Chinese make big inroads in nuclear power

The Chinese strategy of tackling air pollution saw greater development in the country’s nuclear sector in 2014.

GlobalData have compiled analysis showing the greater influence of nuclear energy in China’s power mix this year.

Sneha Elias, GlobalData’s analyst covering power, states that alongside new reactors Yangjiang 1, Hongyanhe 2 and Ningde 2, China has also announced a substantial investment in two new units at the Haiyang facility.
China nuclear reactor switch on
“As part of the Chinese government’s efforts to decrease air pollution from coal-fired plants, it has shown strong support for nuclear power, which is playing an increasingly important role in the country’s energy mix,” the analyst told Business Spectator.

China brought three new reactors online with a total capacity of 3.2 GW according to the analysis.

On 27 February 2014, the Chinese government agreed to invest $US5.1bn in the construction and development of two nuclear power units at the Haiyang nuclear facility in Yantai, Shandong Province.

“The total installed capacity of the two units is 2.2 GW, comprising two AP1000 nuclear reactors designed and supplied by US-based company Westinghouse. The investment per megawatt will be $US2.32m,” Elias said.

Additionally, the China National Nuclear Corporation and one of its subsidiaries, China Nuclear Engineering, is listing shares on the Shanghai Stock Exchange, for gross proceeds of $US2.64bn and $US0.29bn, respectively.

Elias added that, “China National Nuclear Corporation intends to issue up to 3.651 billion shares, or 25 per cent of its enlarged capital, at a price of CNY4.46 ($US0.72) per share, for gross proceeds of up to CNY16.3 billion ($US2.64bn) in an initial public offering.”

The company intends to use the proceeds to finance its four nuclear power projects in Fujian, Zhejiang, Hainan and Jiangsu province and for general working capital purposes.”

China currently has 20 active nuclear reactors, with a further 28 under construction. Another 10 reactors are expected to begin commercial operation between 2017 and 2025, with a total capacity of 9.56 GW.

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