China Is Going on a Nuclear Energy Spree
China plans to build 30 new nuclear power plants to supply its insatiable need for electricity in the next 12 years.
Just like everything it does, the country of a billion workers is moving into nuclear power in a big way. That means China will have to outlay 450 billion yuan. Based on the assumption that it will continue its adherence to the dollar in the next decade, thatís about $61 billion to make China one of the leading nuclear energy countries in the world.
And unlike Western countries, Chinaís ambitious plans have a pretty good chance of being met (ah, the efficiency of a totalitarian regime). Itís amazing what you can get done when opposition is punishable by death and banks can be ordered to lend you money.
China is using its old beg-and-steal strategy for the nuclear power market, too. The country is buying the technology to develop those power plants from two Western companies: Franceís Areva (CEI: Paris) and Pennsylvania-based Westinghouse Electric Corporation.