The "Three Gorges Power Grid" is really coming! Is the era of regional power grids coming?


Time:

2020-04-17

  

Three Gorges Water Conservancy announced on the evening of April 15, the same day the China Securities Regulatory Commission listed companies merger and acquisition and reorganization review Committee held the 13th working meeting in 2020, the company issued shares and paid cash to purchase assets and raise matching funds and related transactions were reviewed. According to the audit results of the meeting, the company's major asset reorganization matters were conditionally approved. The company's shares resumed trading on April 16. The restructured Three Gorges Water Conservancy will serve as the only listed platform for the Three Gorges Group to allocate electricity as its main business.

On the evening of April 15, 2020, the Three Gorges Water Conservancy issued an announcement, according to the results of the review Committee of the Merger and Acquisition and Reorganization of listed companies of the China Securities Regulatory Commission, the major asset reorganization of the Three Gorges Water Conservancy was conditionally approved, and the company's shares resumed trading since the market opened on April 16. The Three Gorges Water Conservancy said that the restructuring is a major measure for the Three Gorges Group to actively respond to the national power system reform, and is a key step for the Three Gorges Group to promote the implementation of the mixed ownership reform pilot program.

On the evening of March 6, the Three Gorges Water Conservancy disclosed a major asset restructuring plan, showing that the controlling shareholders behind it and the Chongqing government intended to break the monopoly of the State grid in Chongqing and build an independent Three Gorges power grid ambition.

According to the plan, the Three Gorges Water Project plans to buy 88.41 percent of the shares of Chongqing Changdian United Energy Co., LTD. (United Energy) from 21 people, including Yangtze River Power and Xinyu Investment. To acquire 100% of the equity of Chongqing Liangjiang Changxing Power Co., LTD. (Changxing Power) held by Three Gorges Power and Chongqing Liangjiang New Area Development and Investment Group. Among them, Changxing Electric Power holds the remaining 10.95% equity of United Energy. That is to say, the Three Gorges Water Conservancy wants to completely acquire the two companies, United Energy 88.55% equity value of about 5.516 billion yuan; The 100% equity of Changxing Power is valued at about 1.019 billion yuan, totaling about 6.535 billion yuan.

The business characteristics of the four local power grids involved in the restructuring are as follows:

  

Tianfeng Securities analyst Shijiazhuang Jun said: "As one of the first batch of power side reform pilot provinces (Chongqing, Guangdong), Chongqing power reform is steadily advancing with the help of the Three Gorges Group." Chongqing government is promoting the local four local power grid to achieve capital and physical integration, through the introduction of the Three Gorges Group, "four network integration" to create independent of the national grid distribution network - "Three Gorges grid". If the plan can be successfully adopted, it will mark a further step forward in the cause of our country's electric power system reform. As the group's only power distribution platform company, the Three Gorges Water Conservancy will continue to benefit from the changes in the overall environment of China's power system reform."

Three Gorges Water Conservancy said that the restructuring is a major measure for Three Gorges Group and its controlling shareholder Changjiang Power to actively respond to the national power system reform, and is also a key step in promoting the implementation of the mixed ownership reform pilot program.

Through this reorganization, the four regional power grids of Wanzhou District, Liangjiang New District, Fuling District and Qianjiang District in Chongqing will be integrated, and the strategic development focus of strengthening the distribution and sale of electricity business will be formed in a larger scope of reform demonstration, further promote the electricity reform, and accelerate the economic development of the Three Gorges Reservoir area; At the same time, the company broke through the bottleneck of power business development, the installed capacity of its own power station was greatly expanded, the power grid sales and the number of users increased significantly, the structure was more optimized, and the bargaining power of external procurement was improved, laying the foundation for further going out of Chongqing to achieve bigger and stronger in the future.

According to the strategic agreement reached by Chongqing Municipal Government and the Three Gorges Group, the restructured Three Gorges Water Conservancy, as the only listed platform for the Three Gorges Group to implement the distribution power business, the two sides will jointly promote the "Three Gorges Power" into Chongqing, support the reduction of comprehensive power supply costs, gradually inject high-quality distribution power assets within the scope of the Three Gorges Group, and form a good business cooperation in the "Yangtze River protection" development strategy. Promote the extension of industrial chains.

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