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small modular reactors (SMRs) were operational in 2022, located in Russia, China, and India. more were under construction, while ** SMRs were still in the design stage. Most of them had a capacity of between *** and *** megawatts.

What are SMRs?

SMRs are advanced nuclear reactors with a capacity generally smaller than *** megawatts. Their construction is expected to be both quicker and more cost-effective than other nuclear reactors. SMRs have higher spatial adaptability and are safer because of their small size and simplified design. They also need to be refueled less frequently. As such, SMR technology would have a global impact on the economy, energy security, and transition.

Current status of SMRs

In practice, the implementation of SMRs has been on hold for years. Since SMR projects are not standardized, and designing and licensing processes are country-dependent, new reactors would not be operative before 2030. The estimated capital costs for SMRs are proving to be unexpectedly high: SMRs' levelized costs of electricity (LCOE) could be over *** U.S. dollar per megawatt hour compared to around ** U.S. dollars for solar and wind energy.