Doicești SMR: Romania Reviews NuScale FID Conditions — NRG-IA

The small modular reactor (SMR) project at Doicești is approaching its most critical review since the approval of the final investment decision. At the end of September, Nuclearelectrica and RoPower must evaluate whether the conditions imposed on the project have been met. Their conclusions will be submitted to the Ministry of Energy, which will determine the state representatives' mandate regarding the continuation of the investment. However, the Final Investment Decision (FID) is no longer pending. Nuclearelectrica's shareholders approved it on February 12, 2026, alongside a set of conditions deemed imperative for the project's feasibility. The approved documentation is explicit: failure to meet any of the mandatory conditions could make it impossible to proceed with the project in its approved form. State Secretary Cristian Bușoi stated on September 8 that the evaluation of these conditions will take place at the end of the month, with the results forming the basis for the proposal to the Ministry of Energy and the state's subsequent mandate in the General Shareholders' Meeting. Consequently, the debate is no longer about approving the FID, but rather about the project's ability to satisfy the conditions attached to that FID . The most sensitive of these conditions concerns who bears the technological and financial risks of a plant that would represent the first commercial deployment of its kind. Romania does not want to bear the risk of all six reactors alone The Doicești plant is designed with six NuScale modules of 77 MWe gross each, for a total capacity of 462 MWe . Its FOAK ("First Of A Kind") nature—representing the first commercial deployment of this configuration—prompted Nuclearelectrica to structure the FID around a special protection mechanism. The recommended scenario in the documentation approved in February aims for the performance of the first module to serve as a benchmark before Romania fully assumes the risk for the remaining five. One formula involves the initial purchase of the first module, while the other five would remain NuScale's responsibility until the first reactor becomes operational according to design parameters. A second option allows for the purchase of all six modules, but only if NuScale contractually assumes the risks associated with modules 2–6 should the first module fail to meet established performance targets. Nuclearelectrica described this protection as one of the project's most critical conditions. In July, the company confirmed that certain FID conditions had not yet been met and that negotiations with NuScale were ongoing, including on the module acquisition terms and the Framework Agreement. Documents presented to shareholders at the time showed there was no firm, public commitment yet from the US supplier for either of the formulas designed to limit the risk of modules 2–6. This turns the end of September into a commercial test, not just a technical one. For Romania, the difference between the two scenarios is major: the project can either advance under an architecture where the risk of the first commercial plant is contractually shared, or one where a larger share of this risk would fall on the Romanian investor. FID unlocked the next phase, not the plant's construction The FID approval in February allowed the project to proceed and prepare for the Pre-EPC phase, but it does not equate to a notice to proceed with construction. Nuclearelectrica's documentation estimates a duration of approximately 15 months and a budget of around $600 million for the Pre-EPC phase. This stage is meant to mature the design, detail costs, contractual architecture, contractors, financing, and the timeline required to transition to subsequent phases. NuScale outlines the same sequence in its financial reporting. The company announced that FEED Phase 2—the front-end engineering design stage—was completed at the end of 2025 and that it does not anticipate RoPower entering into a Pre-EPC contract before securing the necessary financing for this phase. In its financial results published in August, the US company stated it continues to work with Nuclearelectrica and RoPower to meet the conditions associated with the shareholders' vote for Doicești. The project's sequence is therefore clear: while the FID is in place, contracting and financing the next phase depend on satisfying the approved conditions. The timeline has shifted to 2033–2034 As the project matured, its timeline shifted significantly. In strategic communications during the project's early years, Doicești was associated with a target deployment around 2029. However, the documentation underpinning the February 2026 FID operates with a much further horizon. The first 77 MWe module is estimated to begin commercial operation in July 2033 , while all six modules, totaling 462 MWe gross, are expected to be commercially available in December 2034 . This schedule depends on finalizing commercial agreements, licensing,…