Coronavirus company news summary – Chinese committee extends power price cuts – Construction on Turkey’s second nuclear unit begins

29 June 2020 (Last Updated June 29th, 2020 09:20)

29 June

China's National Development and Reform Commission (NDRC) will extend its 5% electricity price cuts until the end of this year to help companies under stress due to the Covid-19 pandemic. The policy was first announced in February, when it was scheduled to end on 30 June. In a notice, NDRC said: "Under the current circumstances, relevant price regulators should fully understand the importance of reducing companies' production and operating costs, and its role in protecting jobs, livelihood, and market entities."

The Asian Development Bank (ADB) has agreed to extend a concessional loan of $200m to enhance Nepal’s power supply and distribution systems. The fund will be used for the the modernisation of the power supply system in Kathmandu Valley, Bharatpur metropolitan area in Bagmati Province and Pokhara of Kaski district in Gandaki Province. The project will also support Province 2, where approximately 20% of families do not have access to the national grid.

The Turkish Government has announced the start of construction on the second unit of its first nuclear power plant Akkuyu. The first unit of the plant is expected to be operational in 2023. It and the other three units will generate 1,200MW capacity each. The country’s energy and natural resources minister Fatih Dönmez told Daily Sabah: “We plan to commission the second unit in the following year.”

The European Investment Bank (EIB) has decided to invest €43.5m in Spain’s Cabrera Solar Project despite the coronavirus lockdown in Spain. Backed by the European Fund for Strategic Investments (EFSI), this investment is expected to create around 350 jobs during the implementation phase. The project includes the construction and operation of four 50MW-at-peak photovoltaic solar plants in Alcalá de Guadaira, Seville.