State Grid wins bid for Philipine power grids

Foreign Trade

13 December 2007

China State Grid Corporation, the country's top power utility, has secured a US$3.95 billion bid for the rights to run power grids in the Philippines along with two local energy companies over 25 years. The bidding consortium won the operating rights in an auction held by Philippine power company National Transmission Co (Transco) Wednesday, but must still apply for franchise rights from the Philippine government, Economic Observer reported (in Chinese). China State Grid owns a 40% (US$1.58 billion) stake in the bidding group and will be responsible for the planning, construction and maintenance of the grid. It will be the first time State Grid has run a foreign state-level grid as well as the largest overseas investment project ever for a Chinese utility.

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