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18 December 2002 - China's State Power Corporation has set a date of 29 December this year for the official launch of its break-up strategy which will see generation assets spread among five regional power companies as well as transmission and distribution assets being split into two grid management companies.
A ceremony formally launching the power monopoly's successor companies will take place in Beijing's Great Hall of the People, according to a company official.
The government announced in April its decision to break up the company, which owns about half of China's power generating capacity and most of its electricity grids. Since then, it has been working out the details of how State Power's 1.2 tn yuan ($1=CNY8.28) in assets will be reshuffled.
The separate generating companies are expected to undertake their own financing activities including seeking foreign investment. One company that will be included in the southern group, Guangdong Grid Co., is already pursuing an overseas initial public offering in hopes of raising up to $1bn.
The launch ceremony for those companies is also expected to announce the formal creation of a new government regulator for the sector, the State Electricity Regulatory Commission.
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