China's State Grid to Boost Spending Plan 28% to $350 Billion
- Company plans to invest amount over five-year period to 2020
- Treat possible copper impact with caution, says Citi analyst
State Grid proposes building a global energy network that may cost $50 trillion to develop by 2050.
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State Grid Corp. of China, the world’s biggest utility and copper consumer, plans to invest 28 percent more over the next five years from the previous period to expand its power-transmission network.
The company will spend 2.3 trillion yuan ($350 billion) between 2016 and 2020, surpassing the 1.8 trillion yuan invested in the previous five-year period, Chairman Liu Zhenya said at a press conference in Hong Kong Thursday.