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Separation of power achieved
Source: Xinhua |
September 30, 2011, Friday
|
Print Edition
Print Edition
CHINA'S state-owned assets watchdog yesterday announced the completion of restructuring of its bloated electricity industry, breaking up the design and construction businesses from power grid firms and establishing two new companies.
The two new companies, PowerCorp China and China Energy Engineering Group (CEEG), are both solely funded by the state, according to the State-owned Assets Supervision and Administration Commission.
"This marks a major step forward in the country's economic restructuring this year," said Wang Yong, head of commission, at a ceremony for the two new companies.
After the restructuring, the state-owned Sinohydro Corp, HydroChina Corp, together with the design and construction units previously affiliated with the State Grid and the China Southern Power Gird in Shanghai, Hebei, Jilin and 11 other regions, will merge into PowerCorp, with assets totaling 196 billion yuan (US$31 billion).
CEEG, with assets totaling 120 billion yuan, will take over the other two state-owned enterprises, China Gezhouba (Group) Corp and China Power Engineering Consulting Group Corp, along with other auxiliary units previously operated by the State Grid and the China Southern Power Gird in Beijing, Tianjin, Shanxi and 13 other provincial areas.
The two new companies, PowerCorp China and China Energy Engineering Group (CEEG), are both solely funded by the state, according to the State-owned Assets Supervision and Administration Commission.
"This marks a major step forward in the country's economic restructuring this year," said Wang Yong, head of commission, at a ceremony for the two new companies.
After the restructuring, the state-owned Sinohydro Corp, HydroChina Corp, together with the design and construction units previously affiliated with the State Grid and the China Southern Power Gird in Shanghai, Hebei, Jilin and 11 other regions, will merge into PowerCorp, with assets totaling 196 billion yuan (US$31 billion).
CEEG, with assets totaling 120 billion yuan, will take over the other two state-owned enterprises, China Gezhouba (Group) Corp and China Power Engineering Consulting Group Corp, along with other auxiliary units previously operated by the State Grid and the China Southern Power Gird in Beijing, Tianjin, Shanxi and 13 other provincial areas.
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