China’s State Grid to complete another 300 bn yuan investment by end of 2022, to invest 150 bn yuan in ultra high voltage power lines
COMPANY NEWS DATA
China’s State Grid to complete another 300 bn yuan investment by end of 2022, to invest 150 bn yuan in ultra high voltage power lines
COMPANY NEWS DATA

China’s State Grid to complete another 300 bn yuan investment by end of 2022, to invest 150 bn yuan in ultra high voltage power lines

 

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China’s State Grid, the world’s largest utilities company, plans to invest more than 150 billion yuan ($22 billion) in the second half of this year in ultra high voltage (UHV) power transmission lines, the company’s chairman Xin Bao’an said at a meeting on Wednesday.

Construction of eight new UHV projects is planned to connect China’s far western regions, where solar, wind and hydropower plants are mainly located, to big cities. The new projects are expected to drive demand for raw materials including copper and aluminium, and help China rev up its economic growth.

“(We) will carry out research on power transmission from major renewable bases in the Gobi and desert area … which would lay a foundation of further expanding efficient investment,” said Xin.

In the first seven months of the year, State Grid completed a total of 236.4 billion yuan of investment, an increase of 19% from a year earlier and its ongoing projects involve 883.2 billion yuan of investment, said Xin.

The company is expected to complete another nearly 300 billion yuan of investment by the end of the year and by then, the investment in its ongoing projects will reach a new record high of 1.3 trillion yuan, which will drive more than 2.6 trillion yuan of investment in upstream and downstream industries, Xin said.