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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