On October 17, the China National Energy Group held a press conference where they announced their commitment to expanding effective fixed asset investments in energy. The group expects to complete fixed asset investments exceeding 250 billion RMB for the entire year, marking an increase of over 10% compared to last year.

During the conference, spokesperson Huang Qing emphasized that this year marks the “Year of Major Project Construction Management,” with significant progress being made on several key initiatives. Notably, the Hami Energy Integrated Innovation Base project broke ground on October 8, with a total investment of approximately 170 billion RMB. The first phase of this project is set to be completed and operational by the end of 2027. Additionally, the No. 3 unit of the Malang Water Power Station, managed by the Qinghai company, successfully passed a 72-hour test run, pushing the total hydroelectric installed capacity of the China National Energy Group beyond 20 million kilowatts, now reaching 20.31 million kilowatts.

Moreover, the Longyuan Zhongwei 300 MW/600 MWh shared electrochemical storage project and the 3 million kilowatt photovoltaic project in the coal mining subsidence area of Inner Mongolia are progressing efficiently and are nearing production. The Xin Street and Tagema mining projects in Inner Mongolia received approval, with both projects slated for an annual capacity of 8 million tons, accompanied by equally sized coal washing plants, totaling an investment of 26.511 billion RMB.

Huang pointed out that by the end of the third quarter, the group had completed fixed asset investments amounting to 153.3 billion RMB for the 2024 fiscal year, reflecting a year-on-year increase of 23.5%. This includes 97.1 billion RMB in renewable energy investments and 17.5 billion RMB in equipment upgrades and technical renovations.

Looking ahead to the fourth quarter, Huang stated that the group plans to complete nearly 100 billion RMB in fixed asset investments, aiming for over 250 billion RMB in total investments for the year, which translates to an annual growth exceeding 10%. The group is also on target to commence 28 million kilowatts of new energy projects, with 27 million kilowatts scheduled to go into operation by the year’s end.