Workers are seen at a nuclear reactor in China’s Fujian province. Photo: Xinhua
SHANGHAI: China’s State Council has approved 10 new reactors in a vote of confidence for nuclear power to remain central to the nation’s clean-energy transition.
It’s the fourth year in a row that the country has approved at least 10 new reactors.
The nation has 30 under construction, nearly half the global total, and is expected to leapfrog the United States to become the world’s largest atomic energy generator by the end of the decade.
The 10 latest reactors are expected to cost a total of 200 billion yuan or about US$27bil, according to local media outlet, The Paper.
Four were awarded to China General Nuclear Power Corp, to be deployed at its Fangchenggang and Taishan plants.
China National Nuclear Corp, State Power Investment Corp and China Huaneng Group Co won approvals for two reactors each.
Several Chinese nuclear stocks rose as trading opened yesterday, with CGN Power Co’s Hong Kong-listed shares jumping 4.1%.
China’s nuclear capacity is expected to reach 65 gigawatts by the end of this year, according to the China Electricity Council, up from under 60 gigawatts last year.
By 2040, the country’s atomic fleet is expected to reach 200GW and account for about 10% of total power output, according to a report published last Sunday by the China Nuclear Energy Association.
Key to executing that plan will be maintaining cost discipline.
The US$2.7bil price tag for each of the 10 planned reactors stands in contrast to recent projects in the United States and Europe that are beset by delays and overruns.
In Britain, two reactors under construction at Hinkley Point C are expected to cost a combined £47.9bil or about US$63.7bil.
China benefits from a state-run apparatus that gives project developers access to loans at low interest rates – a key savings given that most of a nuclear plant’s lifetime cost is the upfront construction.
A steady pipeline of projects means that supply chains can mature and construction crews can gain experience, reducing the chance of costly delays.
Last week, the South China Morning Post reported that Chinese scientists achieved a milestone in clean energy technology by successfully adding fresh fuel to an operational thorium molten salt reactor.
This marked the first long-term, stable operation of the technology, putting China at the forefront of a global race to harness thorium – considered a safer and more abundant alternative to uranium – for nuclear power. — Bloomberg
