(Yicai) July 29 -- China's two largest power grid operators, State Grid Corporation of China and China Southern Power Grid, both posted double-digit year-on-year growth in fixed-asset investment in the first half, with their combined spending nearing CNY400 billion (USD59.1 billion).

The increased investment underscores China's efforts to accelerate power infrastructure development and support the country's energy transition. Under previously announced plans, the two companies are expected to invest a combined CNY5 trillion (USD738.5 billion) during the 15th Five-Year Plan period from 2026 to 2030.

State Grid completed more than CNY310 billion (USD45.8 billion) of fixed-asset investment in the first half, up 13 percent from a year earlier, the world's largest power infrastructure company announced recently. China Southern Power Grid invested CNY89.3 billion (USD13.2 billion), an increase of 15 percent from the same period last year, according to the Guangzhou-based company that serves southern administrative regions such as Guangdong, Guangxi and Yunnan.

Both utility companies said they will continue expanding investment in power infrastructure to strengthen energy security, promote green development, stimulate broader social investment, and support domestic demand.

State Grid, Southern Power Grid Accelerate Grid Expansion

State Grid said it has aligned its investment strategy with major national priorities by accelerating the construction of a new-generation power grid.

In the first half, State Grid stepped up work on key projects, including ultra-high-voltage transmission lines, clean energy transmission facilities, and pumped-storage hydropower projects, strengthening interprovincial and interregional energy transmission while improving grid resource allocation and power supply services.

State Grid also increased investment in projects connecting renewable energy to the grid to support China's green and low-carbon energy transition. As of the end of June, installed wind and solar power capacity connected to its grid had reached 1.6 billion kilowatts, it said.

China Southern Power Grid said it accelerated investment in the second quarter, spending CNY50.8 billion, up from the first quarter. The company also advanced key infrastructure projects during the first half. It completed investment of CNY68.9 billion in 2,400 power transmission and transformation projects, up 18 percent from a year earlier.

According to the companies' previously announced plans, State Grid will invest CNY4 trillion during the 15th Five-Year Plan period, 40 percent more than during the 14th Five-Year Plan, while China Southern Power Grid plans to invest around CNY1 trillion.

Editors: Dou Shicong, Emmi Laine