Impact Analysis of the Power Uprate Cooperation Agreement Between China National Nuclear Power and Nuclear Power Institute of China

The power uprate cooperation agreement signed by CNNP and NPIC focuses on tapping the power generation potential of existing nuclear power units through technical means on the basis of ensuring nuclear safety. From the perspective of industry practice, nuclear power unit power uprate usually does not lead to a proportional increase in operating costs; fixed costs will be spread over more power generation, and the marginal cost of new power generation is low, thus directly improving operational efficiency and profitability[1]. As a top domestic institution in the nuclear technology field, NPIC has mature R&D and transformation capabilities, and its participation can ensure the technical feasibility and safety compliance of the project, providing key support for the efficient promotion of power uprate[0]. After the agreement was announced, since the release time was after the close of the Shanghai Stock Exchange, CNNP’s stock price rose from 8.68 yuan to 8.74 yuan on the next day (2025-12-24), an increase of 0.58%[0]. The market reaction was relatively positive, but short-term fluctuations cannot fully reflect long-term impacts.

This agreement reflects the domestic nuclear power industry’s exploration of the “stock potential tapping” model. Improving power generation capacity without adding new units not only meets the current policy requirements for energy security and clean energy transformation but also provides a new path for enterprises to expand profit space on the basis of stable operations[1]. NPIC’s technical support reduces the technical risks of project implementation, and the marginal cost advantage of power uprate will make the profitability of new power generation higher than the existing stock, laying the foundation for the improvement of the company’s profitability[0][1].

• Opportunities
  : Power uprate will directly increase power generation, improving operational efficiency and profitability[1]; cooperation with NPIC ensures the technical feasibility and safety compliance of the project[0]; as a leading domestic nuclear power enterprise, CNNP’s practice may provide reference experience for the industry.
• Risks
  : The specific terms of the agreement (involving units, uprate range, transformation costs, implementation schedule, etc.) have not been disclosed, so the impact cannot be accurately quantified[0]; nuclear safety has always been the core risk of nuclear power projects, and any technical transformation must strictly follow safety norms; the market’s consensus on the long-term impact of the agreement is moderate, and there are uncertainties in the specific implementation effects.

The power uprate cooperation agreement between CNNP and NPIC is conducive to improving the company’s operational efficiency and profitability in direction, but the specific impact still needs to be further observed in combination with the detailed terms of the agreement and implementation status. NPIC’s technical support is an important guarantee for the smooth progress of the project, and the marginal cost advantage of power uprate is the core logic of profit growth. The market reaction to the agreement is relatively positive, but attention should be paid to the subsequent disclosure of agreement details and the implementation progress of the project[0][1].