Serbia's Atomic Revival: Geopolitics, Macroeconomics and the Strategy of Institutional Transformation (April 2026)

We released an updated report  "Serbia's Atomic Revival: Geopolitics, Macroeconomics and the Strategy of Institutional Transformation (April 2026)"
Reasons for issuing the updated version of the document The release of the updated edition of the report in spring 2026 was driven by fundamental changes in Serbia's national nuclear strategy and the dynamic transformation of the global geopolitical landscape. First, Serbia moved from the stage of political intentions (after the 35-year moratorium was lifted) to practical implementation of Phase 1 according to IAEA standards and the formation of the national NEPIO body. Second, the country's initial focus exclusively on small modular reactors (SMRs) faced the reality of global delays in their commercialization until the horizon 2031–2035. This required a pragmatic revision of the financial and technological model in favor of traditional large-capacity reactors (1000–1650 MW) with an initial estimate of capital costs around €3 billion.
Reasons for adding new sections New analytical sections were integrated into the document to adequately reflect critical risks and new strategic initiatives that emerged in 2025–2026:
•    Assessment of geopolitical and financial risks of vendors: A detailed analysis of vulnerabilities of key international partners was added. In particular, the antitrust investigation begun by the European Commission in March 2026 into the French company EDF, disputes over intellectual property and hidden subsidies around South Korean KHNP, and also the impact of the severe macroeconomic crisis in the Russian Federation (key rate 21%) on Rosatom's ability to finance export projects.
•    Threat to transit plans via Hungary: Included is a section with an assessment of force majeure risks for Serbia's plans to acquire a stake in the Paks-2 NPP following the victory of the Hungarian elections in April 2026 by the opposition party led by Péter Márki-Zay, who stated the possible renegotiation of contracts with Russia.
•    Engineering consultancy and social engineering: The block dedicated to overcoming the personnel and infrastructure gap has been substantially expanded. Added is an analysis of the need to adapt the Barakah nuclear power plant road map (UAE) to Serbian realities through a "hybrid strategy" involving expatriate specialists. Also described in detail is the concept of creating a vendor-independent educational module on nuclear engineering based at the University of Belgrade and the role of the NuclearSerbia platform in overcoming society's radiophobia.
If needed, any of the issues addressed in this document can be studied in more detail upon your special request.