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18 June 2003 - Guangdong Electric Power Development Co said on Wednesday it would be seeking shareholder approval to its expansion by spending 198.2m yuan ($23.95m) to build a power plant in southern China.
The 4.161bn yuan Shenzhen Qianwan LNG (liquid natural gas) power plant would begin generating electricity by early 2006, the company said in a statement published in the official Shanghai Securities News.
"The investment in the Qianwan plant will help our company develop our core business," it said.
Guangdong Power, the second biggest company by capitalisation on Shenzhen's stock exchange, has a generating capacity of more than 2500 MW. It is trying to trim costs through greater economies of scale to enhance its competitiveness amid a sweeping government-led power industry reform.
China broke up the State Power Corp's former near-monopoly by splitting the electricity giant into generation and transmission corporations, part of a series of reforms aimed at promoting greater competition.
Guangdong Power said the Shenzhen plant would start off with three generators, each with a capacity of 350 MW. The plant would be expanded eventually to double its capacity.
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