10 Jan 2011 11:29

SGCC plows $181 bln into power grid upgrades

Shanghai. January 10. INTERFAX-CHINA - State Grid Corp. of China (SGCC), the country's largest power grid network operator, announced on Jan. 9 that it has deployed RMB 1.2 trillion ($181 billion) on domestic power grid upgrades over the past five years.

SGCC said the RMB 1.2 trillion is larger than the combined domestic power grid network investments from 1949 to 2005.

SGCC, which operates 88 percent of China's power grid network, sold 2.7 trillion kilowatt-hours (kWh) of electricity and achieved sales revenue of RMB 1.5 trillion ($226.24 billion) in 2010.

The company reported a profit of RMB 45 billion ($6.79 billion) in the same year and hopes to boost that figure to RMB 70 billion ($10.56 billion) by the end of 2015.