NuScale Power
Compare NuScale Power…Developer of the VOYGR small modular reactor (77 MWe per module, 4/6/12-pack configurations). NRC standard design approval January 2023.
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NuScale PowerDeveloper of the VOYGR small modular reactor (77 MWe per module, 4/6/12-pack configurations). NRC standard design approval January 2023.
| Customer | Location | Status | Modules / MWe | Target COD | |
|---|---|---|---|---|---|
| Standard Power Ohio (USA) | Pennsylvania + Ohio data center sites | MoU + project development (Apr 2024) | Up to 12 NPMs / 924 MWe | 2029-2030 stated; 2031-2032 consensus | |
| RoPower Romania | Doicesti (former Doicesti coal site) | Engineering studies + FEED phase complete (2024) | 6 NPMs / 462 MWe | 2029-2030 stated; 2031-2032 consensus | |
| ENBW + Doosan (Germany + Korea exploratory) | TBD | Early-stage MoU; not yet at engineering studies stage | TBD | Beyond 2032 | |
| UAMPS Carbon Free Power Project (FROZEN; cancelled Nov 2023) | Idaho National Laboratory site | Cancelled November 8, 2023 (UAMPS board vote) | 6 NPMs / 462 MWe (planned) | Was targeting 2029; cancelled | |
| Other US data center prospects | Multiple stated counterparty discussions | MoU phase; no signed contracts | Various NPM counts | Beyond 2030 | |
| Total binding pipeline (engineering or beyond) | Standard Power + RoPower | Both at engineering / project-development | Combined ~1.4 GW (~18 NPMs) | All targeting 2029-2030 stated; consensus 2031-2033 | |
| Editorial. Why this matters | Strategic context | NuScale was the first US SMR developer to achieve NRC design certification (Jan 2023) + had the first contracted FOAK project (UAMPS). The UAMPS cancellation Nov 2023 forced NuScale to derate its valuation + execution credibility. The Standard Power + RoPower projects are the next test cases. Marquee question: does NuScale convert MoU to construction + reach 2030 COD, or does the slip continue toward 2031-2033 + erode the equity story further? |
| Year / Stage | Cost Estimate | COD Target | Notes | |
|---|---|---|---|---|
| 2017 BoE (initial) | ~$5.3B (12-module configuration) | Initial target 2024-2026 | First NuScale VOYGR; 12 modules x 50 MWe = 600 MWe; UAMPS lead subscriber | |
| 2018 (config + subscribers) | ~$6.1B (revised) | Target 2026-2027 | Subscriber base building; uprated from 50 MWe to 60 MWe per module | |
| 2020 (NuScale up-rate) | ~$6.1B | Target 2027 | NuScale ups to 77 MWe per module; reduces 12-module to 6-module configuration (462 MWe) | |
| 2022 (commodity inflation) | ~$9.3B (Jan 2023 revised) | Target 2029-2030 (delayed) | Inflation + commodity cost increases; first major cost revision | |
| 2023 January (UAMPS revised subscription) | ~$9.3B (confirmed) | Target 2029-2030 | Cost of power revised from $58/MWh to $89/MWh; UAMPS members reconsider | |
| 2023 Q3 (subscriber withdrawals) | ~$9.3B+ | Target 2029-2030 | Multiple UAMPS member utilities withdrew subscription commitments through 2023 | |
| 2023 November 8 (CANCELLATION) | Project cancelled; not built | N/A (cancelled) | UAMPS board voted to cancel; insufficient subscriber commitment to proceed economically. Cost of power estimate at cancellation: $119/MWh | |
| DOE ARDP cost-share status | ~$1.4B awarded; ~$600M actually drawn through cancellation | N/A (cancelled) | DOE ARDP cost-share modified post-cancellation; remaining commitment reallocated to other projects | |
| NuScale post-cancellation impact | NuScale equity ~50% derate Nov-Dec 2023 | Subsequent customer pipeline: Standard Power Ohio + RoPower Romania | Current NuScale strategy: smaller customer-funded projects vs single large flagship | |
| Editorial. Why this matters | Strategic context | UAMPS CFPP was the FOAK demonstration project for the entire US SMR commercialization narrative. Its cancellation set the SMR industry back 5+ years + reset investor expectations on time-to-FOAK across the sector. Marquee lesson: traditional public-power subscriber-based financing structures do not align with high-FOAK-cost SMR economics under inflation. The post-cancellation industry pivot to single-counterparty data center + corporate offtake (Microsoft + Amazon + Google) is a direct response. |
2020-2025
$SMR
Developer of the VOYGR small modular reactor (77 MWe per module, 4/6/12-pack configurations). NRC standard design approval January 2023. UAMPS Carbon Free Power Project cancelled November 2023. Current customer pipeline includes RoPower (Romania) and Standard Power (Ohio data center).