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National Grid acquisition of electrical power to change to subvert the principle of leading have bee

2011-7-12   Source:   View:723

February 11, 2010, the State Grid Corporation of China Electrical Equipment Group, the leading enterprise of peace high XJ Group's acquisition, etc. to the final approval of SASAC. Although the National Development and Reform Commission also required, the Commission and other approvals, but it seems some of the industry, the SASAC has approved the acquisition of National Grid Company has removed most of the obstacles. 
    
Secondary industry, the national grid on the upstream counter-current assets acquired, directly led to the China Machinery Industry Federation (hereinafter referred to as the machine together) of the protest, also raised the specter of electricity reform, "the separation of major" is also going to do a suspicion. United appears in the machine, a set of standards, equipment manufacturing, tendering and procurement of multiple roles as a giant power company was born, not conducive to fair and just competition, but also conducive to the overall competitiveness of China Electrical Manufacturers force enhancement. 
    
State Council in 2002 to develop the power reform program, to determine the "Changwangfenkai" "separation of major," "Master and more isolated," "separate transmission and distribution" of reform. Accordance with the "separation of major" spirit, the State Grid Corporation of China should be stripped of all non-network assets, including those engaged in electrical design, equipment manufacturing, electric power construction work of two units, as well as from the local power company to draw on non-network assets, such as ASTRI and two national network of home appliances such as ICT.
However, after a lapse of eight years, the stripping of non-network assets, not only did not, anti-National Grid to "bigger and stronger," "business integration" on the grounds of the leading manufacturers of electrical enterprises mergers and acquisitions, and obtain approval of the SASAC. China's power status of the reform cause for regret. 
    
Comeback 
    
July 17, 2009, a wholly owned subsidiary of State Grid Corporation of China Network International Technology Equipment Co., Ltd. (hereinafter referred to as national network equipment company) and the Pingdingshan Municipal SASAC entered into an agreement, the transferee free of charge which holds the high level group 100% equity. High-level Group's equity transfer is completed, the national network of high level equipment will become the sole shareholder of the Group, directly and indirectly holds high-level group's high level of electrical companies 24.91% of the shares.
On the same day, a wholly owned subsidiary of State Grid Corporation of China Electric Power Research Institute (hereinafter referred to as China EPRI) and with Ping An Trust & Investment Co., Ltd., XJ Group, signed a "framework agreement" to increase their investment by China EPRI get 60% of XJ Group shares, a controlling shareholder of Ping An Trust to replace. 
    
High-level Group and XJ Group is China's electrical equipment industry leading enterprises. High-level Group produces high-voltage electrical switchgear, in 2008 sales revenue of 8.102 billion yuan. National Grid has been a high level of electrical largest user, the annual purchase orders for all of the company accounted for more than 60%. XJ Group is the production of China's power system automation, relay protection and power transmission equipment, old business, 2008 sales revenue of 5.02 billion yuan.
The acquisition of the dissenting view in the machine together, two acquisitions against the spirit of fair competition, because outside the national grid system electrical manufacturing companies, will be more difficult competing orders. Material machinery industry, according to an internal disclosure, in a recent large-scale pumped storage units speeder, excitation equipment and other key ancillary equipment tender, the State Grid Corporation of not to tender, it will order the country to its wholly-owned subsidiary Network Electric Power Research Institute (hereinafter referred to as National Grid EPRI).
The machines together through various means, to the Central Policy Research Office, State Council Research Office, the Ministry of Industry and Information Technology, National Development and Reform Commission, the SASAC and other government departments issued a call for proposal to stop the development of the national grid system directly under the equipment manufacturing practices. Two signs of the acquisition was stranded there, but on February 11 this year, the State Grid Corporation or received a SASAC "High level Group on the free transfer of state property rights issues related to the approved" and "On the XJ Electric (market shares) Inc. shareholders approved the issue about the nature of change "(property rights of the country [2010] No. 102), to obtain approval for the final important step. 
    
Subversion "separation of major"? 
    
Merger of these two piles of fair competition is not limited to the field, but also related to electricity reform, "the separation of major" direction. Electricity reform program in accordance with the arrangements, "the separation of major" should be following the end of 2002 "Changwangfenkai" The next step after the reform of content, and as scheduled, should be completed long ago. Initial motivation was to find out the true cost of grid operators - if only the transmission grid company main business is costing more clear and simple. 
    
The end of 2004, the program reported decision-making. But for two consecutive years of "power shortage" slowed the pace of reform. "Shortage", the "separation of major" reform and the formation of the program several times, are stranded because of the resistance is too large. The end of 2007, "the separation of major" reform program after five years of twists and turns, finally the basic agreement between the various ministries, will report the State Council for approval. Unexpectedly, but by the snowstorm in early 2008, renewable misfortune. A lot of damage to facilities due to China Southern Power Grid, but also caused controversy for grid investment model. 
    
