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July 28, 2015 10:49 AM ET

Electric Utilities

Company Overview of State Grid Corporation of China

Company Overview

State Grid Corporation of China generates and supplies electric power in China. The company is involved in the construction and operation of power network that covers 26 provinces, autonomous regions, and municipalities. It serves approximately 1.1 billion people. State Grid Corporation of China was founded in 2002 and is based in Beijing, China.

No. 86, West Chang'an Street

Xicheng District

Beijing,  100031

China

Founded in 2002

Phone:

86 10 6659 7205

Fax:

86 10 6659 7205

Key Executives for State Grid Corporation of China

General Manager and Director
Executive Vice President and Deputy General Manager
Executive Vice President
Executive Vice President and Deputy General Manager
Age: 57
Executive Vice President and Deputy General Manager
Compensation as of Fiscal Year 2015.

State Grid Corporation of China Key Developments

State Grid Eyes Eletrobras Distribution Stakes

State Grid Corporation of China is seeking acquisition of stakes in Celg Distribuição S.A. from Centrais Elétricas Brasileiras S.A. - Eletrobras (BOVESPA:ELET6). China's State Grid said on July 17, 2015 that it is considering buying electricity distribution stakes belonging to Brazil's state-run power group Eletrobras. Eletrobras is reportedly preparing to merge distribution subsidiaries with a view to selling them to private firms. Goi’s state utility Celg Distribuição S.A.is to date the only company that Eletrobras has confirmed will be privatized. "We are going to keep an eye on market opportunities," State Grid Operations Chief Ramon Haddad told reporters. "Celg will be the first and for that reason it's the first we are going to analyze. We will see what becomes available."

AusNet Lead Bidder For TransGrid

AusNet Services (ASX:AST) is the lead bidder for TransGrid but is leaving its options open on whether it will bid alongside its major shareholders, Singapore Power Ltd and State Grid Corporation of China, or with other parties. Tony Iannello, AusNet’s Director leading the board subcommittee considering a bid, said that AusNet's experience and track record in running similar assets in Victoria placed it well to put forward a "competitive and compelling bid" for TransGrid, the first business to be sold off in the NSW government's $30 billion "poles and wires" privatization. Expressions of interest in TransGrid are due on July 14, 2015. Deutsche Bank and UBS are advising on the sale. TransGrid is worth about $9 billion. State Grid, which owns 19.9% of AusNet, is understood to have been in discussions with other potential bidders including Macquarie Infrastructure and Real Assets, Inc. Other consortiums include one of Spark Infrastructure Group (ASX:SKI), Hastings Funds Management Limited and Canadian and Middle Eastern parties. Australian Super is in a separate group with Borealis Capital Corporation and Canada Pension Plan Investment Board, while Cheung Kong Infrastructure Holdings Ltd. (SEHK:1038) is thought to be bidding alone. Other parties involved include China Southern Power Grid Co.,Ltd. with China Investment Corporation, and QIC Limited and IFM Investors Pty Ltd. "We believe foreign ownership will mean higher prices," said Steve Butler, NSW secretary of the Electrical Trades Union. Singapore Power and State Grid are being excluded from the work on the bid by AusNet and its adviser Citigroup until they decide whether they will participate in different groups. "We would dearly love them to support any bid that we put forward; what they decide to do is up to them," Tony Iannello said. He added: "We've had a lot of interest from a number of investors; given our strong operational capability it makes AusNet Services a prime target to lead any consortium. We're keeping our options open ... as we go through the bidding phase." Though he said AusNet could bid alone. "AusNet Services has got a very strong credit rating: We've got two major strategic investors and it has got access to a whole range of capital markets on the debt and equity side to be able to carry through on a bid," he said.

Deutsche Australia & UBS To Call EOI For TransGrid

NSW government, Deutsche Australia Limited and UBS AG, Australia Branch are preparing to call formal expressions of interest for TransGrid. There are eight known bidding camps, out of which only four or five expected to be taken through to TransGrid's auction. The biggest concern is engineers and each of the consortiums have either lined up or will line up technical engineering advisers, whose diligence will form the base of the eventual offer. The decision to choose four or five bidders is a difficult one. WorleyParsons Limited (ASX:WOR), sell-side advisor will release a report to bidders once confidentiality agreements are signed and the auction gets serious. A consortium including Hastings Funds Management Limited, Spark Infrastructure Group (ASX:SKI), Abu Dhabi Investment Authority, Caisse de dépôt et placement du Québec and Wren House Infrastructure is expected to be approved for the auction. QIC Limited, IFM Investors Pty Ltd along with Cheung Kong Infrastructure Holdings Ltd. (SEHK:1038) are expected to present a strong case. This most likely leaves only one spot for a China-backed consortium which could be- State Grid Corporation of China along with MIRA or China Southern Power Grid Co.,Ltd. with Global Infrastructure Partners or Singapore Power Ltd along with AusNet Services (ASX:AST).

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