(Yicai Global) Aug. 14 -- China's regulators have suspended or delayed the construction of close to 100 coal-fired power projects, affecting large state-owned enterprises such as China Shenhua Energy Co. [SHA:601088] and China Coal Energy Co. [SHA:601898], Securities Daily reported today.
Regulators have confirmed plans to halt construction of 33 projects in 10 provinces and to delay another 61 in 20 provinces. The move is part of the country's National Development and Reform Commission's plans to eliminate excessive capacity in the coal-fired power sector.
The average investment value for projects affected is CNY5 billion (USD750 million). For Shenhua, suspended projects total CNY8.26 billion, while delayed projects come to nearly CNY43.1 billion. The big-seven stated-owned coal groups in north-central Shanxi province are also affected.