Romanian National Nuclear Power Company Responds to Review Comments on the Doicești SMR Project

SN Nuclearelectrica SA (SNN) responded on July 28 to the content involving the Doicești Small Modular Reactor (SMR) project in the summary of a report by the Romanian Prime Minister's supervisory body. The company stated that strategic nuclear energy projects should be comprehensively evaluated based on technological maturity, economic conditions, and regulatory requirements. Such projects remain in a complex development phase, with schedules and plans subject to updates as engineering, licensing, and technical verification work progresses.

SNN stated that the initial development plan for the Doicești SMR project was based on information available at the project's launch, with an estimated timeline jointly developed with technology partners NuScale and Fluor. As this project involves the first application of Small Modular Reactor technology in Europe, the design, engineering, and technical verification phases are inherently complex. Adjustments to schedule estimates are normal in the development process of such projects and do not imply a deviation from the agreed obligations in approved documents. The company emphasized that the relevant approved documents do not set binding fixed contract deadlines.

Regarding site selection, SNN stated that the Doicești site was determined based on technical studies and analyses, and was independently evaluated by the International Atomic Energy Agency (IAEA). In August 2022, the IAEA conducted a Site and External Events Design Review (SEED) mission to review and provide recommendations on Romania's SMR site selection study. In April 2024, a follow-up IAEA mission confirmed that all recommendations had been implemented and deemed the site selection process compliant with international standards.

In May 2025, another IAEA SEED mission reviewed sections of the Preliminary Nuclear Safety Assessment Report (ISAR) and the methodology for conducting detailed studies of external hazards, including potential hazards related to the presence of natural gas. SNN stated that the mission confirmed the methods and steps taken and planned by RoPower to complete the detailed site study.

SNN also stated that the Doicești site has characteristics of a brownfield project, including developed energy and industrial infrastructure, which is conducive to shortening the construction period and reducing project costs. In contrast, the alternative Iernut site has limitations such as fragmented land ownership, involving over 100 landowners, with land classified as agricultural, potentially leading to complex property consolidation procedures and increased time and cost risks.

Regarding the establishment of the project company, SNN stated that the selection of joint venture partners was primarily based on objective factors such as geographic location. The project company structure is designed to support phased investment and gradually introduce new investors, following the conventions of large nuclear energy projects. The conclusions of the Prudent Private Investor Test (PIPT) indicate that the relevant investment structure and decision-making approach are consistent with how private investors would develop similar projects under comparable circumstances. In terms of project financing, subsequent phases plan to introduce new shareholders into the project company.

On the issue of site acquisition, SNN stated that the transaction structure was determined based on a phased and prudent analysis, considering both the specificities of nuclear energy project development and the need for available valuations and protection of company interests. The company stated that the site is of strategic importance and should not be understood solely as a standard real estate transaction, but should also be evaluated considering the engineering conditions, technical characteristics, and preparatory requirements necessary for nuclear energy project development.

SNN stated that the land acquisition was conducted at market prices, referencing the lowest market values from multiple valuation reports, with some reports indicating amounts up to EUR 60 million. The company also stated that SNN is not a party to the relevant transaction and has no authority to replace or review the market values determined by authorized appraisers. To date, the company has not made any payments under the cost reimbursement agreement and has supported the conduct of a legal audit to further protect the interests of the company and its shareholders.

SNN stated that the Doicești SMR project is being advanced in accordance with the law and is a strategic investment in Romania's energy sector. The objectives include strengthening energy security, developing a competitive nuclear industry, and positioning Romania as a regional center for Small Modular Reactor technology. The company stated that Romania is expected to develop regional capabilities in SMR component production, assembly, maintenance, personnel training, and project operation in the future, and to promote the redevelopment of traditional industrial sites through hybrid platforms combining nuclear energy and renewables, similar to the Doicești project.