China Three Gorges to invest in nuclear
China National Nuclear Corporation (CNNC) has signed a cooperation agreement with hydroelectric company China Three Gorges Corporation (CTG). The two companies will work together on nuclear power projects.
Under the agreement, signed on 22 August, CNNC and CTG will establish a joint venture to invest in domestic nuclear power projects. They have agreed to promote the inland Taohuajiang plant in Hunan province, where CNNC proposes to start constructing four AP1000 units between 2016 and 2018.
In addition, CTG has agreed to invest in the nuclear power supply chain, including participating in CNNC's nuclear fuel operations.
CNNC and CTG will also carry out joint research and development on new nuclear technologies, including the development, construction and promotion of fast reactor demonstration units and travelling wave reactor technology.
The two partners have also agreed to jointly seek investment opportunities in overseas nuclear power and hydropower projects as well as increasing cooperation in wind power, solar power, pumped storage and other new energy initiatives.
CTG was responsible for construction of the 22.5 GWe Three Gorges Dam project, the world's largest hydroelectric power plant, which went into operation in 2008. In September 2002, CTG established China Yangtze Power, which took over operations and management of the Gezhouba and Three Gorges dams.
In a statement, China Yangtze Power said that the cooperation agreement with CNNC offers it "a good opportunity to participate in the development of nuclear power projects ... and good conditions for the development of nuclear power investments." By participating in nuclear projects, the company said that it can transform itself from solely a hydropower firm. "The development of a new clean energy business model is conducive to enhancing long-term earnings growth expectations," it said.
Researched and written
by World Nuclear News
