Report: China to Lift Freeze on Nuclear Plant Construction

Posted September 21st, 2011 at 5:05 am (UTC-5)
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A Chinese business journal says the government could lift a freeze on approval of new nuclear power plants next year, prompting a surge on Chinese stock markets.

The China Securities Journal reported Wednesday that authorities have completed a nationwide safety inspection that was ordered after the March disaster at Japan's Fukushima nuclear power plant.

It quoted authoritative sources saying the results of the study will be announced soon and a proposed safety plan may be finalized by the end of this year. The go-ahead for new plant construction is expected to follow early in 2012.

The report sparked a surge in prices for nuclear power-related companies, helping boost Chinese stocks to their biggest one-day rise in four weeks.

China has 14 nuclear power plants and plans to build at least 24 more. Officials say China hopes to meet 15 percent of its fast-rising energy needs through nuclear power by 2020.