What’s new: Power conglomerate State Grid Corp. of China has pledged to boost investment in China’s power grids in the next five years, Chairman Mao Weiming said in an interview (link in Chinese) with the Xinhua New Agency published Friday.
State Grid’s investments in power grids and related industries are expected to surpass 6 trillion yuan ($896 billion) during the next five-year plan period from 2021 to 2025, with a focus on fields such as ultra-high-voltage power transmission, electric vehicle charging points and new digital infrastructure, Mao said.
What’s the background: State Grid’s move came as the country continues to promote the use of clean energy. Mao said that State Grid will take measures to boost the development of clean energy to ensure that the annual utilization rate of hydropower, wind power and solar power generation reaches over 95%.
Mao also said in the interview that the company is expected to cut electricity costs by 92.6 billion yuan, a move in line with the country’s policy to lower the cost of social energy use and aid struggling enterprises.
Contact reporter Timmy Shen (hongmingshen@caixin.com) and editor Heather Mowbray (heathermowbray@caixin.com)
