Societatea Nationala Nuclearelectrica

What Societatea Nationala Nuclearelectrica does

Societatea Nationala Nuclearelectrica S.A. (SNN) is Romania's national nuclear power producer, majority-owned by the Romanian state through the Ministry of Energy and listed on the Bucharest Stock Exchange under the ticker BVB:SNN. Founded in 1998 (with operations dating to the 1996 commissioning of Unit 1), the company operates the Cernavoda Nuclear Power Plant with two CANDU-6 reactors that together generate approximately 11-12 million MWh annually at capacity factors exceeding 90%, ranking among the top three nuclear reactors globally. Headquartered in Bucharest with 1,001-5,000 employees, SNN runs an integrated nuclear fuel cycle spanning the Feldioara Uranium Concentrates Processing Plant, the FCN Pitești Nuclear Fuel Factory (with a 0.02% manufacturing defect rate across 130,000+ fuel bundles), and the Cernavoda generation site, through wholly-owned subsidiaries Energonuclear, FPCU Feldioara, and Nuclear Serv.

The business model is wholesale electricity generation sold into the Romanian national power grid (Sistemul Energetic National) and through bilateral contracts with energy providers and large industrial consumers, under regulated market mechanisms rather than retail distribution. Pricing is not publicly disclosed. Revenue mechanics are usage-based: higher electricity production and elevated wholesale power prices directly translate to revenue, with FY2024 results driven by both factors. Capital allocation emphasizes dividends alongside a heavy strategic capex pipeline that includes the Unit 1 Refurbishment Project (reconnection targeted for 2030, extending operations by 30 years), development of Units 3 and 4 at Cernavoda via the Energonuclear subsidiary, the NuScale Small Modular Reactor project at Doicești through project company RoPower Nuclear S.A., the CTRF and DICA radioactive waste facilities, and a Medical Isotopes Project. Key partners include NuScale Power, Framatome, and Valahia University Târgoviște for an advanced nuclear technologies master's program.

SNN's market is structurally concentrated: it sells exclusively into the Romanian grid with no geographic diversification, and the Romanian state's majority ownership aligns strategic direction with national energy security and decarbonization objectives. The company has produced over 225 million MWh of clean energy and avoided 215 million tons of CO2 emissions since commissioning through end-2023, and trades at a 5.3% trailing dividend yield supported by 31% annual EPS growth over the past five years, though the 113% FCF payout ratio raises sustainability questions about dividend policy through the heavy capex cycle ahead.

Name

Societatea Nationala Nuclearelectrica

Legal name

Societatea Nationala Nuclearelectrica S.A.

Website

http://www.nuclearelectrica.ro

Company type

Public

Founded year

1998

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Societatea Nationala Nuclearelectrica is Romania's state-majority-owned national nuclear power producer, operating two CANDU-6 reactors at Cernavoda and an integrated uranium-to-fuel-to-generation cycle, selling wholesale electricity into the Romanian national power grid.

Ownership category

akta.pro rank

Product category

Nuclear Power Generation

NAICS

Nuclear Electric Power Generation (221113), Electric Power Generation (22111)

akta.pro primary industry

Nuclear Fuel Cycle for Power Generation (Uranium, Conversion, Enrichment, Fuel Fabrication) (EUACADAK)

akta.pro secondary industries

Fuel Cycle Support Services (Engineering, licensing support, conversion/enrichment contracting) (EUAKACAL), Gen IV / Advanced Reactor Systems (SFR, LFR, GFR, MSR, HTGR, Microreactors) (EUAKADAC)

Keywords

• Nuclear power generation
• CANDU reactor operations
• Nuclear fuel fabrication
• Uranium processing
• Baseload electricity supply

Headquarters

HQ city

Bucharest

HQ country

Romania

HQ region

Europe

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Supply Chain, Technology or R&D

Revenue model

1. Electricity Production and Sales: S.N. Nuclearelectrica generates revenue through the operation of its Cernavoda nuclear power plant, producing electricity sold to the Romanian national power grid and directly to energy providers and consumers. The company benefits from increased electricity production and elevated power prices, with strong 2024 financial results driven by these factors alongside high plant availability.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels7 records

Core offering

Societatea Nationala Nuclearelectrica S.A. (SNN) operates Romania's Cernavoda Nuclear Power Plant with two CANDU-6 reactors (Units 1 and 2) producing baseload electricity sold to the national grid and large industrial consumers. The company also manufactures CANDU 6 nuclear fuel bundles at the FCN Pitești facility and processes uranium concentrates at its Feldioara subsidiary, operating an integrated nuclear fuel cycle.

