China approves 10 new reactors in nuclear power ramp-up

The nation has 30 under construction, nearly half the global total, and is expected to leapfrog the US to become the world’s largest atomic energy generator by the end of the decade

Published Mon, Apr 28, 2025 · 10:35 AM

China’s State Council approved 10 new reactors on Sunday (Apr 27) in a vote of confidence for nuclear power to remain central to the nation’s clean energy transition.

It’s the fourth year in a row that China has approved at least 10 new reactors. The nation has 30 under construction, nearly half the global total, and is expected to leapfrog the US to become the world’s largest atomic energy generator by the end of the decade.

The 10 latest reactors are expected to cost a total of 200 billion yuan (S$36 billion), according to local media outlet, The Paper. Four were awarded to China General Nuclear Power, to be deployed at its Fangchenggang and Taishan plants. China National Nuclear, State Power Investment and China Huaneng Group won approvals for two reactors each.

Several Chinese nuclear stocks rose as trading opened on Monday, with CGN Power’s Hong Kong-listed shares jumping 4.1 per cent.

China’s nuclear capacity is expected to reach 65 gigawatts by the end of 2025, according to the China Electricity Council, up from under 60 gigawatts last year. By 2040, the country’s atomic fleet is expected to reach 200 gigawatts and account for about 10 per cent of total power output, according to a report published on Sunday by the China Nuclear Energy Association.

The key to executing that plan will be maintaining cost discipline. The US$2.7 billion price tag for each of the 10 planned reactors stands in contrast to recent projects in the US and Europe beset by delays and overruns. In the UK, two reactors under construction at Hinkley Point C are expected to cost a combined £47.9 billion (S$83.8 billion).

China benefits from a state-run apparatus that gives project developers access to loans at low interest rates – a key savings given that most of a nuclear plant’s lifetime cost is the upfront construction.

A steady pipeline of projects means that supply chains can mature and construction crews can gain experience, reducing the chance of costly delays. BLOOMBERG

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