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Released March 26, 2024 | GALWAY, IRELAND
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Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland)--Romania's state-owned energy company Nuclearelectrica (Bucharest) is expected to make a preliminary final investment decision next year on installing its first small modular reactor (SMR), using technology from NuScale Power Corporation (NYSE:SMR) (Portland, Oregon).
The country's Energy Minister Sebastian Burduja told a press conference: "The Doicesti energy complex project has the potential to show the whole world what Romania is capable of, to design the future. For too many years we have gotten used to following the footsteps of other countries. It is time for us to write the future of the world. SMR is the future of energy. These SMRs mean safe energy, energy at a fair price, clean energy. NuScale technology gives us confidence, no matter how much some try to distract us from our path. It is the only technology certified by the strictest regulator in the world -- the U.S. Nuclear Regulatory Commission (NRC) (Rockville, Maryland)."
In 2021, Romania set out its plan to be the first European country to deploy SMR technology, signing a deal with NuScale and issuing a joint statement with U.S government representatives to work together to get the project off the ground. The plan is to deploy a NuScale six-module, 462-megawatt (MW) power plant at the former Doicești power plant as early as 2028-29. The project will generate 193 permanent power plant jobs, 1,500 construction jobs, 2,300 manufacturing jobs and help Romania avoid 4 million tons of carbon dioxide (CO2) emissions per year. Romania is aiming to phase out almost 4.6 gigawatts (GW) of coal-fired power by 2032, while reusing some of the sites for SMRs. For additional information, see November 15, 2021, article - Romania-U.S. Deal to Drive European Rollout of Small Nuclear Reactors.
Recently, U.S. Ambassador to Romania Kathleen Ann Kavalec said that the Romanian project could benefit from U.S. financial support worth US$4 billion. "This visionary project has the support of the highest levels of the United States government, both politically and financially," Kavalec told the media. "The U.S. EXIM Bank and the U.S. International Development Finance Corporation has committed financing to ensure the success of this SMR project in Doicesti to the amount of US$3 billion and US$1 billion, respectively."
Burduja added: "SMR technology allows significant cost reductions through economies of scale. We can expand this technology throughout the region, and Nuclearelectrica can assume the role of leader in SMR technology for the entire region. We are confident that the Doicesti project is significantly more profitable than the one in Idaho and also that it can be replicated in Romania and throughout the region. The fact that we have economies of scale through this technology is the defining element from an economic point of view."
The news caused a US$4 billion spike in share value for NuScale, which suffered a major setback last November when its flagship project, the Carbon Free Power Project (CFPP), to be located on the Department of Energy's Idaho National Laboratory site, was canceled. It was an identical project to the Romanian project, utilizing six, 77-MW modules to generate 462 MW of power. Under development with Utah Associated Municipal Power Systems (UAMPS) (Salt Lake City, Utah) the project was canned after it appeared unlikely to gain enough subscriptions from local power providers to move forward. For additional information, see November 14, 2023, article - U.S. Small Modular Reactor Movement Suffers Setback with Project Cancellation.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 Trillion (USD).
The country's Energy Minister Sebastian Burduja told a press conference: "The Doicesti energy complex project has the potential to show the whole world what Romania is capable of, to design the future. For too many years we have gotten used to following the footsteps of other countries. It is time for us to write the future of the world. SMR is the future of energy. These SMRs mean safe energy, energy at a fair price, clean energy. NuScale technology gives us confidence, no matter how much some try to distract us from our path. It is the only technology certified by the strictest regulator in the world -- the U.S. Nuclear Regulatory Commission (NRC) (Rockville, Maryland)."
In 2021, Romania set out its plan to be the first European country to deploy SMR technology, signing a deal with NuScale and issuing a joint statement with U.S government representatives to work together to get the project off the ground. The plan is to deploy a NuScale six-module, 462-megawatt (MW) power plant at the former Doicești power plant as early as 2028-29. The project will generate 193 permanent power plant jobs, 1,500 construction jobs, 2,300 manufacturing jobs and help Romania avoid 4 million tons of carbon dioxide (CO2) emissions per year. Romania is aiming to phase out almost 4.6 gigawatts (GW) of coal-fired power by 2032, while reusing some of the sites for SMRs. For additional information, see November 15, 2021, article - Romania-U.S. Deal to Drive European Rollout of Small Nuclear Reactors.
Recently, U.S. Ambassador to Romania Kathleen Ann Kavalec said that the Romanian project could benefit from U.S. financial support worth US$4 billion. "This visionary project has the support of the highest levels of the United States government, both politically and financially," Kavalec told the media. "The U.S. EXIM Bank and the U.S. International Development Finance Corporation has committed financing to ensure the success of this SMR project in Doicesti to the amount of US$3 billion and US$1 billion, respectively."
Burduja added: "SMR technology allows significant cost reductions through economies of scale. We can expand this technology throughout the region, and Nuclearelectrica can assume the role of leader in SMR technology for the entire region. We are confident that the Doicesti project is significantly more profitable than the one in Idaho and also that it can be replicated in Romania and throughout the region. The fact that we have economies of scale through this technology is the defining element from an economic point of view."
The news caused a US$4 billion spike in share value for NuScale, which suffered a major setback last November when its flagship project, the Carbon Free Power Project (CFPP), to be located on the Department of Energy's Idaho National Laboratory site, was canceled. It was an identical project to the Romanian project, utilizing six, 77-MW modules to generate 462 MW of power. Under development with Utah Associated Municipal Power Systems (UAMPS) (Salt Lake City, Utah) the project was canned after it appeared unlikely to gain enough subscriptions from local power providers to move forward. For additional information, see November 14, 2023, article - U.S. Small Modular Reactor Movement Suffers Setback with Project Cancellation.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 Trillion (USD).
