China Approves 10 Nuclear Reactors in $27 Billion Power Push

China has approved construction of 10 nuclear reactors worth nearly $27.4 billion, accelerating the world’s most ambitious atomic energy program as the country works to meet climate goals while reducing reliance on coal, state media and companies involved in the projects said.

The approvals, granted at an April 27 State Council meeting led by Premier Li Qiang, will add approximately 12 gigawatts of generating capacity across five sites, according to statements from China General Nuclear (CGN) and China National Nuclear Corporation (CNNC).

The reactor approvals mark the fourth consecutive year China has authorized at least 10 new units annually, underscoring Beijing’s commitment to its target of 200 gigawatts of nuclear capacity by 2035, more than tripling its current fleet.

“Construction will begin when the Permit for Nuclear Power Station Construction has been obtained from the National Nuclear Safety Administration,” CGN said in a statement, adding that it was “carrying out various preparatory work for the construction of the above-mentioned units in an orderly manner.”

The new units will employ domestically developed Hualong One reactors and CAP1000 technology, China’s version of the Westinghouse AP1000 design, according to documents released by the power companies.

Projects receiving authorization include new phases at Fangchenggang in Guangxi region, Taishan in Guangdong province, Sanmen in Zhejiang province, and Haiyang in Shandong province, along with units at the Xiapu site in Fujian province.

China currently operates 58 reactors generating 56.9 gigawatts, with another 30 units totaling 34.4 gigawatts already under construction, according to World Nuclear Association data.

The push comes as China, the world’s largest carbon emitter, aims to peak emissions before 2030 and reach carbon neutrality by 2060. Nuclear power, which produces minimal greenhouse gases during operation, forms a growing part of this strategy alongside renewable sources.

State Power Investment Corporation will lead development at the Haiyang site, which already hosts two AP1000 reactors with two more CAP1000 units under construction.

China’s rapid nuclear expansion contrasts with slower development in most Western countries, where projects often face financing challenges and lengthy regulatory processes.

According to China Daily, the newly approved projects represent an investment of over CNY200 billion ($27.4 billion), providing stimulus to local economies and manufacturing sectors specializing in nuclear components.



Information for this story was found via the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Why the Market May Be Misreading Iran | David Woo

Why US Fertilizer Supply Could Matter a Lot More Now | Pat Varas – Sage Potash

Roscan Gold: Mali Discount Hits Kandiole PEA

Recommended

First Majestic Tracking Ahead Of Guidance Following Q1 Production Results

Canadian Gold Drills 19.5 g/t Gold Over 1.0 Metre At Lac Arsenault

Related News

Germany, Poland, EU Want Sanctions On Russian Uranium

Germany, Poland, and a few other EU countries are lobbying for restrictions on Russian nuclear...

Thursday, April 20, 2023, 10:38:34 AM

Michigan Allots Another $150 Million to Restart Palisades Nuclear Plant

Michigan has allocated another $150 million to the Palisades Nuclear Power Plant, bringing the state’s...

Monday, July 22, 2024, 03:43:00 PM

France Greenlights Expedited Nuclear Reactor Construction Amid Mixed Reception

On Tuesday, a bill was approved by lawmakers to expedite the building of new nuclear...

Thursday, August 10, 2023, 04:18:00 PM

Japanese Power Stocks Rally After Gov’t Reopens Nuclear Discussion

Many Japanese power companies spiked on Monday following Prime Minister Fumio Kishida’s announcement that the...

Monday, April 11, 2022, 02:56:00 PM

India Lures Tesla With Offer of Cheaper Manufacturing Costs Than China

In an effort to increase India’s production capacity, the country’s transport minister has made an...

Friday, March 5, 2021, 11:47:00 AM