New solutions to rising energy demand: the new SMR project in the USA matches the output of Hungary’s Paks nuclear power plant

The energy crisis has highlighted the strategic importance of nuclear power, as it provides a stable source of energy that is less vulnerable to international geopolitical conflicts, import restrictions and price volatility, thereby strengthening energy independence. This is especially true for the new generation of nuclear technology, small modular reactors (SMRs), which can operate continuously for 10–30 years without the need for refuelling. SMRs operate on the same principle as conventional nuclear reactors, converting the heat generated by nuclear fission into electricity. However, they are much more compact, factory-manufactured and assembled on-site, and offer greater operational flexibility by better adapting to fluctuations in electricity demand.

Among European countries, Hungary recognized early that increasing the share of nuclear energy is a key pillar of its national energy policy. This is reflected in the fact that nuclear power accounted for about 40% of Hungary's electricity generation in 2025. In addition, preparatory work for the domestic deployment of small modular reactors began in 2025.

In the spring of this year, the European Commission (recognizing its earlier strategic misstep), also acknowledged the strategic importance of nuclear energy for Europe. As a result, EU’s SMR Strategy was adopted in March 2026 to accelerate the development and deployment of SMRs with the goal of having the first European SMR projects operational by the early 2030s.

Interest in nuclear energy, and the new generation of reactors is growing worldwide as countries pursue net-zero greenhouse gas emissions. Although only three small modular reactors are currently in operation (in Russia, China, and an experimental reactor in the United States), an increasing number of projects are under construction or in the pre-investment phase. A recent example is the planned SMR project in the USA. The privately financed project of Element Power is designed to provide reliable, low-carbon electricity while supporting economic growth in southeastern Ohio, by building a 1.5 GW nuclear power plant using small modular reactors. The output capacity is comparable to the combined output of three reactor units at Hungary’s Paks nuclear power plant. The company aims to start construction in 2030, with the first reactor expected to begin operation in 2034. The project is designed to provide reliable, low-carbon electricity supporting the broader objective of expanding advanced nuclear energy across the United States.