China Resources Power buys coalmines, renewables
SHANXI, CHINA - China Resources CR Power Holdings will finalize buying coalmines in northern Shanxi province soon and aims to boost selfsufficiency in coal to around one third of its consumption in 2012, a top company official said.
The countrys fourthlargest listed power company by market value is expected to buy 21 coal mines in Shanxi capital Taiyuan with total production capacity of more than 7 million tonnes a year and consolidate them into 13 mines, Chief Executive Officer Wang Shuai Ting told Reuters in an interview.
This will come after its purchase of 39 coalmines in Shanxi last year via joint venture Shanxi China Resources Liansheng Energy, as CR Power aims to secure coal supplies and cut costs.
The company will also invest 8 billion yuan US $1.17 billion to 10 billion yuan annually in renewable energy over the next three to five years and boost renewable energy to account for 15 percent of its energy mix, up from 4.7 percent now, Wang said on the sidelines of a regional power conference.
Related News
French Price-Fixing Probe: Schneider, Legrand, Rexel, and Sonepar Fined
PARIS - In a significant crackdown on corporate malfeasance, French authorities have imposed hefty fines on four major electrical equipment companies—Schneider Electric, Legrand, Rexel, and Sonepar—after concluding a price-fixing investigation. The total fines amount to approximately €500 million, underscoring the seriousness with which regulators are addressing anti-competitive practices in the electrical distribution sector.
Background of the Investigation
The probe, initiated by France’s Competition Authority, sought to uncover collusion among these leading firms regarding the pricing of electrical equipment and services between 2005 and 2012. This investigation is part of a broader initiative to promote fair competition within the market, ensuring…
