TD Cowen has downgraded NuScale Power to Hold from Buy, citing heightened risk from a shareholder vote at Romanian utility Nuclearelectrica on February 12-13 regarding a final investment decision for the Doicesti small modular reactor (SMR) project. The brokerage expects the project to proceed but noted revised terms shift more risk to NuScale, pushing the expected start of operations to 2033 or 2034. NuScale Power is the only SMR project currently advancing through a formal front-end engineering and design process using its technology, making it a critical test case. The Doicesti project is now structured such that either NuScale provides the first reactor module with responsibility for the remaining five until full operation, or NuScale buys all six with reimbursement obligations if the first module fails. NuScale ended the third quarter with about $750 million in cash and investments but faces a $495 million obligation to Entra1 tied to an earlier milestone agreement.