China will spend CNY580 billion in 2009 to expand its energy industry and will include more nuclear and wind powered generating capacity, state media said. China's state-owned power companies are moving forward for investments to meet growing demand and help increase economic growth as part of a multi billion-dollar government stimulus plan.
The plans for investment in wind, nuclear and solar power, plus expanding coal-fired generation, state television reported, citing Zhang Guobao, director of China’s energy agency. They said Zhang made the announcement at a government meeting Wednesday.
Chinese power companies have stepped up investment in November 2008 as part of the government’s CNY4 trillion stimulus plan. A large share of spending for the package is due to come from state-owned companies.
China will construct eight more nuclear plants with a total of 16 reactors over the next three years, the China Daily newspaper said.
China has 11 nuclear reactors supplying about 1% of its power, and Beijing wants to raise that share to 5%, the China Daily newspaper said.