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The official launch has taken place of China’s State Power Investment Corporation (SPI) in Beijing.

The merger of China Power Investment Corporation (CPI) and State Nuclear Power Technology Corporation (SNPTC) will see a registered capital of $7bn, with total assets of $116.3bn and almost 14 million employees.
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The business encompasses hydro, thermal and nuclear power, as well as new energy sources. SPI has an installed generating capacity of 98 GW. The company also covers electricity, coal, aluminium production, logistics, finance and other sectors. Annual sales are expected to exceed $32bn.

CPI is one of five state-owned power generation holding companies formed from the State Power Corporation in 2002 and inheriting all of its nuclear capacity. SNPTC was set up in 2004 to take charge of technology selection for new plants bid from overseas.

World Nuclear News reports that SPI chairman Wang Binghua, former chairman of SNPTC, was cited by China’s CCTV as saying that China relies on fossil fuels for nearly 70 per cent of its electricity needs, “leaving a large space” for nuclear power.