UPDATE 2-NuScale Power to lay off 28% of its workforce to save costs

(Adds analyst comment, updates shares)

Jan 8 (Reuters) - Utility firm NuScale Power said on Monday it will lay off about 28% of its full-time employees as part of its cost-saving measures.

The cost-saving measures, which include the removal of 154 full-time employees, are expected to result in approximately $50 million to $60 million in annualized savings, NuScale said.

NuScale's small modular reactor (SMR) received design certification from the U.S. nuclear power regulator last year, the first such approval in the country for the technology.

Despite a promising start for its new nuclear technology, NuScale has faced cost and subscription issues and had to terminate one of its SMR projects in November, which was undertaken in partnership with a power company in Utah.

NuScale's shares fell more than 3% to $2.53 in morning trading.

Significant stepdown in operating expenses was expected following the project cancellation and focus in the near term remains on the topline and better understanding of when initial project licensing and support revenues could begin to scale, said Shahriar Pourreza of brokerage Guggenheim Partners LLP.

NuScale expects to register a charge of about $3 million related to severance costs in the first quarter. (Reporting by Tanay Dhumal and Mrinalika Roy in Bengaluru; Editing by Shilpi Majumdar, Krishna Chandra Eluri and Shweta Agarwal)