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Monday, December 29, 2014

China Forms $32 Billion Energy Company to Help Clean Up Beijing

Bloomberg News Dec 29, 2014

China’s government said it merged Beijing Energy Investment Holding Co. and Jingmei Group into a new 200 billion yuan ($32 billion) business in line with its policy to improve efficiency in the energy industry and reduce pollution.
The merger of Beijing Energy and Jingmei, a coal supplier based in the capital, will improve electricity supply, Lin Fusheng, head of Beijing’s Assets Supervision and Administration Commission, said in a report by the official Xinhua News Agency today.
The merger took place yesterday, Beijing Energy, which invests in electricity projects, said on its website. The new company, Beijing Energy Group Co., will manage coal-fired power plants, renewable energy projects, heating supply and coal mine development, Xinhua reported.
“This is in line with a national scheme to combine coal, power and heating resources to boost energy efficiency and cut pollution,” said Tian Miao, a Beijing-based analyst with researcher North Square Blue Oak, by phone.

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