Jan. 25, 2012 (China Knowledge) - State Grid Corp of China
, the nation's largest power supplier, plans to invest RMB 309.7 billion in the country's power network this year, 2.58% more than a year earlier, according to the power giant's annual conference.
In 2012, State Grid expects to reap RMB 62 billion in profit, up 16.3% from a year earlier, and the firm's operating revenue is expected to increase 15.9% year on year to RMB 1.94 trillion.
The state-owned company's gross profit for 2011 grew 18% year on year from RMB 45 billion to RMB 53.3 billion, more than a combined projected profit generated by China
's five major electricity suppliers, consisting of China
Huaneng Group with RMB 6.1 billion, China
Power Investment Corp with RMB 2.5 billion, China
Huadian Corp with RMB 2 billion, China
DaTang Corp with RMB 1.5 billion and China
GuoDian (Group) Corp with RMB 6 billion, said analysts.
Last year, State Grid's operating revenue amounted to RMB 1.68 trillion, reflecting a year-on-year increase of 11.6%. The company's investment on power network for 2011 totaled RMB 301.9 billion, up 13.7% from two years ago.
Cao Zhian, Deputy General Manager of State Grid, said the company intends to spend over RMB 1.7 trillion in total on smart-grid network in the period from 2011 to 2015.
In 2015, State Grid's operating revenue is estimated to reach more than RMB 2.3 trillion with total assets exceeding RMB 3.1 trillion by the end of the year.