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2018-02-02 12:12:00

CHINA GOES NUCLEAR

CHINA GOES NUCLEAR

REUTERS - China National Nuclear Corp (CNNC), China's No. 2 nuclear power producer, will take over the country's top nuclear power plant builder to create a company worth almost $100 billion, the latest state-orchestrated marriage in the nation's vast power sector.

The deal has been in works for almost a year as Beijing has pushed to streamline its bloated state-owned enterprise (SOE) sector, tackle rising corporate debt and make businesses more profitable through mergers, reductions in excess capacity and the closure of "zombie" firms.

Approval for the tie-up between CNNC and China Nuclear Engineering & Construction (CNEC) was announced by the State-Owned Assets Supervision and Administration Commission (SASAC) on Wednesday in a one-line statement posted on its website.

In a filing later on Wednesday, CNEC's listed unit said its controlling shareholder will be CNNC after the deal.

The combined company would have assets worth more than 620 billion yuan ($99 billion) and a workforce of almost 150,000, according to Reuters' calculations based on data on the firms' websites and in company filings.

Beijing wants to overhaul its nuclear sector in order to create globally competitive firms and reduce overcapacity across its broader power market. The nuclear industry is struggling with project delays and a slowdown in approvals for new domestic projects.

By creating a unified home-brand series of reactors, and combining firms, China will be better positioned to bid for and finance overseas projects, experts say.

Both companies have built nuclear plants overseas, including in Pakistan, and developing Chinese nuclear technology abroad is a key goal of China's Belt and Road initiative.

"(The) merger ... will give the new company vast financial firepower to take on the significant capital costs involved in developing new nuclear reactors – both domestically and abroad," said Georgina Hayden, head of power and renewables at BMI Research.

Last year, the government oversaw the marriage of China's top coal miner Shenhua Group Corp Ltd with China Guodian Group Corp, among the country's top five state power producers, to create the world's largest power utility.

This deal will reduce the number of enterprises administered by the central government to 97, compared with 117 in 2012.

"We expect this trend (of consolidation) to continue as Beijing continues to streamline its SOEs," said Hayden.

SASAC's clearance comes about 10 months after the companies' listed entities flagged a deal involving their parent companies was in the works.

It is a re-marriage of sorts for the two companies after they were separated in 1999 under a previous round of SOE reform.

($1 = 6.2936 Chinese yuan renminbi)

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Earlier:

 Nuclear
2018, January, 22, 08:10:00

CHINA'S NUCLEAR POWER - 2017

WNA - Mainland China has 38 nuclear power reactors in operation, about 20 under construction, and more about to start construction. The reactors under construction include some of the world's most advanced, to give a 70% increase of nuclear capacity to 58 GWe by 2020-21. Plans are for up to 150 GWe by 2030, and much more by 2050.

 

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2018, January, 12, 12:40:00

FRANCE - CHINA NUCLEAR COOPERATION

WNN - Cooperation on nuclear power technology is to be expanded between China General Nuclear (CGN) and the French Alternative Energies and Atomic Energy Commission (CEA) under an agreement signed yesterday in Beijing. New Areva and China National Nuclear Corporation (CNNC) have also agreed to work towards signing a contract for the construction of a used fuel processing and recycling facility in China.

 

 Nuclear
2017, December, 15, 12:55:00

NUCLEAR - 2050: 25%

WNN - According to the Foratom statement, World Nuclear Association Director General Agneta Rising said: "By 2050, nuclear energy must account for 25% of energy generation if we are to meet our climate targets. With nuclear making up 11% of generation in 2014, an extra 1000 GWe in nuclear capacity will need to be built by 2050. However, meeting this goal will not be easy."

 

 Nuclear
2017, November, 9, 13:50:00

EIA: NUCLEAR ENERGY WILL UP

EIA projects that global nuclear capacity will grow at an average annual rate of 1.6% from 2016 through 2040, led predominantly by countries outside of the Organization for Economic Cooperation and Development (OECD). EIA expects China to continue leading world nuclear growth, followed by India. This growth is expected to offset declines in nuclear capacity in the United States, Japan, and countries in Europe.

 

 Nuclear
2017, October, 25, 21:26:00

THE BIGGEST ASIAN NUCLEAR

WNN - Asian countries continue to dominate the market for new nuclear build, according to a newly-released report from the World Nuclear Association. Of the 10 new nuclear power reactors that started up worldwide in 2016, eight were located in Asia.

 

 Nuclear
2016, May, 23, 20:55:00

АСЕАН: РАСТУЩИЙ РЫНОК

Министр энергетики отметил, что страны АСЕАН являются одними из наиболее быстро растущих в мире по темпам роста объемов потребления энергии. «Сегодня в этом регионе потребляется вдвое меньше энергии, чем в среднем по миру, при этом с 1990 г. энергопотребление выросло в 2,5 раза», - отметил Александр Новак. По его словам, эта тенденция открывает для России «окно возможностей», связанных с поставками энергоресурсов, технологий и оборудования.

 

 

 

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