Nuclear industry hopes to capitalize on surge in China
Resource Investor - Blog - Nuclear industry hopes to capitalize on surge in China: "Nuclear industry hopes to capitalize on surge in China
By Jon Nones
18 Aug 2005 at 01:31 PM
According to an article by David Lynch of USA TODAY, “the Chinese government is expected to announce an $8 billion nuclear-reactor order that is just the beginning of a commercial bonanza the beleaguered nuclear industry has long craved.”
Below are some excerpts of the article:
“Straining to keep pace with soaring electricity demand, China plans to spend a staggering 400 billion yuan - nearly $50 billion - on nuclear energy by 2020, according to Kang Rixin, president of China National Nuclear Corp. That would add roughly 30 new power plants to the 11 reactors China already operates or is building.
“In the United States, industry executives hope the Chinese reactor surge will help spawn a nuclear renaissance here at home. Nuclear power provides 20% of U.S. electricity, up from 11% at the time of the 1979 Three Mile Island accident in Pennsylvania. But amid persistent concerns over cost, safety and radioactive waste disposal, no new reactors have been ordered in 27 years.
“Earlier this month, President Bush signed energy legislation that encourages new reactor development with tax credits, federal risk insurance and loan guarantees. Yet even as the industry contemplates a potential windfall at home and abroad, some critics say trading state-of-the-art nuclear technology to the Chinese could end up costing the U.S. financially and fueling the spread of nuclear weapons.
“In China, nuclear power is regarded as a key component of the government's efforts to dramatically boost electricity production. With an economy growing at breakneck speed, major cities already suffer periodic power outages. And electric consumption is expected to reach 4.5 trillion kilowatt-hours in 2020 vs. 1.9 trillion kWh today. (The U.S. consumed 3.6 trillion kWh in 2003.)
“In response, state-owned utilities are building dams, erecting windmills and embracing nuclear power. The goal is to almost double by 2020 nuclear power's share of total electric output from today's 2.3% to 4%.
“Another sign that an announcement could be near: Chinese President Hu Jintao is expected to travel to the USA to meet President Bush in the next several weeks, and the Chinese have a tradition of packaging big-dollar commercial deals with official state visits.”"
By Jon Nones
18 Aug 2005 at 01:31 PM
According to an article by David Lynch of USA TODAY, “the Chinese government is expected to announce an $8 billion nuclear-reactor order that is just the beginning of a commercial bonanza the beleaguered nuclear industry has long craved.”
Below are some excerpts of the article:
“Straining to keep pace with soaring electricity demand, China plans to spend a staggering 400 billion yuan - nearly $50 billion - on nuclear energy by 2020, according to Kang Rixin, president of China National Nuclear Corp. That would add roughly 30 new power plants to the 11 reactors China already operates or is building.
“In the United States, industry executives hope the Chinese reactor surge will help spawn a nuclear renaissance here at home. Nuclear power provides 20% of U.S. electricity, up from 11% at the time of the 1979 Three Mile Island accident in Pennsylvania. But amid persistent concerns over cost, safety and radioactive waste disposal, no new reactors have been ordered in 27 years.
“Earlier this month, President Bush signed energy legislation that encourages new reactor development with tax credits, federal risk insurance and loan guarantees. Yet even as the industry contemplates a potential windfall at home and abroad, some critics say trading state-of-the-art nuclear technology to the Chinese could end up costing the U.S. financially and fueling the spread of nuclear weapons.
“In China, nuclear power is regarded as a key component of the government's efforts to dramatically boost electricity production. With an economy growing at breakneck speed, major cities already suffer periodic power outages. And electric consumption is expected to reach 4.5 trillion kilowatt-hours in 2020 vs. 1.9 trillion kWh today. (The U.S. consumed 3.6 trillion kWh in 2003.)
“In response, state-owned utilities are building dams, erecting windmills and embracing nuclear power. The goal is to almost double by 2020 nuclear power's share of total electric output from today's 2.3% to 4%.
“Another sign that an announcement could be near: Chinese President Hu Jintao is expected to travel to the USA to meet President Bush in the next several weeks, and the Chinese have a tradition of packaging big-dollar commercial deals with official state visits.”"
posted by Greta Jane at Friday, August 19, 2005
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