Product overview

Societatea Nationala Nuclearelectrica S.A. (SNN) is Romania's national nuclear energy company operating the Cernavoda Nuclear Power Plant with two CANDU-6 reactors (Units 1 and 2), producing clean energy with world-class capacity factors exceeding 90%. The company operates an integrated nuclear fuel cycle comprising the Uranium Concentrates Processing Plant in Feldioara, the Nuclear Fuel Factory in Pitești, and the Cernavoda power plant. SNN is pursuing major strategic investment projects including Unit 1 refurbishment (extending operation to 2030+), Units 3 and 4 development, and Small Modular Reactor projects. The company also offers a shareholder mobile app for investor relations.

Differentiator

Problem solved

Functional benefit

Brands

• Nucleu de Bine: Social responsibility platform encompassing the company's CSR initiatives in education, health, and environmental fields.

Products and services

• Cernavoda Nuclear Power Plant (CNE) Electricity Generation Operating nuclear power plant with two CANDU-6 reactors (Units 1 and 2) producing approximately 11–12 million MWh annually with a capacity factor exceeding 90%; Unit 1 is undergoing a refurbishment project to extend its operational life by 30 years. Electricity is supplied to the Romanian national power grid and to direct energy providers and industrial consumers.
• CANDU 6 Nuclear Fuel Bundles (FCN Pitești) Qualified CANDU 6 nuclear fuel manufacturer producing fuel bundles for the Cernavoda nuclear power plant. The factory has produced over 130,000 fuel bundles with a defect rate of only 0.02% attributable to manufacturing.
• Uranium Concentrates Processing (Feldioara UCPP) Facility for processing uranium concentrates as part of the integrated nuclear fuel cycle, supplying processed uranium material to the Nuclear Fuel Factory in Pitești for CANDU 6 fuel bundle fabrication.
• Nuclear Maintenance and Technical Services (Nuclear Serv) Service subsidiary providing maintenance, repair, and technical support services for nuclear operations, supporting Cernavoda NPP and related nuclear facilities.
• SNN Mobile App for Shareholders Mobile application dedicated to shareholders and investors for accessing the latest information about SNN, available for download on the Google Play Store.

Quantifiable outcome

• 5 million MW produced annually per unit after refurbishment
• +4 more outcomes

Named customers2 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Five partnerships are on record, tiered core and major.

• NuScale PowercoreStrategic or Co-development Partner · 7 May 2026NuScale Power is developing the RoPower SMR project in Romania with SN Nuclearelectrica as a key partner. In Q1 2026, NuScale reported that SN Nuclearelectrica shareholders approved the next deployment phase of the RoPower project. The project involves NuScale's Small Modular Reactor (SMR) technology deployment at Doicesti, Romania. NuScale ended Q1 2026 with $1 billion in liquidity and continues progress on both the TVA program and the Romania RoPower project.
• RoPower Nuclear S.A. (RPN)coreStrategic or Co-development PartnerRoPower Nuclear S.A. is the project company established for the NuScale SMR Project in Doicesti. SNN acts as creditor/lender to RPN through a master loan agreement. In February 2026, SNN shareholders approved the Final Investment Decision (FID) and pre-EPC phase activities for the project. RPN is developing the SMR project with NuScale technology.
• FramatomemajorTechnology or IntegrationFramatome is an expanded supply chain partner for NuScale Power, providing accelerated fuel delivery for SMR projects. The partnership supports NuScale's supply chain for the RoPower Romania project and the TVA program in the United States targeting up to 6 gigawatts of SMR capacity.
• Valahia University TârgoviștemajorStrategic or Co-development PartnerNuclearelectrica and Valahia University established the master's program 'Advanced Technologies for the Nuclear Industry' starting academic year 2026-2027. The 120-credit English-taught program aims to develop specialists in advanced nuclear technologies and SMRs. This educational partnership supports Nuclearelectrica's human resources strategy for developing nuclear energy talent for its strategic investment projects.
• Tennessee Valley Authority (TVA)majorStrategic or Co-development PartnerTVA is pursuing the largest U.S. nuclear deployment program targeting up to 6 gigawatts of SMR capacity using NuScale technology. NuScale continues progress on the TVA program in parallel with the RoPower Romania project.

