Cosmin Ghiță resigns from Nuclearelectrica ahead of SMR vote — NRG-IA

On August 25, Cosmin Ghiță requested the termination of his mandate as CEO of Nuclearelectrica, approximately six months ahead of its scheduled expiration on February 12, 2027. After nearly nine years at the helm, this leadership change comes at a critical juncture: SNN is currently managing the simultaneous shutdown of both reactors at Cernavodă, a highly critical report from the Prime Minister's Control Body regarding the Doicești SMR project, and multi-billion euro nuclear investments in decisive phases. The company has not disclosed the reason for his decision, and Ghiță had not provided a verifiable public explanation as of the evening of August 25. The Government has not indicated that the departure was requested by the majority shareholder either. The Executive branch specified that the termination of the mandate is a unilateral act of will, noting that the contract requires a 90-day notice period, which can be shortened by mutual agreement. Consequently, the exact date of Ghiță's departure from Nuclearelectrica has not been publicly established. A mandate started in 2017 ends ahead of schedule Cosmin Ghiță has led Nuclearelectrica since September 2017, initially under provisional mandates. His current four-year term began on February 12, 2023, and was set to expire on February 12, 2027. This early resignation triggers the company's first major executive leadership change in nearly nine years. No successor has been announced. Following the termination of his mandate, the company must initiate selection and appointment procedures for its executive management, at a time when Romania's nuclear portfolio is entering an unprecedented investment cycle. SNN is preparing the refurbishment of Unit 1 at Cernavodă, participating in the Units 3 and 4 project, and is involved through RoPower Nuclear in developing the small modular reactor (SMR) project at Doicești. Departure comes ahead of the vote on the Doicești SMR report The timing of this leadership change overlaps with one of the most sensitive governance disputes within the company. In July, the Prime Minister's Control Body finalized its audit of the Doicești SMR project and published a summary criticizing several decisions related to the project, the joint venture between Nuclearelectrica and Nova Power & Gas, site selection, and certain land transactions and costs incurred by the project company. According to the report's summary, cumulative project expenditures had reached approximately $275.8 million by March 31, 2026 . The document also notes an estimated project cost of approximately $6.5 billion as of December 2025, which is roughly $3.8 billion higher than the estimate used when the Investors' Agreement was approved. The Control Body also recommended assessing whether to pursue contractual or administrative liability for individuals involved in negotiating, approving, and proposing decisions related to the project. This recommendation does not establish personal liability for Cosmin Ghiță, nor does it constitute a definitive finding of guilt. The report calls for an analysis of the liability of the individuals involved, and the legal or administrative effects of its conclusions are not established simply by the publication of the summary. Nuclearelectrica's management publicly contested the audit's findings One day after the publication of the Control Body's summary, Nuclearelectrica's executive management issued a public response. SNN maintained that the SMR project was carried out within the legal framework and in accordance with shareholder-approved resolutions, and that the initial development timelines presented were merely estimates. The company defended the selection of the Doicești site, citing technical and international assessments conducted for the project. Regarding the disputed financial transactions, SNN management stated that no payments had been made under the billing agreement mentioned in the report, and that the company had initiated a forensic audit prior to the completion of the investigation. Thus, there is a clear, documented public discrepancy between the Control Body's findings and the position of the company's executive management. The Ministry of Energy, Nuclearelectrica's majority shareholder with approximately 82.5% of the capital, subsequently requested that the agenda for the Extraordinary General Meeting of Shareholders (EGMS) on September 10 be expanded to include a proposal for the full publication of the Control Body's report . Materials related to this agenda addition are scheduled for publication on August 27. Cosmin Ghiță's request to terminate his mandate thus comes two days before this deadline and approximately two weeks before the shareholder vote. The sequence of events is verifiable. However, a causal link between the report and the CEO's decision has neither been communicated nor proven. Shareholders and management had already clashed over the SMR strategy Tension surrounding the Doicești project…