BIZCHINA / Center
China sells US$2.44b electricity assets to 31 firms
(chinadaily.com.cn)
Updated: 2007-05-31 10:57
The State Electricity Regulatory Commission today signed contracts with
31 enterprises, including State-owned and private corporations as well as
overseas-funded ones, selling 18.7 billion yuan (US$2.44 billion) worth
of electricity assets. This price is more than 65 percent of original
estimates.
Early in 2002, China distributed State electricity assets to five large
electricity groups such as China Huaneng Group. Meanwhile, the country
reserved 920 kW assets for electrical enterprise reforms and now these
assets have increased to a capacity of over 10 million kW. These reserves
were sold today.
This is the first step for electricity reforms as part of the 11th
Five-Year Program, which focuses on building an electricity market
system, reforming electricity prices and separating electricity
transmission and distribution. You Quan, chairman of the commission,
said, "Electricity assets will further enter into the market under the
government's management to break monopolies and help China's economic
development."
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