CGN Power

Zheneng Electric Power announced after market close on September 24 that it plans to jointly establish a project company with China General Nuclear Power Corporation and several other enterprises to invest in and build the Zhejiang San'ao Nuclear Power Phase III project. Zheneng Electric Power will hold a 7 percent stake in the project company, with an expected capital contribution of about 900 million yuan. The project company is tentatively named CGN Cangnan No. 3 Nuclear Power Company Limited, with an initial registered capital of 50 million yuan. Zheneng Electric Power's first-phase contribution should be 3.5 million yuan, with the remainder to be paid gradually according to construction progress. The San'ao Nuclear Power Phase III project is located in Cangnan County, Wenzhou, Zhejiang Province, and plans to build two million-kilowatt-class nuclear power units, Unit 5 and Unit 6. It is currently in the pre-approval preparation stage. In terms of the shareholding structure, CGN Power, as the controlling party, holds a 51 percent stake, Zheneng Electric Power holds 7 percent, Zhejiang Qingzhan Holding Group Company Limited holds 16 percent, Wenzhou Nuclear Energy Development Company Limited, Cangnan Haixi Construction Development Company Limited, and Zhejiang Qingshan Enterprise Management Company Limited each hold 6 percent, Hangzhou First Applied Material Technology Group Company Limited holds 4 percent, and Zhejiang Geely Industrial Investment Holding Company Limited and Zhejiang Baisheng United Nuclear Energy Development Company Limited each hold 2 percent. The announcement cautioned that the project still needs to obtain approval from relevant government authorities and is subject to uncertainty.

CGN Power announced it has signed a cooperative investment agreement with China First Heavy Industries and Zhaoqing New Energy, a wholly owned subsidiary of CATL, to jointly establish CGN Yueshan Lufeng Nuclear Power Company. The joint venture has a registered capital of 100 million yuan, with CGN Power contributing 70 million yuan for a 70 percent stake. The joint venture will be responsible for the development, construction, and operation of the Lufeng Units 3 and 4 nuclear power project. The company said this investment will help advance the project's application for national approval, and is expected to further increase the company's installed nuclear capacity under construction and enhance its industry competitiveness. In the first half of 2026, CGN Power achieved revenue of 31.483 billion yuan and net profit attributable to the parent company of 6.105 billion yuan.

China General Nuclear Power Corporation announced that its controlled subsidiary CGN Huizhou Nuclear Power Company's Unit 2 has completed all commissioning work as of August 3, 2026, and is ready for commercial operation. With this unit entering commercial operation, the number of nuclear power units in operation managed by the company increases to 31, and the installed capacity of operating units rises from 34,248 megawatts to 35,450 megawatts.

China General Nuclear announced that its subsidiary Huizhou No. 3 Nuclear Power’s Huizhou Units 5 and 6 have received approval from the State Council. Both units will use the Hualong One 2.0 nuclear power technology, with a single-unit capacity of 1,217 megawatts. Construction preparation work is currently underway in an orderly manner, and full construction will begin after obtaining the Nuclear Power Plant Construction Permit.

China General Nuclear has set the on-grid tariff for four newly commissioned nuclear power units — Huizhou Unit 1, Cangnan Unit 1, and the upcoming Huizhou Unit 2 and Cangnan Unit 2 — at 0.4153 yuan per kilowatt-hour, tax inclusive, during periods when they are not participating in market trading. Huizhou Unit 1 and Cangnan Unit 1 entered commercial operation on April 19 and April 29, 2026, respectively, while Huizhou Unit 2 and Cangnan Unit 2 are still in the commissioning phase and are scheduled to come online in the second half of 2026 and in 2027, respectively. Cangnan Nuclear Power has received approval from the Zhejiang Provincial Development and Reform Commission, while Huizhou Nuclear Power has signed a power purchase and sale contract with Guangdong Power Grid, clarifying that tariffs will be determined by market rules once the units participate in electricity market trading. In the first quarter of 2026, China General Nuclear reported revenue of 16.319 billion yuan and net profit attributable to the parent company of 2.741 billion yuan.