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Reform to break up State Power Corp
( 2002-10-24 09:23 ) (7 )

China has launched its long-awaited reform plans to break up the State Power Corp of China, which has a virtual monopoly in the sector, into five power generation groups and two grid companies.

The announcement was made by State Power, which controls half of the nation's power plants and almost all the electricity transmission grids.

Zhao Xinzheng, State Power's vice-president, was quoted as saying on the company's website yesterday: "The power reform is proceeding to a phase of implementation and operation."

The schedule to implement the reforms and preparatory panels for spin-off companies have been set up, said the vice-president.

Zhao has been appointed the top decision-maker of the company to head its operations, after State Power's President Gao Yan, reportedly disappeared.

In April, the government announced plans to separate the generation assets of State Power into five competing power groups. The firm will also surrender its grid assets in provinces in Southwest China so that a new grid company can be formed to promote competition.

China Daily's source has said details of the reform plans will be announced next month, with the new power companies and groups and grid firms likely to be established by December.

The website did not name the to-be-established companies. But yesterday's Economic Information Daily said the five independent power generating firms would include Huaneng Group, parent company of Huaneng Power; Datang Group, parent of Beijing Datang Power Generation; and Shandong International Power Group, parent of Shandong International Power Development, the paper said.

The domestically listed State Power Development and China Power International, a subsidiary of State Power Corp, would also be among the five, the paper said. The five independent companies, each with a generating capacity of 300,000 megawatts, would compete nationwide.

Shares in Hong Kong-listed Chinese power producers rose sharply on the back of yesterday's report, as investors anticipate these companies will accelerate their growth by their acquiring assets, which their parent companies have received from the State Power.

Shares in Huaneng Power rose 5.36 per cent to HK$5.90 (75.6 US cents) yesterday, while shares in Beijing Datang Power gained 3.92 per cent to HK$2.65 (33.9 US cents) and shares in Shandong Power climbed 1.71 per cent to HK$1.78 (22.8 US cents).