Taking into account the power of secondary industry in general is facing some large number of employees, poor-quality assets, social burden heavy, difficult to separate the practical difficulties of the state in May 2007 announced the public tender sale of 9.2 million kilowatts of generation assets, commonly called "920" project, realized capital gain of $ 18.7 billion to cover the "separation of major" cost of reform. Today, assets sold more than two years, primary and secondary share still no substantive progress. 
    
National Grid senior adviser Zhou Xiaoqian the interview with our correspondents said, the question is: 18.7 billion yuan sufficient to cover the separation costs of reform, secondary industry, employees are willing to be separated; Another obstacle is the most critical, is the change agents and Power companies of the "secondary sector" can not reach a consensus definition of long-term. 
    
Industry consensus, hotels, hospitals, schools and many other enterprises are secondary business - in fact, this part of the assets as early as 2005 years ago, basically stripping is completed, but the electrical design, construction, building construction and other power companies are also part of "secondary industry"? Spirit of the document according to the power system, electrical construction business is secondary business, but the power company put forward different views. 
    
Especially after a snowstorm in early 2008, emphasized the power of the State Grid Corporation Transmission and Distribution and Design Institute is closely related with the main industry, should remain among the main industry. There are also privately complained that, since the fundamental goal is the development of enterprises to create profits, the development of secondary industry is to create profit, the main industry, the more losses the more necessary to find new profit growth point. 
    
Zhou Xiaoqian that the "secondary sector" is, in itself is very vague, companies seek their own development, often need to get involved in different segments of the industry chain, reflecting the integration advantages. If the network acquired the upstream auxiliary equipment manufacturing industry is engaged, then the power companies buy coal, oil and manufacturing companies into the production equipment is also engaged in secondary industry? 
   
"Not an absolute limit expansion of industrial chain, the key to whether this expansion of the monopoly, the interests of forming a monopoly." Zhou Xiaoqian said. 
    
Expansion of non-stop 
    
Although the national grid rarely in public for the expansion of the industry chain to do their own defense, but do not neglect action. 2005, the State Grid to spend at least ten billion acquisition and integration of its financial assets, the acquisition of Great Britain and 51% of the shares of the trust and brokerage securities firms and securities Wei 55% stake in Shenzhen. 
    
In 2009, broke into the National Grid acquisition of manufacturing equipment. In addition to planning the acquisition of XJ Group, the Group's share of high peace, the national grid through China State Grid Power Research Institute and EPRI both platforms, and actively incorporate parts of the various types of electrical electrical equipment manufacturers. For example, the National Network EPRI's NARI Group acquired in 2009, respectively, wire and cable manufacturing company in Jiangsu Silver Dragon Power Cable, Cable Co., Ltd. Jiangsu Huai Sheng, as well as in circuit breakers, amorphous alloy transformers and other electrical equipment manufacturing Jiangsu Pawei'er Electric Co., Ltd.. June 2009, NARI Group has acquired the following Anhui Power Technology Co., Ltd. and far away, following Software. 
    
It is understood that only the State Grid Corporation issued annually to two appliances EPRI assessment indicators, also raised 2012 sales income of 800 billion target. State Grid Power Research Institute in 2009 revenues of more than 8.0 billion in 2012 to achieve 300 billion yuan; China EPRI scale exceeded 10 billion in 2009, and 2012 to achieve the sales target is 500 billion. To achieve this the "Great Leap Forward", it is impossible to rely on existing industries, and large-scale mergers and acquisitions inevitable. 
    
Against this background, Essence Securities analyst Huang Shouhong forecast in February of this year, in addition to the high level, XJ, State Power South, Siyuan Electric, TBEA, Hidenobu shares, Tianwei change and other electrical equipment listed companies may be gradually incorporated into the national grid in the bag. 
    
Since the national grid from their own development considerations, made against the Government's electricity reform act, why the government department or approved? Does this mean that "the separation of major" reforms die a natural death, or policy-makers also default on the "secondary sector" should be redefined? 
    
State Electricity Regulatory Commission a multi-year commitment to promote the "separation of major reforms" who said in an interview that he does not believe "the separation of major," not to engage in, or there is no need to engage, "in fact, still do," just " the emergence of new cases of secondary industry. " 
    
The critics said Yong, who, SASAC approval should not be hasty, because it is not just corporate restructuring, the overall situation is more involved in electricity reform, the SAC should not act as the protector of state-owned enterprises, is conducive to "bigger and stronger" to approved, but should listen and respect other regulatory departments. 
   
"Secondary business does not require re-defined. V file (power system files) made it clear that the monopoly power should be out of competitive fields. Grid with power companies, oil is different from the latter competition, the former monopoly . "The State Electricity Regulatory Commission with respect," SASAC direction of electricity reform lack a deep understanding, the National Development and Reform Commission is the power to change the main driver. "Therefore, does not preclude the National Development and Reform Commission ultimately rejected or This pile acquisition possibilities. Essence Securities analyst Huangshou Hong believes that the local equipment manufacturers to focus from the provincial power company National Grid's Power Research Institute, which also can be seen as local "separation of major." SAC will not rule out future ASTRI two appliances from the national grid independent of the formation of a true "separation of major." 
 

2010-03-09 Source: China Industrial Network