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BIZCHINA / Energy/Mining |
China Yangtze Power to buy generators from parent(Reuters)
Updated: 2007-05-15 19:08 China's Yangtze Electric Power Co, co-operator of the world's largest hydroelectric dam at Three Gorges, said on Tuesday it would pay 10.4 billion yuan ($1.4 billion) to buy two generators from its parent. The generators, which have a combined capacity of 1.4 million kilowatts, would bring the total number of the listed company's generators to eight, Yangtze Electric Power said in a statement published in the official Shanghai Securities News. Previous company statements showed Yangtze Power had total installed capacity of 7.2 million kilowatts by the end of 2006. Yangtze Power hopes to start procedures at the end of May for carrying out the deal, pending approval by its shareholders at a meeting scheduled on May 30, it said in the statement. "The purchase will strengthen our company's capacity and enhance its earnings ability," Yangtze Power said. China's Three Gorges Dam, the world's largest hydroelectric project, is designed to have 26 generators with a combined capacity of 18.2 million kilowatts by 2009 when it is completed. Designed electricity output will reach 84.7 billion kilowatt hours per year on completion. Yangtze Power was set up by its parent, China Three Gorges Project Corp, in 2002 with the aim of allowing it eventually to take over and operate all the dam's generators. It floated yuan-denominated A shares on the Shanghai Stock Exchange in 2003. |
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