(Yicai Global) Jan. 17 -- Planned investment by State Grid Corporation of China in the country’s electricity network infrastructure this year is likely to exceed CNY500 billion (USD78.8 billion) for the first time.

State Grid is expected to spend CNY501.2 billion on infrastructure projects in 2022 to support economic development, President Xin Bao’an said at a recent annual work meeting, according to a report by China Securities Journal late yesterday.

That is 25 percent more than the state-owned firm spent last year, Yicai Global calculated.

This year’s projects will include construction of ultra-high-voltage transmission lines for Wuhan-Nanchang, upstream of Jinsha River-Hubei, and Sichuan-Chongqing, as well as four pumped-storage hydropower plant, Xin said.

State Grid also will complete and start operations at the Baihetan-Jiangsu and Jingmen-Wuhan UHV transmission projects, among many others, he added.

Editor: Futura Costaglione