Serbia’s Vučić rekindles small modular reactor initiative

President Aleksandar Vučić said he spoke with officials from the United Kingdom on increasing the engagement of UK Export Finance in Serbia as well as about investments in renewables and small modular reactors.

Most countries in Southeastern Europe are considering or developing nuclear power projects. Serbia has a moratorium in force since 1989, but President Aleksandar Vučić signaled again that it could be abolished. In a statement to the media at the Munich Security Conference (MSC), he said he earlier started an initiative concerning small modular reactors (SMRs) and that the authorities discussed the matter with Rolls-Royce at the time.

Vučić said he spoke to British officials at the event. In his words, they considered the possibility that the United Kingdom’s Export Credits Guarantee Department or UK Export Finance (UKEF) provides more support.

Serbia has discussed potential SMR projects with Rolls-Royce, Vučić revealed

Serbia is working with Japan International Cooperation Agency, JICA, on the Bistrica pumped storage hydropower project. The president said that with his British counterparts he analyzed UKEF’s participation in the investment if needed.

“The interest rates are somewhat higher, but with them one can work quickly and efficiently. And really well and clean,” he claimed. Another topic were investments in renewables, Vučić revealed.

“I don’t know what we will do in four, five years. It is why we are starting to address all topics, because we will be consuming two to three times more electricity,” he stated.