China told to invest in UK nuke projects
Print Edition
Britain’s finance minister announced yesterday that his government will allow Chinese companies to own a stake in new nuclear power plants as it tries to curb demand for fossil fuels.
While any initial Chinese stake in a new nuclear project is likely to be a minority one, over time its presence in subsequent new power stations could be majority stakes, according to a statement issued by the British Treasury.
Finance Minister George Osborne made the announcement while visiting the Taishan nuclear power station in Guangdong Province on the final day of his trade visit to China.
The Taishan project is a collaboration between French energy group EDF and China General Nuclear Power Co using Areva’s EPR reactor technology, the same technology that EDF would use at any reactor in Britain.
The BBC reported that the first China deal could be as early as next week, with the go-ahead given for a new 14 billion pound (US$22.4 billion) plant at the Hinkley Point C site in Somerset in southwest England, the country’s first new nuclear power station since 1995.
EDF, the French company, will lead the construction and it has been looking for partners from China, including China General Nuclear, to share the costs.
China General Nuclear said it is willing to contribute to the nuclear development in the UK with its experience in construction and operation, particularly with the EPR technology.
Yesterday’s announcement follows the signing of a new memorandum of understanding between the two countries on civil nuclear collaboration earlier this week in Beijing.
Strategic framework
The memorandum sets the strategic framework for collaboration on investment, technology, construction and expertise.
“Today is another demonstration of the next big step in the relationship between Britain and China — the world’s oldest civil nuclear power and the world’s fastest growing civil nuclear power,” the UK Chancellor said yesterday.
“It is an important potential part of the government’s plan for developing the next generation of nuclear power in Britain. It means the potential of more investment and jobs in Britain, and lower long-term energy costs for consumers.”
China has the world’s largest fastest growing nuclear power industry. It has 17 nuclear reactors in operation, accounting for 1 percent (13 gigawatts) of the nation’s electricity production capacity.
Another 28 plants are under construction and the total nuclear capacity is set to rise to 80GW by 2020.
The UK has around 10GW of nuclear capacity with up to 16GW of new capacity planned by energy companies over the long term.
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