China's Dependency on Overseas Uranium Supply to Grow
The increasing demand for power paved way to develop new nuclear power plants in China. The total demand for power in the country is expected to grow from the present 600 GW to 900 GW in 2020. As compared to the world electricity growth rate of 2.3%, China’s power growth rate of 4.3% is far higher. Currently, thermal power contributes to the majority (78%) of demand for power in China. To reduce its dependency on coal based plants, the country is expanding its nuclear base. The country is planning to expand its capacity to 50 GW by 2020. As per EIA, China’s total installed power capacity is expected to grow to 840 GW in 2010 and reach 1,340 GW in 2020 making it the largest power producer in the world. While this will add up to an additional installed nuclear capacity of 7,600 MW once they start functioning, it would also place an additional demand for uranium. Though the country has been planning new uranium mining projects in order to meet the uranium demand for the upcoming nuclear reactors, overseas supply of uranium would continue to be the key source for fuelling domestic reactors.
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