CGN posts strong results for 2015

Thursday, 17 March 2016

China General Nuclear (CGN) has announced a 12.3% increase in revenue in 2015 to CNY 23.3 billion ($3.6 billion), while profits increased 6.5% to CNY 6.6 billion ($1.0 billion) compared with 2014.

CGN presented its 2015 results on 14 March (image: CGN)

In a 14 March filing to the Hong Kong Stock Exchange, CGN said: "In 2015, we focused on keeping the safe and stable operation of our units in operation and strived to boost the construction of the units under construction and strengthened the communication and cooperation with the clients and various parties. Through the joint efforts of all levels of our staff, the company achieved stable growth in both business size and results."

CGN said it had brought three new reactors into operation in 2015 (Yangjiang 2, Ningde 3 and Hongyanhe 3) and began the construction of three further units (Yangjiang 6, Hongyanhe units 5 and 6).

As of the end of 2015, CGN said it had managed 14 nuclear power reactors in operation with a total "annual on-grid power generation" of 88,347 GWh, representing a year-on-year increase of just over 20%. The combined generating capacity of its operating units totalled 14,918 MWe, it said.

The company also managed a total of 14 reactors under construction, with a combined capacity of 16,822 MWe. As of the end of December, two of those units were in the grid-connection phase, four units were in the commissioning phase, three were in the equipment installation phase, four were in the civil construction phase and one was in the "pending start-up" phase.

CGN noted that both Yangjiang 3 and Fangchenggang 1 had entered commercial operation on 1 January.

According to CGN, its annual nuclear on-grid power is equivalent to a reduction of coal consumption of 28.3 million tonnes and avoids the emission of 69.7 million tonnes of carbon dioxide.

CGN said that in 2016 it will "ensure the safe and stable operation of the operating units" and "push forward the construction of units as scheduled while guaranteeing the safety and quality". It plans to put five units into operation in 2016, including Hongyanhe 4 and Ningde 4.

Looking further ahead, CGN said: "In the context of energy structure adjustment and the growing attention to environmental protection, the safe and efficient development of nuclear power will continue to be promoted nationwide, and therefore the following 15 years will be the opportunity period for the growth of nuclear power in China as well as for the company, being the largest nuclear power operator in the People's Republic of China."

The company noted the drafting of the 13th five-year national nuclear power plan (2016-2020) was in progress. However, it said that, according to forecasts by the relevant government authorities, China's installed nuclear generating capacity would reach 120 to 150 GW and the share of nuclear power generation will increase by 8% to 10% by 2030, up from 3% in 2015.

Researched and written
by World Nuclear News