China approves $31 billion investment in 11 new nuclear reactors

China’s State Council has approved the construction of 11 nuclear reactors across five provinces: Jiangsu, Shandong, Guangdong, Zhejiang, and Guangxi. The projects, with a total investment of 220 billion yuan ($31 billion), are expected to be completed in approximately five years.

The China National Nuclear Corporation (CNNC) will build the world’s first high-temperature gas-cooled reactor combined with a pressurized water reactor (PWR). In Jiangsu province, CNNC plans to construct two Hualong One PWRs and a high-temperature gas-cooled reactor at its Xuwei plant. These reactors will feature a steam heat exchange station for industrial heating, using desalinated water to produce steam.

Once operational, CNNC’s projects are expected to generate over 11.5 billion kWh of electricity and reduce carbon dioxide emissions by 19.6 million tonnes annually. China General Nuclear Power Group’s unit, CGN Power, will launch its first nuclear project in Shandong and its tenth nuclear power base overall. CGN will also build two reactors at the Lufeng plant in Guangdong and two additional Hualong One units at San’ao in Zhejiang.

As of June 30, 2024, CGN operates 28 reactors with a combined capacity of 31.8 GW, with ten more units (totalling 12 GW) under construction. State Power Investment Corporation (SPIC) will invest 40 billion yuan ($5.6 billion) in two CAP1000 PWRs in Guangxi province.

China currently leads the world in nuclear reactor construction, having approved 35 new reactors since 2019. With 56 reactors in operation, totalling 54.3 GW of installed capacity, China’s nuclear power market is forecasted to grow at a 6% compound annual growth rate by 2035.