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In the first section, this report analyses Nuclear Power Plants (NPPs) in thecontext of megaprojects, explaining why they are often delivered over budgetand late. In the second section, the report discusses how Small ModularReactors (SMRs) might address these issues. Megaprojects are extremely riskyand often implemented after a sub-optimal phase of project planning leading tounderestimations of the costs and overestimation of short-term benefits. Whenconsidering adherence to schedule and budget, often megaprojects might beconsidered a failure, and optimism bias, strategic mis-rapresentation,complexity, poor planning, poor risk allocation, poor scope management are allreasons to explain their over budget and delay. For megaprojects, especially inthe nuclear field, a key strategy to achieve good performances appears to bethe standardization. This standardization needs to be twofold: (i) technicalstandardisation, i.e. the construction of very similar design over and over,and (ii) the project delivery chain standardisation, i.e. the same stakeholdersinvolved in the delivery of a project that is replicable multiple times. Underthis perspective, given their size and standardisation potential, SMRs, mightbe a suitable class of NPP for several countries. Yet, if the economy of scaleis the only driver considered, SMRs are hardly competitive with large NPPs (oreven with gas or coal power plants). However, a fleet of standard SMRs mightbalance the lack of economy of scale with the economy of multiples, and thedelivery of several standardised SMR projects might be the key to achieve goodproject management performances in the nuclear sector. However, the deploymentof SMRs faces a number of challenges from several perspectives, such as thelicencing, supply chain and financing ones. These challenges might be enormous,but so are the potential rewards too.

Why are Megaprojects, Including Nuclear Power Plants, Delivered Overbudget and Late? Reasons and Remedies