China Guodian to invest $3B in Chongqing energy projects

China Guodian Corp. will invest US$3 billion in the development of energy programs in southwest China's Chongqing Municipality over the next five years.

According to an agreement between China Guodian Corp. and the Chongqing municipal government, the company will fund a variety of energy projects, including thermal power stations, wind power stations, natural gas power stations and biomass power stations in Chongqing and its surrounding regions.

"Chongqing's fast economic growth has brought great opportunities for the development of energy," said Zhu Yongpeng, general manager of China Guodian Corp., one of the country's largest state-owned power companies.

Zhu estimates that Chongqing's power consumption will grow at an annual average rate of 12.1 percent over the next five years.

In 2010, energy consumption in Chongqing totalled 62.5 billion kilowatt-hours.

Tong Xiaoping, vice mayor of Chongqing, said the total installed capacity of Chongqing's power stations will double to 22 million kwh by the end of 2015 to accommodate the growing demand.

The full story is available at xinhuanet.com.