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Posts Tagged ‘The China Post’

CHINA UNVEILS WATERSHED PLAN FOR NEW REACTOR

Thursday, September 23rd, 2010

If there is any doubt that China intends to lead the world in developing nuclear power, it was effectively erased yesterday when the China National Nuclear Corporation (CNNC) announced a comprehensive 0 billion plan for nuclear energy expansion over the next two decades.

In addition to government funding, CNNC adds a capitalistic twist by saying it will tap world investment markets. “We plan to rope in strategic investors by the end of this year,” Chen Hua, president of CNNC Nuclear Power Co Ltd., told China Daily. “Our company will get ready for listing in the first half of next year.” 

Chen did not specify where the stock would be offered.  China just finished installing the third steel ring of the containment structure on the world’s first Westinghouse AP1000 at Sanmen. The project is on time and on budget, scheduled to be finished in 2013 at an estimated cost of $5 billion. At this rate, China could build as many as 24 new reactors with its $120 billion plan, providing about one-quarter of its electrical needs.

China is also aggressively entering the world nuclear supplier market, as indicated by its announcement this week of an agreement to build two reactors in Pakistan. The announcement had a Cold War tinge to it, since the U.S. has already signed agreements with India to help develop its nuclear program. The move has been criticized in some quarters because India has refused to sign the Non-Proliferation Treaty.

"In any case," said one nuclear industry observer. "the unavoidable conclusion is that the rapid adoption of nuclear power will probably be the world’s most significant technological development over the next decade — and China is the odds on favorite to catapult into the lead."

Read more at The China Post