Energy Sector
No Hermes Cover any more for nuclear facilities abroad
The Federal Government decided to stop granting export credit guarantees (so-called Hermes Cover) for supplies and services intended for nuclear facilities abroad. This exclusion from cover applies to both new and existing facilities.
In future export credit guarantees for the nuclear industry will be available only in exceptional cases. These include supplies and services which will improve the safety of existing facilities or are related to the decommissioning, dismantling and disposal of nuclear facilities.
Supplies and services for nuclear facilities which are not used for commercial generation of electrical power, as a rule, are also exempt from the suspension on the granting of export credit guarantees. Such facilities include, for example, research reactors and nuclear medical installations.
The wording of the decision taken by the Interministerial Committee for Export Credit Guarantees on 4 June 2014:
“A general suspension on cover with defined exemptions is imposed.
- Principle: Exports intended for nuclear power plants will no longer be covered under Federal Export Credit Guarantees, irrespective of whether such plants are newly constructed or existing facilities.
- Exceptions: Cover facilities continue to be available for exports which
- improve the safety of nuclear power plants and nuclear facilities , e.g. upgrading measures following stress tests; as a rule, this applies only to existing facilities, not to new buildings;
- are intended for the decommissioning, dismantling and disposal of nuclear facilities;
- are not related to commercial power generation, e.g. for research reactors, nuclear medical installations, disposal of nuclear fuel; these may also be linked to new buildings.”
