Press Release

 Bucharest, May 21, 2026

In light of numerous media inquiries regarding the Doicești Small Modular Reactors (SMR) project, Nuclearelectrica provides the following clarifications regarding the project’s development:

In Romania, the Doicești SMR project was developed entirely in accordance with the decisions of its shareholders and in compliance with those decisions (public information under the company’s status as a publicly traded company), being a nuclear project that aligns with the latest international and European nuclear technological developments, based on the only technology certified and rigorously analyzed by Romanian experts prior to selection.

Preliminary studies conducted to date have indicated that the geotechnical structure of the Doicești site is suitable for the development of the SMR project, which is a critical factor in continuing the project’s implementation in accordance with the strategy approved by the shareholders, especially since SNN’s shareholders approved the Final Investment Decision in February 2026.

With regard to the preliminary studies (which unequivocally demonstrated that the Doicești site is suitable for the development of the SMR project), we note that the studies regarding the selection of the Doicești site were conducted by renowned international companies and took into account relevant international regulations, namely “IAEA – SSR 1, Site Evaluation for Nuclear Installations, SSG-35, Site Investigation and Site Selection for Nuclear Installations, NS-G-3.6 Geotechnical Aspects of Site Evaluation and Foundations for Nuclear Power Plants,” all of which were developed and recommended by the IAEA.

The next step involves detailed analyses that will lead to site authorization, in accordance with the project phases. In 2023 and 2024, the initial stages of the FEED 1 and FEED 2 technical analyses—mandatory in a nuclear project—were completed, during which independent IAEA missions were conducted at the selected site; their conclusions confirmed the steps taken and led to the implementation of additional measures. The FEED 2 objectives—essentially the data that determined the decision to obtain FID—were completed on schedule and at a lower budget than estimated, as cost optimization has been a constant objective of the project company and Nuclearelectrica.

Based on the resolutions of Nuclearelectrica’s shareholders (the Romanian state holds 82.49% of the shares), specifically the shareholders’ resolution dated February 12, 2026, which approved the adoption of the Final Investment Decision (FID) for the Doicești Small Modular Reactors (SMR) Doicești Project, Nuclearelectrica has corporate obligations to implement these resolutions. The Final Investment Decision (FID) was approved based on a series of additional conditions intended to establish a solid framework of support and cooperation, at the level of partnerships and authorities, for the optimal development and implementation of the project.

Teams of specialists from RoPower and SNN are currently working to address these conditions, some of which fall under the responsibility of the companies, while others fall under the responsibility of government authorities. In addition to nuclear safety aspects, which are the top priority in any nuclear project, the main work agenda for the implementation teams—which began in March 2026—focuses on securing financing, continuously optimizing costs, and obtaining rights, licenses, and discounts, with the ultimate goal of ensuring that the price per MWh produced is commercially viable and affordable. In essence, the optimal technical configuration model that would yield the most favorable conditions for Romania.

The SMR project is on track in terms of budget and milestones; it is considered robust from a nuclear safety standpoint, is internationally recognized, has attracted interest from the investor community (data room investors), and is being developed by joint teams of Romanian and U.S. specialists, with the utmost attention focused on creating a landmark project for the nuclear industry, thereby ensuring maximum cost efficiency.

From a financing perspective, Nuclearelectrica contributed EUR 4 million to the share capital of the project company RoPower, matching the contribution of its partner Nova Power & Gas.

In addition, pursuant to the resolutions of SNN’s shareholders, specifically Resolution No. 8 of the Extraordinary General Meeting of SNN Shareholders dated July 19, 2024, SNN’s shareholders (the Romanian state and other shareholders) approved: “the increase of the loan ceiling granted by SNN (as lender), pursuant to Framework Loan Agreement No. 1 dated August 16, 2023, up to the amount of USD 243,000,000, and, at the same time, the approval of the execution, by SNN, as lender/creditor, of Addendum No. 3 to Loan Framework Agreement No. 1 dated August 16, 2023, with the proviso that this loan is to be drawn down by RoPower Nuclear S.A. (the borrower) only to the extent that financing for the Doicești SMR Project could not be secured from other sources (share capital generated by modifying the shareholder structure of RoPower Nuclear, or bank loans/credits or other sources of financing) and, in any case, only until such other sources of financing are identified.”

Currently, RoPower Nuclear’s debt is owed entirely to Nuclearelectrica; however, Nuclearelectrica has secured means of recovering the debt through the sale of electricity production, deliverables, and intellectual property rights—measures that are part of financial risk management and are entirely normal for a project of this nature.

To finance the Doicești SMR Project, the project company Ropower Nuclear S.A. is considering, in addition to the financial contributions of its shareholders to date, attracting other sources of financing, as provided for in the developed financial model, including: attracting new investors (interest already expressed), securing loans from export agencies, and accessing grants and other sources, as they are identified or become available.

In conclusion, the phased development of the Doicești SMR Project, which was also approved by SNN’s shareholders through the project development strategy, is fully compliant with the specific stages of nuclear project development, independently validated through IAEA assessments, and in accordance with all nuclear industry norms and standards.

Any developments in the SMR Doicești Project will be communicated by Nuclearelectrica in accordance with the provisions applicable to a company listed on the Bucharest Stock Exchange.

For many years, Nuclearelectrica has been committed to developing Romania’s nuclear program on an unprecedented scale, both through the deployment of large-capacity reactors and through technological advancements that are absolutely essential for ensuring long-term flexibility in the energy system as the share of renewable resources increases. The ability of an operator and a state to develop SMR capabilities is a distinct advantage in terms of energy security and the development of an entire economic and energy ecosystem.

Nuclearelectrica’s rationale—and, by extension, the investment strategy approved by SNN’s shareholders—was to maximize the potential of the Romanian nuclear industry and position it at least at the regional level at a time when the international focus is strongly on the advantages of SMR technologies. The benefits of developing and implementing such a project become evident upon its operationalization and in light of the European evolution of SMR technologies.

 Strategic energy projects are and must remain non-partisan, developed strictly in the interest of Romania and its consumers, and with a focus on the economic and financial benefits derived from their development. Equally, large-scale infrastructure projects require predictability, stability, and a united effort to achieve the ultimate goal.

The SMR project is a robust one, coordinated by a team of specialists specifically trained to ensure the project’s implementation in accordance with the highest standards, regulations, IAEA guidelines, and international best practices in the nuclear industry. It was initiated, developed, and implemented to offer Romania and the Romanian nuclear program an unprecedented opportunity within a long-standing partnership with the U.S., in the nuclear industry, dating back to the 1980s.