Serbia advances nuclear programme planning with EDF studies and capacity support

Agreement and study programme

Serbia is moving forward with its nuclear programme foundation work following an agreement with EDF, under which the programme’s early technical studies are being delivered and expanded.

Minister of Mining and Energy Dubravka Đedović Handanović said the country intends to draw on EDF’s “knowledge, experience and resources” as Serbia lays the foundations for nuclear energy.

Serbia’s government said the initiative follows a milestones approach recommended by the International Atomic Energy Agency. EDF delivered the Preliminary Technical Study on the Peaceful Use of Nuclear Energy in March, identifying 19 key steps across three phases: phase 1 covers feasibility and steps needed to decide on launching a national nuclear programme; phase 2 includes selection of a nuclear reactor type, contracting and construction; and phase 3 is when construction takes place.

In October 2024, Serbia’s Ministry of Mining and Energy awarded a contract to EDF, with French engineering consultancy Egis, to conduct the preliminary technical study on the potential use of nuclear power in Serbia. EDF is now due to produce three more studies within phase 1, while the remaining 14 studies are expected to be considered with “various international companies that have the necessary experience.”

EDF delivered the Preliminary Technical Study on the Peaceful Use of Nuclear Energy
Phase 1 includes feasibility and decision-making steps; phase 2 covers reactor type selection and contracting and construction; phase 3 is construction
EDF is due to produce three more studies in phase 1, with 14 additional studies to be assessed with other international companies

Workforce and organisational capacity

A key component highlighted by Serbian officials is human resources development. The minister said the most important part of the project relates to developing a human resources development strategy, described as a prerequisite for launching a national nuclear programme.

Đedović Handanović emphasised that human resources are central to developing nuclear programmes and said Serbia’s task is to create a base of engineers and other personnel able to manage nuclear facilities responsibly and professionally in the future.

Capacity building support is also part of the effort. The French Development Agency (AFD) has provided a grant of EUR500,000 (USD576,000) to support building professional and organisational capacities in Serbia, aimed at improving the knowledge and experience of personnel involved in the nuclear programme.

Human resources development strategy is a key prerequisite for launching a national nuclear programme
AFD grant: EUR500,000 (USD576,000) to support professional and organisational capacity building
Goal stated by the minister is to complete all studies by the middle of next year to enable an informed decision on further nuclear programme development

Decision timeline and longer-term outlook

The Serbian minister said the goal is to complete all studies by the middle of next year to enable an informed decision on further development of the nuclear programme.

She also noted that Serbia must be ready in an institutional, regulatory and professional sense for the choice of technology, adding that Serbia could get its first nuclear power plant after 2040.

World Nuclear Association publishes roadmap to expand nuclear investment and close supply-chain financing gaps

Scale of capital need and finance architecture

The World Nuclear Association has published the first part of a World Nuclear Investment Guide, described as a “Roadmap to Mainstream Finance: The Path to Scale Nuclear Energy.” The guide is intended to define conditions for governments, industry and financial institutions to support investment at the scale required by nuclear power’s growth projections.

The association points to a potential increase in global capacity to 1,446 GWe by 2050 when “all operable, under construction, planned, proposed, and potential reactors are combined,” compared with 403 GWe from operable reactors today. It estimates the required investment totals USD6 trillion up to 2050, covering the sector from mining through reactor construction and including decommissioning and storage costs.

The guide frames the challenge as building an “investment architecture” that enables capital to flow at scale, including into the nuclear fuel cycle required to deliver new generation capacity. It does not characterise the issue primarily as a shortage of capital for mainstream financiers, but as gaps in market readiness and long-term policy commitment. It highlights the need for “financial frameworks, standardised instruments, comparable market data, and track records” to support confidence in assessing and pricing nuclear risk.

Conditions for mainstream finance and an example of financing barriers

The roadmap identifies six conditions needed to make nuclear “a mainstream asset class”: institutional support; business standardisation; priceable risk and reward; market remuneration frameworks; and supply chain capacity and maturity transformation mechanisms.

