Romania’s Doicesti SMR project faces fresh scrutiny as costs and commercial readiness are questioned

Romania’s small modular reactor (SMR) effort at Doicesti is drawing renewed scrutiny after interim Prime Minister Ilie Bolojan publicly questioned both its cost justification and the viability of a project that has already absorbed substantial early-stage spending. His comments matter for investors because they raise the risk that committed capital could translate into studies and site work rather than an operating nuclear facility.

Cost concerns and doubts over commercial readiness

Bolojan criticized the venture led by state-owned energy company Nuclearelectrica in partnership with private firm Nova Power and Gas, using SMR technology developed by US company NuScale Power. He said that more than $240 million has already been invested even though the underlying technology has not yet been commercially deployed anywhere in the world. The prime minister warned that Romania could be left with land holdings and technical studies rather than a functioning nuclear plant.

Call to redirect focus toward Cernavoda

The interim prime minister also argued that Nuclearelectrica should concentrate on expanding existing nuclear infrastructure at NPP Cernavoda, specifically through the long-planned construction of units 3 and 4. He described those units as more advanced and better positioned to deliver concrete electricity production results.

Debate returns to the project’s financial structure

The renewed criticism has reopened discussion about how the Doicesti project is financed. Nova Power and Gas holds a 50% stake in the project company. The company previously acquired the site before selling it to the joint venture, after concerns were raised about whether the property valuation was appropriate.

Nova Power and Gas defended the transaction, saying the site was transferred for roughly €24 million and included more than undeveloped land. The company said the assets comprised a 50-hectare industrial platform, electrical infrastructure, a transformer station, internal roads, office buildings, and other operational facilities. It added that valuations were supported by assessments from three independent consulting and appraisal firms, including two international advisory companies.

Nuclearelectrica says development remains on schedule

In response to Bolojan’s remarks, Nuclearelectrica defended progress on the SMR initiative. The company said development activities remain on schedule and that the project is moving through preliminary engineering and technical evaluation stages required for nuclear projects of this scale. It noted that FEED 1 and FEED 2 analyses were completed during 2023 and 2024.

Financing pressure and staged commitment

Bolojan became the first senior Romanian official to openly question the project’s viability since its launch. He also raised concerns about broader financing needs, warning that full development of a planned six-module facility could require investments in the range of $6 billion to $7 billion.

Nuclearelectrica approved an investment decision earlier this year to continue preparatory activities. However, its current strategy calls for building only an initial 77 MW reactor module first. The remaining five units would proceed only if the first reactor demonstrates both commercial and technical success.

Timeline for first operations

Under the current plan, the first reactor module could begin commercial operations in July 2033. The entire planned 462 MW SMR complex could become fully operational by end-2034, depending on future agreements regarding completion of the remaining modules.