Scale indicators11 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• CEZ Group: Czech integrated utility that operates the Dukovany and Temelin nuclear power plants and is the closest comparable Central European state-influenced nuclear operator to SNN. Both are publicly listed regional utilities with multi-reactor nuclear fleets supplying a single national grid.
• Fortum: Finnish state-linked utility that owns and operates the Loviisa nuclear power plant (two VVER reactors). Like SNN, Fortum is a publicly listed Nordic nuclear operator with a small multi-reactor fleet supplying its domestic baseload market.
• Ontario Power Generation (OPG): Canadian provincial Crown corporation that operates a large fleet of CANDU reactors, including Darlington and Pickering. OPG is the most direct CANDU-technology peer to SNN and shares the same reactor design, fuel bundle supply chain considerations, and refurbishment playbook that SNN is pursuing at Cernavoda.
• Bruce Power: Canadian CANDU operator running the Bruce Nuclear Generating Station, the world's largest operating nuclear facility. Bruce Power is directly comparable on CANDU technology, life-extension/refurbishment program execution, and integrated nuclear operations — providing a benchmark for SNN's Unit 1 refurbishment project.
• Teollisuuden Voima (TVO): Finnish nuclear operator of the Olkiluoto plant, now including a first-of-a-kind EPR unit in commercial operation. TVO mirrors SNN as a small, publicly listed, nationally strategic nuclear operator expanding capacity through new-build and is one of the few European peers navigating new reactor commissioning in parallel with existing fleet operation.
• KHNP (Korea Hydro & Nuclear Power): South Korean state-owned operator of the Wolsong CANDU plant plus a larger PWR fleet. KHNP is one of the few global operators with both CANDU and non-CANDU reactors, providing a comparable model for SNN as it contemplates a technology mix that may include NuScale SMRs alongside existing CANDU units.
• Energoatom (NNEGC): Ukrainian state-owned nuclear operator running 15 Soviet-era VVER reactors and pursuing Westinghouse/AP1000 and SMR new-build. Energoatom is a close regional peer to SNN: state-owned nuclear operator in an Eastern European market, pursuing fleet expansion amid war-driven energy security concerns.

Broad incumbents

• EDF (Électricité de France): The world's largest nuclear operator with 56+ reactors, state-owned and pursuing a major new-build and EPR/SMR program. EDF is the broad incumbent benchmark for SNN's ambitions in life extension, SMR deployment, and integrated fuel cycle operations, though at vastly greater scale.
• Vattenfall: Swedish state-owned utility operating nuclear (Forsmark, Ringhals) alongside hydro and other generation in a single Nordic market. Vattenfall is comparable to SNN as a state-owned, vertically integrated European utility with nuclear baseload supplying a domestic decarbonizing grid.

Emerging players

• NuScale Power: US-based SMR technology developer and SNN's strategic partner for the RoPower project at Doicesti. NuScale is comparable as a co-developer on SNN's growth pipeline and provides the technology platform underpinning SNN's SMR bull case, though as a vendor rather than a competitor.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/Nuclearelectrica
• LinkedInlinkedin.com/company/societatea-nationala-nuclearelectrica-sa/?originalSubdomain=ro
• Instagraminstagram.com/nuclearelectrica

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries5 records

Funding overview

Funding rounds3 records

Investors10 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Societatea Nationala Nuclearelectrica