The Darlington SMR cost is lower than you think 🧐
Darlington is quickly becoming one of the most important real-world reference points for SMR costs. But the number most people cite, CAD 20.9 billion, is often treated as if it were an overnight capital cost in 2025.
It is not.
It is a nominal project budget that includes escalation and interest during construction. That matters, especially if the number is used in energy system models or compared directly with OCC estimates from the literature.
In the attached article, I go through my simplified reconstruction of the Darlington cost estimate based on OPG’s public filings.
After adjusting the project budget back to 2025 CAD and removing interest during construction, I estimate the four-unit project at around CAD 16.28 billion (EUR 10.36 billion), or CAD 12,922/kW (EUR 8,223/kW) using OPG’s stated unit capacity of 315 MW.
The main point is that we need to compare the right type of cost number.
If Darlington is going to be used as a benchmark for future SMR deployment, the first step is understanding what the official project budget actually includes.
Read my full article on this in the comment below 👇