It also illustrates a financing barrier for development-stage activities. The guide says financing for activities such as licensing, engineering, site preparation and early procurement “typically has no revenue stream,” which means it “falls outside standard project finance structures,” leaving developers to rely on corporate balance sheets, vendor risk-sharing, or early-stage catalytic capital.

Supply-chain funding gap and instruments cited to close it

Beyond plant-level financing, the roadmap highlights upstream capital needs for the supply chain. It states that “manufacturers and component suppliers need working capital, tooling investment and capacity expansion funding well ahead of confirmed orders,” explicitly distinct from financing of the plant itself.

To address this supply-chain financing gap, the guide points to export credit agencies, trade finance and supplier-focused guarantee instruments as “central to closing this gap.” It says closing both development-stage and supply-chain gaps is a precondition for the transition described in the roadmap.

Advisory input and next publication milestone

World Nuclear Association says the guide was developed with leaders from the nuclear and finance sectors through a Nuclear Investment Guide Advisory Board and Task Force, and is intended to close knowledge gaps and build a common language between governments, industry and investors.

The guide’s full publication is due on 9 September at the Finance Summit being held as part of World Nuclear Symposium in London.

McDermott signs on for potential Dutch Rolls-Royce SMR integration work

Supply-chain and systems integration focus

McDermott has agreed to support potential Dutch Rolls-Royce SMR-related projects through integration of small modular reactor-powered energy solutions with energy-intensive industrial processes. The cooperation is intended to combine McDermott’s experience in energy transition and industrial decarbonisation—covering low-carbon hydrogen and ammonia, sustainable aviation fuel and carbon capture and utilisation—with ULC-Energy’s nuclear project development capabilities.

Integration of SMR-powered energy solutions with industrial processes, including hydrogen and ammonia pathways, sustainable aviation fuel and carbon capture and utilisation
Use of McDermott’s engineering design and cost input for balance of plant and heat integration systems, building on prior work with ULC-Energy

Follow-on to prior hydrogen study

McDermott and ULC-Energy previously collaborated in 2023 on a study of industrial-scale hydrogen production using a Rolls-Royce SMR power plant coupled with a Solid Oxide Electrolyser. ULC-Energy acted as project coordinator and McDermott provided engineering design and cost input for the balance of plant and heat integration systems, which the new cooperation is reported to build upon.

Partner network and SMR policy context

McDermott is joining ULC-Energy’s expanding network of strategic partners led by Rolls-Royce SMR. Other named partners in that network include Siemens Energy, BAM, Mammoet, Bureau Veritas, Urenco, Orano and Fugro, supporting delivery of SMR-powered energy solutions in the Netherlands and Belgium.

Named partner network includes Siemens Energy, BAM, Mammoet, Bureau Veritas, Urenco, Orano and Fugro

Netherlands new-build direction and SMR readiness

The agreement sits alongside reported Dutch policy moves. In December 2021, the Netherlands’ new coalition government placed nuclear power at the heart of its climate and energy policy, including keeping the Borssele plant in operation for longer and calling for construction of new reactors. Based on preliminary plans, two new reactors are expected to be completed around 2035, each with a capacity of 1000-1650 MWe. The government is also taking steps to prepare the Netherlands for possible SMR deployment.

Preliminary plans: two new reactors targeted around 2035, each rated 1000-1650 MWe
Government also taking steps toward SMR readiness

What Rolls-Royce SMR would deliver

Rolls-Royce SMR’s design is described as a 470 MWe small pressurised water reactor intended for consistent baseload generation for at least 60 years. About 90% of the design is expected to be built in factory conditions, with on-site activity mainly limited to assembly of pre-fabricated, pre-tested modules, a feature intended to reduce project risk and potentially shorten build schedules. In August 2022, Rolls-Royce SMR signed an exclusive agreement with ULC-Energy to collaborate on deployment of Rolls-Royce SMR power plants in the Netherlands.