China's Power Sector To Be More Profitable

BEIJING, August 10 (Xinhua) -- The China State Power Corporation (CSPC) expects to realize profits totaling 8.6 billion yuan this year, much more than the 1998 figure, said a senior power official here today.

Since the beginning of this year, China has given priority to speeding up restructuring of the power industry and developing the Three Gorges Power Grid, as well as the country's major provincial power grids, said Jiang Shaojun, director in charge of the corporation's strategic studies and planning.

In addition, the country has made great efforts to perfect the newly established State Power Corporation, and has made remarkable progress in transforming it into a giant corporation with more modern operating methods and a shareholding system.

According to the official, the country generated 1.16 trillion kwh of electricity last year, up six percent from a year earlier, and absorbed contracted overseas investment of 1.79 billion U.S. dollars, up 2.5 percent.

China will see an overall growth in the power sector this year, said the official, adding that the country has made headway in building and renovating 87 urban power grid projects and 1,590 rural ones.

Moreover, China has effectively restructured its power industry by closing a large number of small thermal power plants with high coal consumption, heavy pollution, and poor economic efficiency.