Romanian SMR Project Faces Strategic Review Amid Unmet Conditions

Romania's ambitious small modular reactor (SMR) project at Doicești, touted as Europe's most advanced, is under scrutiny. Shareholders of Nuclearelectrica may re-evaluate the entire strategy, as key conditions for continuing the project remain unmet more than four months after the final investment decision.

Interim Prime Minister Ilie Bolojan expressed serious concerns, warning that Romania risks losing significant public funds. He informed the U.S. Embassy about the project's difficulties, stating that $240 million has already been spent without tangible progress toward completion. "We risk losing public money and ending up only with documentation," Bolojan said.

Negotiations with both the Romanian government and U.S. partners are progressing slower than anticipated. The project lacks firm support at both governmental and commercial levels. While shareholders approved the investment decision in February, it was contingent on successive stages to be reported to the Ministry of Energy. However, progress has been limited, with some deadlines missed.

The project's future hinges on shareholder decisions, with a strategic re-evaluation underway. This analysis will compare the Doicești plant's status with international SMR market developments and available technologies. The primary obstacle remains the absence of a guarantee from the Romanian state, a crucial element for securing support from U.S. agencies like Exim Bank US and DFC.

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We risk losing public money and ending up only with documentation.