Southeast Europe has entered a new phase of nuclear planning, with several projects moving from long-term concepts toward financing, licensing and investment decisions. Romania is advancing the Doicești SMR proposal, Bulgaria is pursuing financing for two AP1000 units at Kozloduy, and Slovenia continues preparations for JEK 2. Together, the projects could affect regional electricity markets as they progress toward investment choices.
Romania’s Nuclearelectrica shareholders approved a conditional final investment decision for the Doicești SMR project in February 2026. The proposal would replace a former 600 MW coal-fired power station with six NuScale modules rated at 77 MW each, for total capacity of 462 MW. Project communications estimate around 4,000 jobs across development, construction, manufacturing and operations, including approximately 200 permanent positions.
Doicești SMR: conditional approval and financing discussions
The main uncertainty for Doicești remains cost and financing. Published estimates have ranged from around €4.9 billion to $6–7 billion. Romania has discussed potential support of up to $3 billion from the US Export-Import Bank and another $1 billion from the US International Development Finance Corporation.
Nuclearelectrica said in May 2026 that work was continuing on financing, licensing, cost optimisation and establishing a commercially viable electricity price. The company also stated that moving into the next development phase does not constitute an unconditional construction commitment at a fixed cost.
Kozloduy Units 7 and 8: AP1000 financing role
Bulgaria’s proposed Kozloduy Units 7 and 8 would use Westinghouse AP1000 technology. The project would provide approximately 2,300 MW of combined capacity. Citi has been appointed exclusive coordinator and export-credit arranger, describing the mandate as its largest nuclear-financing assignment in Central and Eastern Europe.
The overall financing requirement for Kozloduy Units 7 and 8 has not been disclosed. Unit 7 is currently targeted for 2033, with Unit 8 expected to follow.
Slovenia’s JEK 2: cost range and referendum outcome
Slovenia’s JEK 2 is positioned as a larger undertaking relative to the size of its domestic market. Public cost estimates have ranged from approximately €9.6 billion to €15.4 billion depending on reactor capacity and underlying assumptions. A proposed referendum was cancelled in 2024 amid legal and transparency concerns.
Technical and project preparation has continued since the referendum cancellation. The existing Krško nuclear plant is jointly owned by Slovenia and Croatia, so any expansion or replacement project carries cross-border commercial and political implications.
Regional power-market implications and risk allocation questions
The three projects are linked by a shared rationale tied to firm low-carbon generation as coal capacity is phased out and solar and wind generation expands. Nuclear power is described as supporting reduced dependence on gas imports, industrial electricity demand and stable output alongside variable renewables. The projects also face similar challenges including construction delays, cost overruns and the need for state-backed financing or revenue support.
For Southeast European electricity markets, the key question is whether such projects can be financed through commercial revenues alone. First-of-a-kind nuclear developments are unlikely to rely entirely on merchant electricity prices, according to the source material’s framing of market conditions. Governments may therefore consider contracts for difference, state guarantees, regulated-asset models, export-credit financing or direct public ownership.
Financial transparency and risk allocation are presented as central alongside reactor technology selection. Governments and investors would need information on expected electricity prices, construction costs, financing conditions and potential downside exposure before committing billions of euros over several decades.
The source material also links Doicești to potential establishment of an SMR supply chain in the region. It describes Kozloduy as strengthening Bulgaria’s position as a major source of firm electricity, while JEK 2 could deepen the long-standing Slovenia-Croatia energy partnership. It further notes that project success would not necessarily depend on the largest capacity targets.
