Beijing International Power Development & Investment Corporation and Beijing Comprehensive Investment Company - two large state-owned investors under the Beijing Municipal Government officially formed a Beijing Energy Investment (Group) Ltd. Sunday through merge and restructuring.

The newly formed Beijing Energy Investment has a registered capital of 8.8 billion yuan. It is a wholly state-funded company under the Beijing Municipal Government, which delegates the supervision as investor to the State-Owned Assets Supervision and Administration Commission of Peoples' Government of Beijing Municipality. It is an investment and financing platform mainly concerned with the construction of production and supply systems of energy sources such as electricity, coal, gas and oil. The group has been authorized to run and manage investment funds of the Beijing Government related to electricity and energy-saving, and is charged with drafting strategic plans for energy sources development in Beijing. By the end of 2004 the new company would have total assets of 26 billion yuan and net assets of over 10 billion yuan. It would become a giant in Beijing's energy industry in terms of scale and strength.

Having merged the company would concentrate investment mainly in electricity sources, high technologies, real estate and securities. The group now has owned more than 20 electricity investment projects and is charged with the task of supplying 70 percent of Beijing's annual electricity consumption and 79 percent of pipe network heating. The group would form an industrial chain, which features electricity construction as its main industry and the coordinated development of heating, oil, new energies and renewable energies and energy-saving industries. It would provide firmer and more reliable insurance for the energy security of Beijing.

By People's Daily Online