New thermal power company to be founded in early 2004

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Last updated at: (Beijing Time) Wednesday, November 26, 2003

New thermal power company to be founded in early 2004

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A large thermal power company with registered capital of 10 billion yuan (1.2 billion US dollars) will be set up in January 2004 in Hohhot, the capital city of north China's Inner Mongolia Autonomous Region.

The new company, the Northern Electric Power Group Co, ltd, is the outcome of cooperation between four large power companies: theInner Mongolia Electric Power Group Co, ltd, the Huaneng Group, Shenhua Group Co, ltd. and Hong-Kong based CITIC Pacific.

The four companies signed a cooperative agreement Tuesday in Beijing. According to the agreement, the Inner Mongolia Electric Power Group Co, ltd. will take the lion's share of 40 percent in the new company, while the other three take 20 percent each.

The agreement specified that the new company will become a major electric power supplier, relying on plentiful coal resourcesin the Inner Mongolia Autonomous Region.

The autonomous region has a combined coal reserve of 223.2 billion tons, taking the second position in the country only afterits neighboring Shanxi province. The region has become one of the major electricity supply bases, with total thermal power generating capacity of over 100 million kilowatts.

Experts said the new company would not only be conducive to energy transferring in the region and promote local economy, but would also help ease the electric power shortage in the northeastern, northern and eastern parts of the country.

With rapid economic growth, China has increasingly suffered from electricity shortages for years. This summer, more than 20 provinces and regions in the country reported shortages.

Coal is one of the most essential energy sources in China, accounting for more than 70 percent of the country's total energy consumption.

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