A new study by University of Colorado Boulder researchers estimates NuScale Power's small modular reactors (SMRs) could incur operating costs of over $93 per megawatt-hour (MWh), significantly higher than historical market electricity prices of $42-$45/MWh. The study, which has not yet undergone peer review, suggests that even if reactors were built for free, high operating costs might prevent them from paying for themselves over their 60-year lifespan. NuScale's previous Carbon Free Power Project was canceled in November 2023 due to ballooning costs from an estimated $4.2 billion to $9.3 billion. The analysis advises investors to exercise caution before investing in NuScale, pending proof of its ability to construct and operate SMR plants cheaply.