China Emerges as World’s Fastest-Growing Nuclear Power Producer
China recently approved the construction of six more nuclear reactors, solidifying its position as the world’s fastest-growing nuclear power producer. Despite starting nuclear technology development much later than other major economies, China is set to surpass them all and become the largest nuclear fleet owner by 2030.
Over the past decade, electricity generation from nuclear power plants in China has increased nearly fourfold, overtaking France as the world’s second-largest producer. This impressive growth has been bolstered by China’s focus on exporting its nuclear power technology, although there have been setbacks in countries like the UK and Argentina. One country that seems to be embracing China’s nuclear power technology is Pakistan, potentially serving as a launchpad for further growth.
China has been actively constructing nuclear reactors, with two completed in 2022 and five more under construction, according to the World Nuclear Association. This significant rise in nuclear output has seen China’s energy production soar from 98 terawatt hours in 2012 to 418 terawatt hours in 2022, showcasing its rapid expansion compared to other countries.
While China is investing in Generation IV technology, which represents the future of nuclear power, it currently relies on Generation III technology for its massive nuclear capacity expansion. China aims to reach a capacity of 300GW by 2035, with estimates ranging from adding 10 reactors per year to a more conservative projection of 100GW by 2030.
The increased focus on nuclear energy in China is driven by multiple factors. Aside from meeting energy security concerns, nuclear power facilitates the country’s decarbonization efforts. In diversifying its energy mix, China can also create more jobs and upgrade its supply chain.
One notable advantage China possesses in the nuclear power sector is its ability to construct new plants at a significantly lower cost compared to other countries, such as the US and France. This cost advantage is due to China’s design-one build-many approach to construction, making its nuclear power more competitive than coal power, especially as coal becomes more expensive due to environmental fees and carbon pricing.
China’s nuclear ambitions have not been without challenges. Safety concerns following the Fukushima Daiichi accident temporarily halted the approval of new power plants in China. However, the government remains committed to actively developing nuclear power with a steady pace of construction to support its goal of peaking CO2 emissions before 2030.
Despite China’s eagerness to expand its nuclear technology exports, its progress in this area has been limited by factors such as Russia’s influence in the sector, China’s non-membership in the IAEA Vienna Convention, and its inability to take back used fuel. Therefore, while China aims to build 30 overseas nuclear power units by 2030, it is primarily focused on meeting domestic demands with numerous reactors currently under construction.
In conclusion, China’s rise as the world’s fastest-growing nuclear power producer is reshaping the global energy landscape. With its ambitious plans for nuclear capacity expansion and commitment to decarbonization, China is poised to lead in clean energy generation. However, challenges and limitations must be overcome for China to fully achieve its goal of becoming a major exporter of nuclear technology.
