The world’s second biggest economy expects to raise its 2020 nuclear power generation target by 5 percent to 86 GW with an annual investment of $10.6 billion, state-run newspaper China Daily reported.
China will build 10 additional nuclear power plants to reach the required capacity during the 12th Five-Year Plan, Zhang Guobao, former director of National Energy Administration was quoted as saying.
China National Nuclear Corp will invest $121.5 billion in nuclear projects by 2020 although China aims to get 15 percent of its power from renewable sources by 2020.
The world’s most populous country has 12 nuclear reactors working at present generating 10.15 GW of power, accounting for about 2.2 percent of the total power production that largely relies on coal and hydel projects.
However, official media reports say 25 nuclear power plants were under construction.
China’s investment into nuclear energy has created a $76 billion market for equipment, which constitutes the largest part of investment in nuclear power stations, accounting for 50 percent to 60 percent of the total.
The world’s largest energy consumer is keen to meet emission reduction goals even as it is striving to wean itself off the dirtiest fossil fuel, coal, thereby giving a push into nuclear power generation.
The demand for uranium in China is expected to touch 20,000 tons annually by 2020 although it will be able to produce only 2,400 tons of uranium in 2020, according to the World Nuclear Association.
Xiao Xinjian, a researcher at China’s Energy Research Institute was quoted as saying that nuclear power will have to account for 5 percent of power generation by 2020.
