Christopher Nye
The People’s Republic of China (PRC) now commands the world’s largest overall nuclear construction pipeline, placing Beijing on a credible path to surpass the United States in operable nuclear capacity before 2030. Policy continuity—including the 2024 Energy Law, the 2025 Atomic Energy Law, the 14th and 15th five-year plans, and State Council approval—has allowed the PRC to mitigate the “cost escalation curse” that has haunted Western nuclear projects.
A lower cost of capital for state-owned developers, combining record-low sovereign bond yields, staged value-added tax rebates, a centralized “spent fuel” fund, and long-term power purchase agreements, has also helped support the sector’s growth.
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