A general view of six units of the Tianwan Nuclear Power Plant, built by China National Nuclear Corp, in Lianyungang, East China's Jiangsu Province File Photo: IC

China's investment in new nuclear power plants is expected to hit 231 billion yuan ($31.80 billion) by 2025, CITIC Securities said on Monday.

The investment scale is coordinated with China's development plan for the nuclear power sector, Lin Boqiang, director of the China Center for Energy Economics Research at Xiamen University, told the Global Times on Monday.

"The construction period of a nuclear power plant is usually six to seven years, and the investment covers the whole period and relevant industries," said Lin.

By the end of 2022, China had 53 in-service nuclear power plants with total capacity of 55.63 million kilowatts, accounting for 2.2 percent of the nation's total power generating capacity and ranking third globally after the US and France, data from the China Nuclear Energy Association (CNEA) showed.

As a vital clean energy source, electricity generated by nuclear power made up only five percent of China's power structure in 2022, said CITIC Securities, citing data from CNEA. That figure is far below the world average.

China's State Council, the cabinet, held a meeting on July 31 and approved three nuclear power projects located in Ningde in East China's Fujian Province, Xudapu in Northeast China's Liaoning Province, and Shidao Bay in East China's Shandong Province.

Lin noted that China's research into nuclear reactors is at a world leading level, and the country's Hualong One nuclear reactor has been operated overseas.

In addition, the world's first onshore multi-functional small modular and pressurized-water nuclear reactor was installed at the Changjiang Nuclear Power Plant in South China's Hainan Province at the end of July, and it is expected to have vast export potential.

CITIC Securities estimated that following the accelerated approval of nuclear power projects in recent years, China's related industry chain is expected to enter growth territory, which will aid the country's goal of carbon emissions reduction.

Global Times