Government audit reveals $6.5 billion cost surge and land irregularities in Romanian SMR nuclear project

The Romanian government released the Prime Minister's Control Body audit into the small modular reactor project planned for Doicești in Dâmbovița County. The inspection at state nuclear operator Nuclearelectrica documented schedule delays, site selection deficiencies, and shifting financial liabilities. Nuclearelectrica shareholders, where the Romanian state holds an 82.49% stake, voted unanimously with 93% representation on 11 September 2026 to publish the full findings on the Bucharest Stock Exchange. Prime Minister Ilie Bolojan previously pointed out that more than €200 million had been spent on project studies without delivering tangible construction progress.

Cost escalation and project delays

The audit established that by December 2025 the estimated cost of the six-reactor NuScale plant reached $6.5 billion. This total represents an increase of approximately $3.8 billion compared to the initial budget estimate. Project milestones established by shareholder resolution in September 2022 suffered substantial setbacks, with the FEED 2 engineering phase running 20 months behind schedule. The findings state that financial and commercial risks were disproportionately assigned to the state-owned enterprise rather than shared equally with its private partner.

Site ranking and evaluation criteria

Government inspectors criticized the choice of Doicești after technical studies showed another location scored higher. A comparative analysis prepared by engineering consultancy Sargent & Lundy awarded the top spot to Iernut in Mureș County with 1,099 points, while Doicești ranked second with 1,091 points. Nuclearelectrica justified choosing Doicești by pointing to single land ownership and existing high-voltage electrical grid connections. The state company also cited Romgaz gas facilities operating and under construction at Iernut.

Their proximity to the nuclear reactors could have created uncertainties regarding the feasibility of authorizing the nuclear project.

Inspectors concluded that Nuclearelectrica relied on broad assertions without conducting a detailed comparative analysis of technical and economic trade-offs between the recommended sites.

Commercial structure and land transactions

The report detailed irregularities in how Nuclearelectrica formed the RoPower Nuclear joint venture with private company Nova Power & Gas in 2022 without competitive selection. Nova Power purchased the Doicești site in 2021 from Geco Garden Pub SRL for between €2.3 million and €6.3 million, depending on environmental and demolition obligations. Instead of contributing the real estate as equity capital, Nova Power sold the land to RoPower for €24.5 million. The private partner then issued an additional €22 million rebilling invoice to the joint venture for prior ground works. Nuclearelectrica funded these operations through loans, leaving the private partner without identified capital contributions for the property.

Governance and legal recommendations

The Control Body recommended that the Ministry of Energy evaluate the legality of the partnership under national and European Union state intervention regulations. The audit noted that Romanian competition authorities were not consulted prior to setting up the corporate entity. The report urged officials to examine potential administrative liability or dismissal for Nuclearelectrica executives and board members who approved the investor agreements. Inspectors also advised Nuclearelectrica to assess challenging the €22 million rebilling agreement in court and to establish stricter accounting controls over RoPower project spending.