Nation to approve, launch more nuclear power projects

Move part of intensified efforts to ramp up non-fossil energy consumption

China currently ranks first in the world in the scale of its operational and under-construction nuclear power, with the share of this non-fossil source in the country's energy mix set to keep climbing, according to the National Energy Administration.

China has become the world's largest nuclear power producer, with the country's total nuclear power generation capacity ranking tops in the world, said Wang Hongzhi, head of the NEA, during a national energy work conference held in Beijing on Sunday.

A total of 102 nuclear reactors are currently in operation or under construction with a total installed capacity of 113 gigawatts in the country, Wang said.

China plans to approve and begin construction of a batch of mature coastal nuclear power projects in 2025, while steadily advancing the construction of ongoing nuclear plants. Nuclear power capacity in operation by the end of next year is expected to reach 65 GW, he said.

China approved five new nuclear power projects earlier this year, including 11 nuclear power units that involve a variety of independent nuclear power technology routes, demonstrating the nation's constant effort to increase the share of non-fossil energy consumption in the country.

The nuclear power projects were approved with a total investment exceeding 240 billion yuan ($34.20 billion), of which private capital accounts for 10 percent, which is seen as favorable in further stimulating the vitality of the sector.

Among the projects, Jiangsu Xuwei nuclear power heating plant, which encompasses three units and is operated by China National Nuclear Power Co Ltd, is the world's first to combine high-temperature gas-cooled reactors with pressurized water reactors.

In recent years, there has been steady progress in the approval of domestic nuclear power projects in China, with 10 new nuclear power units approved in 2022 as well as in 2023.

The first unit of the Zhangzhou nuclear power plant, currently the largest "Hualong One" nuclear power base in the world, started power generation in November, a significant milestone in the mass construction of the "Hualong One" nuclear reactors.

"Hualong One" refers to China's third-generation nuclear power technology with full intellectual property rights, which is also one of the most widely accepted series of third-generation nuclear power reactors in the world.

The total number of "Hualong One" nuclear power units in operation or under construction, both domestically and internationally, has reached 33. It is the most numerous third-generation nuclear power technology in terms of units in operation or under construction worldwide, marking China's nuclear power technology and overall competitiveness as being in the world's top tier.

Industry experts believe China has been actively and safely developing nuclear power in recent years and that future power supply growth in the country is likely to come mostly from non-fossil energy sources amid its green energy transition.

Currently, nuclear power accounts for less than 5 percent of China's electricity generation, leaving substantial room for growth, said Zhang Tingke, vice-chairman of the China Nuclear Energy Association.

The association forecasts that China is set to further expand its installed nuclear power capacity, which will account for 10 percent of China's total power output in 2035, up from 5 percent in 2021.

Nuclear power generation's share is expected to reach 18 percent by 2060, which is similar to the current average level for members of the Organization for Economic Cooperation and Development (OECD), it said.

CITIC Securities believes the value of investments in new nuclear power plants will hit 231 billion yuan by 2025 in China, as the accelerated approval of nuclear power projects is expected to boost China's related industry chain, helping the country achieve its carbon emission reduction targets ahead of schedule.

S&P Global Commodity Insights believes nuclear power's role has become increasingly important in recent years in China, and the country's energy policy is leaning toward strong growth in nuclear, in line with several European countries where it has assumed greater importance with the diversification away from Russian oil and gas.

The agency projects that China's nuclear generation capacity will reach 145 gigawatts in 2035, more than double the 2025 target level.