China's state-owned electric utility State Grid plans to invest an average of more than US$70 billion annually over the next five years to upgrade its power grid to the energy Internet.
The remarks were made by the company's Chairman Xin Baoan when he attended the "World Economic Forum: The Davos Agenda" on January 27. This means that State Grid plans to invest more than $350 billion in capital over the next five years.
Founded on December 29, 2002, State Grid is a wholly state-owned company directly managed by China's central government, mainly engaged in the transmission and supply of electricity.
According to Xin, the energy Internet is a smart energy system based on a smart grid and the deep integration of advanced information and communication technology, control technology and energy technology, with clean, low-carbon, safe, reliable, intelligent and open features.
He mentioned that State Grid has built a fast-charging network covering 171 cities along the highway, with a total of 1.03 million charging piles connected.
The company has 51 hydropower plants in operation or under construction with a capacity of 63 million kilowatts, he said, adding that State Grid currently has access to more than 1.98 million new energy sites and stations with a capacity of 450 million kilowatts.
(Source: State Grid)
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