SAEDNEWS: China approved 11 nuclear reactors across five sites on Monday.
According to SAEDNEWS, The State Council greenlighted the new reactors in sites spread across Jiangsu, Shandong, Guangdong, Zhejiang, and Guangxi, state-run China Energy News reported.
The total investment for all 11 units will be at least 220 billion yuan ($31 billion) with construction taking about five years, according to financial publication Jiemian.
China has more nuclear reactors under construction than any other nation in the world, and approved 10 new reactors in each of the last two years. The country is expected to surpass France and the US to be the world’s leading atomic power generator by 2030, according to BloombergNEF.
The country has 56 reactors currently in operation, with a combined capacity that equates to around 5% of total electricity demand, according to the China Nuclear Energy Association. Beijing is likely to approve around 10 new reactors annually for the next three to five years, Citic Securities Co. said in a note.
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