Romania’s interim prime minister Ilie Bolojan, in an interview for Hotnews.ro on May 15, questioned the future of the small modular reactor (SMR) project developed by state-controlled Nuclearelectrica (BVB: SNN) in partnership with smaller private partner Nova Power and Gas, based on the still not tested (deployed) technology developed by US company NuScale. Nuclearelectruca will be left with some papers and a plot of land after it invested USD 240 million, PM Bolojan warned.

“Let me give you an example, one of the projects that was talked about in these years was the SMR project at Doiceşti. Do you know how much Nuclearelectrica spent there? Over USD 240 million, and we will be left with a plot of land and some papers. The question is, is it worth it?” said Bolojan. 

He argued Nuclearelectrica should have focused on “real projects,” meaning the developments of the 3rd and 4th reactors that “can generate real results.”

Nova Power and Gas, Nuclearelectrica’s partner in the project, contributed half of the project company’s capital (so RON 20 million or USD 4.6 million according to HotNews quoting Nuclearelectrica), but already sold to the project company a plot of land that it purchased for EUR 5 million, realising a significant profit already. In a reaction to Bolojan’s criticism, Nova Power and Gas said it sold the plot of land for EUR 24 million, in line with credible evaluations.

"The transaction regarding the Doicești site was completed for approximately EUR 24 million at the beginning of June 2025 and included 50 ha of free and sanitised land; new 110 kV / MT transformer station with 6 110kV overhead lines, transformers, completely new equipment; an office building with all the necessary equipment for operation; parking lots, an access control system, internal roads, and other equipment. This was based on the lowest value resulting from three separate valuations, carried out by specialised companies. Two of these are Big Four international consulting companies, and the third is the largest local valuation company,” the company’s press release reads, according to Economica.net.

In turn, Nuclearelectrica defended the project, using the same technical terminology that was partly responsible for the scepticism generated by the project.

“Nuclearelectrica informs that the SMR Doicești project is currently in the preliminary stage of Stage 3, a stage that includes a list of activities to be carried out by RoPower Nuclear, the project company,” according to a press release published on the Bucharest Stock Exchange (BVB).

In an attempt to explain the money invested in the project, Nuclearelectrica announced that “in 2023 and 2024, the initial stages of the FEED 1 and FEED 2 technical analyses - which are mandatory for a nuclear project - were completed.”

PM Bolojan is the first senior Romanian government official to question the SMR project developed by Nuclearelectrica and the private company Nova Power and Gas with technology from the American company NuScale Power. Bolojan particularly questioned the financing of the project, “some USD 6-7 billion,” immediately after the investment decision was taken by the project company earlier this year. Nuclearelectrica plans to finance the project by issuing equity. 

Nuclearelectrica took the final investment decision for the project this year, but it envisages the development of only one of the six 77 MW reactors, with the others to be built only if the first one turns functional. Furthermore, the FID does not represent the actual decision to build the plant, but to go ahead with further preliminary steps. 

The start date of commercial operation for the first module would be July 2033, and for the entire 462 MW plant – December 2034, depending on commercial agreements for the acquisition of the other 5 modules.

iulian@romania-insider.com

(Photo source: Gov.ro)