State Grid Boosts Fixed-Asset Investment in Q1 to Drive High-Quality Economic Development

Since the start of this year, State Grid Corporation of China has adhered to moderately advanced power development, actively expanded effective investment, and given full play to the grid’s role as a basic support and investment driver. In the first quarter, the corporation completed fixed-asset investment exceeding 129 billion yuan, a year-on-year increase of 37%, driving more than 250 billion yuan of investment in the upstream and downstream industrial chains and injecting strong momentum into high-quality economic and social development. 

Xinhua News Agency reports that State Grid has taken 109 major projects specified in the outline of the 15th Five-Year Plan as key priorities to expand effective investment and promote plan implementation. It has accelerated the construction of key projects such as power transmission channels, power mutual assistance projects and pumped storage power stations. 

In the first quarter, projects including the Panxi UHV AC Project and the Anhui-Hubei DC Back-to-Back Project started construction. The construction of the Gansu-Zhejiang, Datong-Huailai-Tianjinnan UHV projects and the Fujian-Jiangxi DC Back-to-Back Project was fully accelerated. Meanwhile, 37 pumped storage power stations are under intensive construction, with the total installed capacity of in-operation and under-construction pumped storage power stations exceeding 94 million kilowatts. 

The Zhundong-Wannan UHV Project has delivered a cumulative power output exceeding 400 billion kilowatt-hours, effectively meeting the electricity demand in East China. This has continuously demonstrated the effectiveness of cross-regional power supply guarantee and laid a solid foundation for the safe and stable operation of the power grid. 

State Grid has coordinated the development of power grids at all levels to support green and low-carbon transition. In the first quarter, 393 projects of 110 (66) kilovolts and above started construction, and 579 projects were put into operation, increasing by 42% and 24% year-on-year respectively. It started the construction of the Hetian-Minfeng-Qiemo-Ruoqiang II Circuit 750-kilovolt Project and completed the commissioning of the Chengde Fourth External Power Transmission Channel 500-kilovolt Project, continuously optimizing the power grid structure. 

China News Service notes that State Grid has issued ten measures to support the high-quality development of new energy, accelerated the construction of supporting power grids, and actively provided grid connection services. In the first quarter, it completed more than 10 billion yuan of investment in new energy grid connection projects, a year-on-year increase of over 50%, fully supporting the green and low-carbon transition of energy. 

Focusing on people’s livelihood electricity guarantee, State Grid completed 56.8 billion yuan of investment in distribution networks in the first quarter, accounting for 55% of the total investment in power grids at all levels, which has continuously improved the reliability of urban and rural power supply and service quality. In Youxi County, Sanming, Fujian, a comprehensive demonstration project for emergency management of distribution network faults was put into operation, effectively solving the problems of “incomplete information, difficult fault detection and slow power restoration” in mountainous areas. 

To enhance investment quality and efficiency, State Grid has promoted in-depth integration of industrial innovation and technological innovation. It has implemented large-scale equipment renewal and transformation of the power grid, accelerated the upgrading of traditional industries, and strengthened key core technology research. Li Xiaoping, Director of State Grid’s Investment Department, stated that the corporation has successfully built an “electricity-hydrogen synergy” technology system and developed a series of independent and controllable equipment and control platforms. 

As a key central enterprise, State Grid has continuously released the driving effect of grid investment. Its technological achievement “China successfully overcomes the world-class technical problem of transient power interruption of UHV DC equipment” was selected as one of the “Top Ten Symbolic Achievements” of the central enterprise original technology source. These efforts have laid a solid foundation for building an energy power and supporting Chinese-style modernization.