China creates new firms in power industry restructuring

The Chinese government has announced that it is to establish two new companies from the design and construction businesses of the power grid groups in a move to restructure the country’s power industry.

Shao Ning, vice chairman of the State-owned Assets Supervision and Administration Commission (SASAC), said: “Splitting the affiliated businesses from the power grid groups is an important step in restructuring the power industry.”

Shao added the move will enable the power grid companies to focus on their main businesses and produce more accurate accounting.

The two new companies, China Power Construction Group and China Energy Engineering Group, will focus on exploration, design and construction, according to a statement released by SASAC.

Wang Yong, chairman of SASAC, said that the total assets and annual profits of the two new companies will be over $15bn after the restructuring. Wang said: “Their scale and abilities will put them at the top of the industry among all the power companies.”

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