The State Grid Corporation of China said that it will invest an all-time high of more than 500 billion yuan ($74.5 billion) in power grid projects in 2022 to help bolster the country’s economic growth amid the COVID-19 epidemic.
The input is expected to drive more than 1 trillion yuan ($150.1 billion) in investment from all sources, said the State Grid.
The company will start constructing ultra-high voltage power transmission projects as early as possible, and begin construction on key power grid projects below 500 kilo-Volt, it said.
The intensive construction of key power grid projects will be conducive to promoting the high-quality development of the power grid and will drive the upstream and downstream industries to resume work and production, said the company.
The State Grid invested a total of 2.38 trillion yuan ($357.3 billion) in the country’s power grid during the 13th Five-Year Plan period (2016–2020).