Several Chinese power equipment suppliers, including China XD Electric, have announced on the same say they secured procurement deals from State Grid after the Chinese state-owned power producer unveiled a record investment plan for this year.

Twelve subsidiaries of XD Electric secured CNY1.4 billion (USD193.5 million) procurement projects from the State Grid involving transformers, circuit breakers, and capacitors, the Xi’an-based parent company announced yesterday. The amount equals 7 percent of XD Electric’s revenue in 2023.

State Grid unveiled in January an annual plan to invest over CNY650 billion (USD89.9 billion) this year. In the same month, its peer China Southern Power Grid released a similar plan worth CNY175 billion.

Henan Pinggao Electric said in a statement yesterday that it won the bid for CNY1.4 billion State Grid procurement projects, accounting for nearly 13 percent of its revenue in 2023.

Other companies that yesterday announced securing procurement projects from State Grid are Hunan Changgao Electric Group, Qingdao East Steel Tower, and Changshu Fengfan Power Equipment, with their respective amounts reaching CNY208 million (USD28.7 million), CNY198 million, and CNY251 million.

In addition, a number of companies said yesterday that they won bids for China Southern Power Grid projects, including CNY842 million projects that went to Hsino Tower Group and CNY769 million ones that went to Henan Tong-Da Cable.

Grid investment is an important means to stabilize economic growth and counter-cyclical adjustment, meet the growing electricity demand, and lay the foundation for inter-provincial power trading, an industry insider told Yicai, adding that it also plays a positive role in the establishment of a unified national electricity market.