HomeWorld RegionsAsiaMerger aimed at improving Beijing's energy performance

Merger aimed at improving Beijing’s energy performance

A new company, Beijing Energy Group Co, has been formed in China as the government looks to improve efficiency in the energy industry and reduce the pollution that has plagued the country’s capital city.

Beijing Energy Investment Holding Co. and Jingmei Group have been merged into a new 200 billion yuan ($32 billion) business, according to Xinhua news agency.
The new company will manage coal-fired power plants, renewable energy projects, heating supply and coal mine development.

The merged business has assets worth 200 billion yuan, which it aims to increase to 300 billion yuan by the end of 2020, Xinhua said. Its sales target is 100 billion yuan from 60 billion, the report said.