The Czech government has given preliminary approval for a plan by a subsidiary of electricity producer CEZ to build a nuclear power station with the government providing guarantees to help it secure cheaper financing.

CEZ is 70 percent state-owned and has previously declined to invest in nuclear alone given high costs and unclear returns.

A decision on construction of a unit at the Dukovany site is still years away with suppliers expected to be chosen by 2024, according to Reuters.

Havlicek said the government was ready to take responsibility for any future changes in legal and regulatory environments, and help secure cheap financing.