Beijing (CNS) – The establishment of PowerCorp China and China Energy Engineering Group Co. Ltd. (CEEG) was announced in Beijing on Thursday, with PowerCorp listed among the Fortune 500.
The two companies represent a restructuring of the nation's electricity industry, and both fall under sole proprietorship of the State-owned Assets Supervision and Administration Commission (SASAC) of the State Council.
PowerCorp involves consolidation of the Sinohydro Corporation, the HydroChina Corporation, the State Grid Corporation of China (SGCC) and the sub-companies of the China Southern Power Grid (CSPG) in Hebei, Jilin, Shanghai and 11 other regions.
In 2010, the operation revenue of PowerCorp amounted to 160 billion yuan, with assets totaling 196 billion yuan and 202,700 employees. Fan Jixiang, former general manager of Sinohydro, has been named the company's president.
According to last year's figures, PowerCorp was positioned at around 380th on the Fortune 500 list.
CEEG has taken over China Gezhouba Corporation (CGC), the China Power Engineering Consulting Group Corporation, the SGCC and sub-companies of the CSPG in Beijing, Tianjin, Shanxi and 12 other regions.
In 2010, its operation revenue was recorded at 110 billion yuan, with assets of 120 billion yuan and 160,000 employees. CEEG is headed by General Manager Ding Yanzhang as nominated by the SASAC.
According to SASAC Director Wang Yong, the two newly-founded companies have aggregated China's most advanced technology and human resources in power construction. With a high industrial chain concentration and a large production scale, their competitiveness and strength are unprecedented in China, he added.
In the next five years, a steady pace of growth is predicted for China's power market, promising a favorable development environment and laying a solid foundation for these two backbones in China's energy industry, said Wang.
