China's grid giant gives shares to Huaneng company

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Last updated at: (Beijing Time) Wednesday, September 24, 2003

China's grid giant gives shares to Huaneng company

The State Power Grid Corporation signed a memorandum of understanding here Tuesday with the China Huaneng Group Co., Ltd., agreeing to give for free all the shares it holds in 13 power plants.

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The State Power Grid Corporation signed a memorandum of understanding here Tuesday with the China Huaneng Group Co., Ltd., agreeing to give for free all the shares it holds in 13 power plants.

These power plants have a total capacity of 4,642,500 kilowatts.

The State Power Grid Corporation is the largest state-owned grid operator that was established as part of the Chinese government's reform scheme for the country's mammoth power industry.

Huaneng Group Co. Ltd. is one of the largest state-owned investors and operators in China's power industry.

The newly-founded State Power Regulatory Committee has been busy doing away with the state monopoly, regrouping domestic companies involved in power generation, transmission and supply, and preparing for the wider opening of its power industry to foreign investors under the WTO framework.

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