Romania is set to take a key decision on its small modular reactor programme in mid-February, when shareholders of Nuclearelectrica meet to vote on whether the country’s first SMR project should move ahead.
The extraordinary shareholders’ meeting, scheduled for February 12–13, was requested by the Romanian state, which holds 82.5% of the company. While the vote is technical in nature, its implications go far beyond corporate governance. At stake is whether Romania formally commits to one of the most closely watched nuclear technologies of the last decade.
A project years in the making
The SMR project is planned for Doicești and is being developed by RoPower Nuclear, a joint venture owned equally by Nuclearelectrica and Nova Power & Gas, part of the E-INFRA group. The design foresees six small modular reactors supplied by US technology provider NuScale, with a total installed capacity of 462 MW.
If implemented, the plant would be Romania’s first SMR facility and among the earliest commercial-scale deployments of the technology in Europe, where governments are increasingly looking at nuclear options that promise lower upfront risk and faster construction than traditional large reactors.
Strong political support, limited financial clarity
Romanian officials have repeatedly framed the Doicești project as a strategic investment. Energy Minister Bogdan Ivan reiterated the government’s support in December, stating that discussions with shareholders had identified a way to fully finance the current development stage.
What remains unclear is how the project will be financed beyond that phase. No updated investment estimate has been published since late 2024, when a very preliminary figure of around USD 4.9 billion was circulated.
The Ministry of Energy has acknowledged that this number is far from final. According to the ministry, the estimate could ultimately prove to be underestimated by up to 50% or overestimated by as much as 30%. Such a range highlights both the early stage of the project and the broader uncertainty surrounding first-of-a-kind SMR developments.
The shadow of recent SMR setbacks
Cost risk has become a sensitive topic for SMRs globally. In November 2023, NuScale cancelled a similar 462 MWe project in the United States after projected costs rose sharply, from USD 5.3 billion to USD 9.3 billion, an increase of more than 75%.
That decision reverberated well beyond the US market. It raised fresh questions about whether SMRs can deliver on their promise of predictable costs, particularly before a first wave of projects reaches commercial operation.
For Romania, the comparison is uncomfortable but unavoidable. While local conditions differ, the Doicești project uses the same technology platform and is subject to similar uncertainties as it moves closer to a final investment decision.
Ambitious timelines, unresolved risks
Despite these challenges, Romanian authorities continue to point to 2027–2028 as the target window for the first SMR unit to become operational. Achieving that timeline will depend on several variables: the outcome of the February vote, the robustness of the financing model, regulatory approvals, and cost control once the project enters execution.
In a brief note to investors, Nuclearelectrica described the upcoming decision as “a significant step forward” for a project seen as central to Romania’s long-term energy strategy. Whether that step proves decisive, or simply the beginning of a longer and more complex process will become clearer once the investment decision is taken.
For now, the February vote represents a moment of truth. It will show whether Romania is ready to move from planning and political signalling to full exposure to the financial and execution risks that still define the global SMR sector.
