation into irregularities related to the construction of the new generator. "It is high time that the responsible ones are held accountable for the mistakes."

HSE noted that the financing of the project is based on an investment programme which must include legitimate sources of financing. The latest draft of the programme must be finalised and verified by 28 February, the company added.

This will be just the latest in a long series of audits and reviews of unit six at Šoštanj, at over EUR 1.4bn the most expensive project under way in the country.

Previous audits, by international consultancies, have shown widespread mismanagement, but the project has nevertheless proceeded apace.

The vast majority of works have already been performed and unit six is slated for completion in 2015.


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