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China Electricity Investment Group, one of China's five largest power generators, said it would issue 15-year bonds to raise 3 billion yuan (US$360 million) to fund power station construction, becoming the first in the country's electricity industry to raise money on the bond market this year.
The bonds, bearing an annual coupon of 5.02 percent, will be issued publicly starting from Dec. 8, said the company in a statement.
"The money raised would be used for the construction of four power stations," said Li Xiaolin, the company's deputy managing director.
The four large and medium-sized power stations, with an investment of 16.42 billion yuan (US$1.98 billion), will have a total installed capacity of 2.96 million kw after completion.
The power giant, the only one in China that boasts nuclear power assets, had its total assets reaching 80.1 billion yuan (US$9.65 billion) at the end of 2002 and total installed capacity of 30 million kw.
So far this year, 19 provinces, autonomous regions and municipalities in the country have imposed control on electricity consumption as a result of power shortages and surging electricity consumption.
Chronic power shortages are likely to continue for at least another two years in some Chinese provinces, experts predicted.
Another major electric power supplier, the Northern Electric Power Group Co., is expected to be set up in January next year in north China's Inner Mongolia Autonomous Region to help ease the electric power shortage in the northeastern, northern and eastern parts of the country.
(Xinhua News Agency December 6, 2003)
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