A ceremony was held in Beijing yesterday to mark the official launch of China's State Power Investment Corporation (SPI), formed through the merger of China Power Investment Corporation (CPI) and State Nuclear Power Technology Corporation (SNPTC).

A plan for the merger of China's general contractor for reactors SNPTC and nuclear power plant operator CPI was submitted to the State-owned Assets Supervision and Administration Commission (SASAC) for approval by SNPTC in July 2014. The merger was approved by the State Council on 29 May.

The combined company formally established yesterday has a registered capital of CNY 45 billion ($7 billion), with total assets of CNY 722.3 billion ($116.3 billion) and almost 14 million employees. The business encompasses hydro, thermal and nuclear power, as well as new energy sources. SPI has an installed generating capacity of 98 gigawatts. The company also covers electricity, coal, aluminium production, logistics, finance and other sectors. Annual sales are expected to exceed CNY 200 billion ($32 billion).

CPI is one of five state-owned power generation holding companies formed from the State Power Corporation in 2002 and inheriting all of its nuclear capacity. It owns 19 operating power plants above 1000 MWe each, a majority of Shandong Haiyang nuclear power project, 45% of the first phase of Liaoning Hongyanhe nuclear power project, and holds minority shares in five nuclear power plants in operation, and three under construction. It is preparing nuclear power projects in Guangxi, Liaoning, Hunan, Jilin and Chongqing.

SNPTC was set up in 2004 to take charge of technology selection for new plants bid from overseas. The company was directly under China's State Council and closely connected with it, being owned 70% by SASAC and with 10% of shares owned by each of China National Nuclear Corporation (CNNC), CPI and China General Nuclear Corporation (CGN).

SPI chairman Wang Binghua, former chairman of SNPTC, was cited by China's CCTV as saying that China relies on fossil fuels for nearly 70% of its electricity needs, "leaving a large space" for nuclear power. He added that SPI, CNNC and CGN will enjoy strategic cooperation and healthy competition.

Researched and written
by World Nuclear News