Nuclear project in east China to have new investor
A leading Chinese power company has agreed to take a stake in a planned
nuclear project in east China's Fujian Province, Friday's China Daily
Datang International Power Generation Co Ltd, China's
second-largest Hong Kong-listed generator, has entered into an investment
agreement with Guangdong Nuclear Power Investment Co Ltd to establish Ningde
Nuclear Power Company.
The project will cost 23.4 billion yuan (US$2.9
billion), with Datang ready to take 49 percent of the share, according to the
The Ningde project consists of two 1,000-megawatt
nuclear power generating units. The plan has been submitted to the National
Development and Reform Commission for approval.
An unnamed official with
Datang Power said the new project was part of the company's strategy to
diversify its power sources, according to the paper.
He said this was because
of increasing pressure from rising coal prices and environmental requirements. A
nuclear power project will help reduce such pressure, as well as risks,
according to the official.
He said Datang Power does not have experience in
constructing nuclear power plants.
Apart from nuclear energy, the company is
also developing other kinds of power plants, such as hydropower projects in
southwest China. Diversification into nuclear power generation is a growing
trend among Chinese power companies.
Although the initial capital investment
is high, the government is supporting these projects and this year has
introduced a new renewable energy law.