January 09, 2025

The speed of the reform of nuclear power

For nuclear power central SOEs, 2012 may be the year when the reforms that have already started are at a critical stage.

The National Energy Work Conference concluded recently has made it clear that it is necessary to ensure the development of nuclear power on the basis of ensuring safety and to implement the "Nuclear Power Safety Plan" and "Nuclear Power Medium and Long-Term Development Adjustment Plan" in a timely manner after preparation and approval. The development of nuclear power has become a consensus, and the government and companies have also given signals on the reform of nuclear power companies.

On January 5th, Wang Yong, director of the State-owned Assets Supervision and Administration Commission, put forward requirements for the reform and development of state-owned enterprises this year at the National State-owned Assets Supervision and Management Conference, which means accelerating the reform of the joint-stock system of the affiliated enterprises, and attracting and stimulating the participation of other forms of ownership capital in the reform of state-owned enterprises; The reorganization of internal business units and internal business units encourages qualified enterprises to “go global” and enhance their ability to allocate international resources. In addition, the SASAC will also strengthen the supervision of state-owned property transactions, explore the effective management of state-owned property rights in mixed property rights, and regulate the behavior of state-owned shareholders in listed companies.

The requirements of the SASAC are for various industries, and nuclear power companies are no exception.

At the end of 2011, China Nuclear Corporation’s subsidiary CNNC Nuclear Power Co., Ltd. (hereinafter referred to as “China Nuclear Power”) was changed to China Nuclear Power Co., Ltd. (hereinafter referred to as “China Nuclear Power”), and the National Nuclear Safety Administration had previously issued a certificate to Qinshan Nuclear Power Base. Under the new operation and management model, the operation license will be implemented by CNNC nuclear power to implement the operation and management of 9 units of the Qinshan nuclear power base. The outside world believes that this move signals the acceleration of the listing of CNNC’s nuclear power assets. China National Nuclear Corporation’s high-quality nuclear power assets will gradually move closer to the capital market. Afterwards, more media revealed that the listing of China's nuclear power had been approved by the State Securities Regulatory Commission.

Industry analysts pointed out that the listing of China Nuclear Power is just around the corner. In addition, China Guangdong Nuclear Power and China National Nuclear Construction Corporation also performed frequently and showed a good momentum.

On December 8 last year, China General Nuclear Power’s China General Nuclear Energy Uranium Development Co., Ltd. (“CGN”) and Kalahari Minerals Plc (“Kalahari”) announced that they would use Taurus Mineral Limited, a joint venture with the China-Africa Development Fund, for a total price. Approximately 632 million pounds was used to make a tender offer for Kalahari. The information at that time showed that China-Guangzhou Uranium had obtained support from the board of directors of Kalahari for the tender offer. In addition, the Sino-Guangzhou Uranium Group completed the subscription of the shares and convertible bonds on March 18, 2011. The Vio Group was renamed “China Guangdong Nuclear Mining Co., Ltd.” at the end of last year. CGN’s uranium resource trading platform gradually became bigger and stronger through the above methods. . Both Kalahari and VIO Group are listed companies.

In addition to China Guangdong Nuclear Power, China National Nuclear Construction Co., Ltd. has participated in the reform of its external capital and “going global”. Also at the end of last year, China Nuclear Construction’s Hong Kong-listed subsidiary, China Hong Kong Dexing Group Co., Ltd., also successfully changed its name to China Nuclear Industry Ersan International Limited. The outside world believes that this is an important measure for China National Nuclear Construction’s “going out” and setting up an overseas capital operation platform.

"Overall, the pace of market-oriented reform of nuclear power central enterprises lags behind other energy central enterprises, but the reform of nuclear power central enterprises in 2011 is also remarkable." Shen Hongwen, a research fellow at China Investment, told the reporter. He believes that the reform measures have effectively promoted the business restructuring and structural optimization of nuclear power central enterprises. "Of course, the difficulties faced by the reform of nuclear power central enterprises are also obvious. The development of the nuclear power industry depends on many aspects such as technology, management, operations, and security. How to build a complete industrial chain and improve the ability of independent innovation is very important. After the nuclear accident at the island, the importance of nuclear power security has been given unprecedented attention. How nuclear power central enterprises handle security issues in the reform is also of utmost importance."

In addition, the financing actions of nuclear power central SOEs also made the outside world look forward to the 2012 nuclear power capital market. In particular, last year, China Light & Power Investment Co., Ltd. first tested the water, and its listed company, Shanghai Electric Power, planned to acquire all the shares it had already invested in nuclear power, which became a focus of attention.

According to industry insiders, China’s nuclear power development entities have adopted the “nuclear nuclear, rolling development” development approach for many years and rely on the profitability of their own nuclear power business to obtain funds for continued development. “Although the Fukushima nuclear accident has suspended the development of nuclear power, it does not mean that this has stopped. The National Energy Work Conference has clearly defined the guidelines for the continued development of nuclear power. Explaining that the expansion of nuclear power construction scale and more capital investment is an inevitable trend.”

"Financing will be the key task for the next step in the development of nuclear power companies. What the industry is most looking forward to is choosing the right time to enter the stage of listing when the reforms continue to deepen and achieve certain results. This is to solve the problem of the current capital tightening of nuclear power companies. The best way," said the above person.

According to reports, in addition to some of the listed signals mentioned above, the state nuclear power recently revealed in its first social responsibility report that the state nuclear power will strive to achieve overall listing during the “12th Five-Year Plan” period.

However, for nuclear power central SOEs, the main business first listed and the overall listing, which is better? Shen Hongwen's answer is: first listed on the main business.

“SASAC has made it clear that in 2012 it will promote qualified state-owned enterprises to speed up the main business listing. From the actual situation of the nuclear power industry, due to the large scale of nuclear power central enterprises, some businesses and departments are difficult to meet the requirements of listing, so first realize the main The listing of business operations is more sensible. After the main business is listed, it gradually injects its premium assets into listed companies, and ultimately achieves overall listing. This approach is obviously more secure and reasonable, said Shen Hongwen.

“The Fukushima nuclear accident has given the Chinese nuclear power industry a stage of calm rethinking. This is also a good time for adjustment. Not only is it necessary to adjust development plans and safety plans, the reform is also critical, and it is related to the safe and efficient development of companies and the entire nuclear power industry.” A senior industry expert told reporters.

Regarding the factors that are currently related to the reform process of nuclear power central enterprises, Shen Hongwen told reporters that the main factors influencing the reform of nuclear power and the operation of capital come from within the system. "For a long time, the nuclear power industry has been highly regulated by the government because of its own particularity and closedness. The development of the industry is in a monopolistic and opaque state, and this is in isolation from the spirit of marketization. At present, the nuclear power industry should reform the nuclear power industry. Separate government management and business operations, only this can promote the optimization of the structure of nuclear power central enterprises, improve efficiency." Shen Hongwen said.

DO-35 Diode

Two - way trigger diode, also known as two - end ac device (DIAC), and two - way thyristor at the same time.Because of its simple structure and low price, it is often used to trigger the bidirectional thyristor, and can also constitute overvoltage protection circuits.Construction, symbol and equivalent circuit of a bidirectional trigger diode.

Also commonly used in the overvoltage protection, timing, shift equal circuit, Figure 2 is the overvoltage protection circuit composed of bidirectional trigger diode and bidirectional thyristor.When the transient voltage exceeds the DIAC and Ubo, the DIAC quickly conducts and triggers the bidirectional thyristor to also conduct, so that the following load is protected from overvoltage damage.

DO-35 diode Jpg


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