Tuesday 21 July 2015

Chinese launch giant energy player

A Chinese energy giant has entered the global market.

China's State Power Investment Corporation (SPI) was formed through the merger of China Power Investment Corporation (CPI) and State Nuclear Power Technology Corporation (SNPTC).

The merger was approved by the State Council on 29 May.

The combined company, which was formally established yesterday, has a registered capital of CNY 45 billion (£4.5bn), with total assets of CNY 722.3 billion (£74.55bn) and almost 14 million employees.

The business has hydro, thermal and nuclear power as well as new energy sources.

SPI has an installed generating capacity of 98GW.

The company also covers electricity, coal, aluminium production, logistics, finance and other sectors. Annual sales are expected to exceed CNY 200 billion (£21bn).