China State Grid Eyes Asian Super Network With Partners' Helpby
Softbank, State Grid and partners to conduct feasibility study
CEO Masayoshi Son first proposed Asian Super Grid in 2011
State Grid Corp. of China, the world’s largest electric utility company, will join with Japan’s Softbank Group Corp. and partners in South Korea and Russia in a bid to develop a power grid spanning Northeast Asia.
State Grid, Tokyo-based Softbank, Korea Electric Power Co., and Rosseti PJSC will together evaluate and study the feasibility of building a multinational power grid that covers the region, according to a Softbank statement Wednesday. The companies aim to seek assistance from regional governments.
State Grid, with revenue exceeding the likes of companies such as Volkswagen AG and Apple Inc., has ambitions to build an ultra-high-voltage global power network to transmit electricity from country to country and continent to continent, a goal that may cost $50 trillion to develop by 2050, Chairman Liu Zhenya said earlier this year.
The company will also participate actively in bidding for power assets in Australia, Liu said at a briefing in Beijing on Wednesday.
Following the Fukushima nuclear disaster in 2011, Softbank Chief Executive Officer Masayoshi Son proposed an Asian Super Grid extending from India to Japan to allow for stable power supply and boost the use of renewable energy in the region. The effort also aims to even out prices between regions.