China’s State Grid to Keep Spending High to Match Renewables
- Biggest utility plans over $70 billion of investment in 2024
- Infrastructure buildout aimed at preventing curtailments
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State Grid Corp. of China will maintain its annual investment budget at over 500 billion yuan ($70 billion) in 2024, after spending hit a record last year in a bid to keep up with the nation’s world-leading expansion of clean energy.
The world’s biggest utility, which supplies electricity to about 80% of China, will keep spending elevated, according to a report on Friday by state broadcaster CCTV. Still, the target is likely to be lower than last year’s 520 billion yuan, which capped three consecutive years of increased budgets.