China Approves $25 Billion Nuclear Expansion as Energy Demand Soars

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Or sign-in if you have an account.k6zzvwtit}t{3)l9e}s{n87r_media_dl_1.png BloombergNEF, National Energy Ad(Bloomberg) — China approved eight new nuclear reactors on Friday, with the projects reportedly worth more than 170 billion yuan ($25 billion), accelerating its atomic buildout as the country seeks to power its economy without increasing carbon emissions.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountThe State Council, China’s cabinet, greenlit projects across four provinces, filings from state-backed power producers show. Among them are Huizhou Units 5 and 6 in Guangdong province, operated by a subsidiary of CGN Power Co., the nation’s top nuclear operator. Each unit will add 1,217 megawatts of capacity once complete — enough to power million of homes in China.Approvals were also granted for China National Nuclear Power Corp.’s Zhuanghe project in Liaoning and Jinqimen facility in Zhejiang, alongside SPIC Industry-Finance Holdings Co.’s Laiyang development in Shandong, according to separate regulatory filings.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againThe approvals underscore Beijing’s drive to secure reliable, around-the-clock power as electricity demand continues to surge. While China leads the world in solar and wind installations, nuclear energy is vital to provide carbon-free baseload power to stabilize a grid vulnerable to the intermittent nature of renewables.In March, the Chinese government set a target of 110 gigawatts of installed nuclear capacity by 2030 – a 76% surge from the end of last year. The rapid expansion is part of China’s efforts to overtake France and the US as the world’s largest nuclear generator before the decade ends.Still, hitting those ambitions may prove challenging. China missed its previous targets of reaching 58 gigawatts by 2020 and 70 gigawatts by 2025 following a multi-year approval freeze after Japan’s 2011 Fukushima disaster, as well as post-pandemic supply chain bottlenecks.This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. 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