China to set up third-generation nuclear power company

BEIJING: Two Chinese nuclear power giants plan to set up the country's third-generation nuclear reactor design known as Hualong One in a joint venture by combining technologies.

China General Nuclear Power Group (CGN) and China National Nuclear Corporation decided to set up the company to reduce competition in exporting Hualong One into overseas markets, according to the source requesting anonymity.

The plan has been forwarded to authorities and a coordination meeting will be held soon.

"If everything goes well, the joint venture will be set up before the end of this year," the source said.

The two companies jointly started the R&D of Hualong One in 2013 based on their respective technologies, and the general plan passed inspection by a national expert panel in August last year.

In May this year, construction on the first pilot project using Hualong One technology started in Fuqing, southeast China's Fujian Province.

CGN and Electricite de France (EDF) signed a strategic investment agreement yesterday to build a nuclear power plant at Hinkley Point in southwestern England in the presence of British Prime Minister David Cameron and Chinese President Xi Jinping who is on a state visit to the UK.

CGN and EDF also plan to cooperate on another two British nuclear projects at Sizewell in Suffolk and Bradwell in Essex.

Bradwell plans to use the Hualong One design after the technology passes British regulatory inspections.