China Seeks to Heat
Up Economy with US$28 billion Nuclear Power Investment in 11 Reactors
China
approved five new nuclear power projects in Shandong, Zhejiang, Jiangsu,
Guangdong and the Guangxi Zhuang autonomous region on Monday
·
China
operates 55 nuclear power plants, ranking third globally, and with 36 units
under construction, it possesses the world’s largest nuclear power construction
pipeline.
·
According
to the World Nuclear Association, about 60 power reactors are being constructed
in 16 counties, with about 50 per cent in China.
·
China
has set a goal of reaching peak carbon dioxide emissions before 2030, and
achieving carbon neutrality by 2060.
· China’s nuclear power units generated 433.3 billion kilowatt-hours of electricity in 2023, contributing around 5 per cent of the nation’s power supply.
[ABS News Service/20.08.2024]
China
accelerated its nuclear power expansion with the approval of five new projects
totalling over an estimated 200 billion yuan (US$28 billion) as Beijing stepped
up efforts to boost investment in the sector and accomplish its annual economic
growth target.
The
approval for the projects in the coastal provinces of Shandong, Zhejiang,
Jiangsu, Guangdong and the Guangxi Zhuang autonomous region was given during an
executive meeting of China’s cabinet, the State Council, chaired by Premier Li Qiang on Monday (19.08.2024).
The
five projects involve 11 reactors, which represents the largest number of units
approved since 2019.
“The
uptick in industry sentiment, coupled with the increase in new nuclear power
project approvals, is poised to drive growth for equipment suppliers and
operators,” Guolian Securities analyst He Zhaohui said on Tuesday.
The
approvals followed a call from China’s top leaders during the third plenum in
July to be “firmly committed to accomplishing the goals for this year’s
economic and social development”.
China
National Nuclear Power received approval for three reactors, the company said
in a statement on Monday, while the State Power Investment Corporation said it
had received approval for two units.
CGN
Power, the listed unit of the state-owned China General Nuclear Power
Corporation, said in a Hong Kong stock exchange filing on Tuesday that it had
received approvals for six reactors across three sites.
China
has been steadily expanding its nuclear power investment over the past five
years, with the finished value of investment climbing year by year since 2019,
when investment stood at 33.5 billion yuan (US$4.7 billion), according to data
from the National Energy Administration.
In
the first half of the year, such investment stood at more than 40 billion yuan,
representing 13.5 per cent growth year-on-year, according to Guolian Securities.
In
2023, the finished value of investment in nuclear power plants grew by 20 per
cent from 2022 to more than 90 billion yuan, marking a five-year peak.
China operates 55 nuclear power plants,
ranking third globally, and with 36 units under construction, it possesses the
world’s largest nuclear power construction pipeline, according to the state-backed Xinhua
News Agency.
On
Monday, TerraPower – whose chairman is Microsoft
co-founder Bill Gates – broke ground on a nuclear power plant in the US state
of Wyoming.
China’s
latest approval followed the release of new green-transition guidelines by the
State Council last week, which vowed to accelerate the construction of green
energy bases, including nuclear power plants in coastal areas, wind and solar
farms in the northwest and thermal power plants in the southwest.
It
aims to raise the share of non-fossil consumption to 25 per cent by 2030, and
gradually reduce coal consumption in the next five years.
China’s nuclear power units generated
433.3 billion kilowatt-hours of electricity in 2023, contributing around 5 per
cent of the nation’s power supply
and displacing over 123.3 million tonnes of coal, according to the China
Nuclear Energy Association.