CGNPC renamed to reflect expansion
15 May 2013
CORRECTION - This article has been corrected to reflect the change in ownership structure that CGNPC under went in September 2012.
China Guangdong Nuclear Power Group (CGNPC) has changed its name to China General Nuclear Power Group to reflect the group's ambitions to grow outside of Guangdong and China itself.
.jpg "Ningde 3 RPV head (CNECC)") |
| The head of the reactor pressure vessel was recently readied for installation at Ningde 3 in Zhejiang province. The Ningde plant, to comprise four CPR-1000s, is 46% owned by CGNPC, which will also be the operator (Image: CNECC) |
Registration of the name change of Shenzhen-based CGNPC was approved by the State Administration for Industry and Commerce at the end of April.
Company spokesman Hu Guangyao said, "The name change is to better meet the needs of future development of the group, to promote the coordinated development of nuclear power, uranium resources and non-nuclear clean energy." He noted that CGNPC's strategic objective is to build a "world-class clean energy group."
CGNPC was established in 1994 and was 45% owned by the provincial government, 45% by China National Nuclear Corporation (CNNC) and 10% by China Power Investment Corp (CPI). It was under the supervision of the State-owned Assets Supervision and Administration Commission (SASAC) of the State Council. However, in September 2012 a change in CGNPC's ownership structure was approved with SASAC itself taking an 82% stake in the company and the provincial government's and CNNC's holdings dropping to 10% and 8%, respectively.
The group now comprises some 20 companies with gross assets in August 2012 of $40.3 billion and net assets of $10.8 billion. China Guangdong Nuclear Power Holding Company leads this group, which is responsible for the Daya Bay, Ling Ao, Yangjiang, Hongyanhe and Ningde power stations, as well as further projects in the province and outside it.
CGNPC currently has seven nuclear power reactors in operation (six within Guangdong province) with a combined capacity of 7.2 GWe, accounting for 53% of China's installed nuclear capacity. In addition, it has 15 reactors under construction with a combined capacity of 17.8 GWe, only eight of which are within Guangdong.
According to its strategic plan, CGNPC aims to have some 90 GWe of installed clean energy generating capacity by 2020, when it will supply some 420 TWh of electricity to the grid annually.
Researched and written
by World Nuclear News