Is nuclear power on the wane?
While Western countries have been easing-off and some phasing-out nuclear, China on the contrary is moving in the opposite direction. The world’s second largest economy is displaying an aggresive appetite for nuclear investments both domestically and internationally.
Domestically, China plans to almost triple its atomic power generation by the end of the decade and is forecast to spend $1 trillion to expand capacity by 2050. The strategy is outlined in the country’s recent 13th Five-Year Plan.
China will invest over $100 billion to construct around seven new reactors annually between now and 2030. By 2050, nuclear power should exceed 350 GW in that country including about 400 new nuclear reactors.
Internationally, 2015 saw China flex its muscle as a leader in nuclear technology export who could potentially match the Russians.
China signed multi-billion dollars nuclear deals with Argentina, South Africa, Romania, as well as finalising its participation in UK’s Hinkley Point C nuclear plant.
- In October, China General Nuclear (CGN) agreed to invest $9 bn in EDF Hinkley C nuclear power station which is slated to deliver two giant 1600 MW Areva EPRs by the middle of the next decade
- In November, China, represented by China National Nuclear Corporation concluded a $15bn deal with Argentina for the construction of two nuclear units
- The same month CGN agreed to build two reactors in Romania worth $7.7bn in investment
- Regulators in South Africa and China signed a technical cooperation agreement in mid-November. China is in the race for the South African NPP construction program, which is worth up to $ 50bn. China hopes to land the contract using its CAP1400 nuclear technology, which is designed by Shanghai Nuclear Engineering Research and Design Institute
It is evident that the Chinese nuclear market is presenting unrivalled opportunities for the global nuclear industry, both domestically and internationally.
Keen to be part of China’s nuclear ambitions?
Find out how at the 4th annual Asia Nuclear Business Platform next 18-19 May 2016 where key stakeholders from the Chinese nuclear industry such as CNNC, SNPTC, Shanghai Electric will be attending and sharing their plans.