State Grid takes another major step in the “three types and two networks”

China Energy Storage Network News: Recently, State Grid Corporation of China issued the "Opinions on the New Era of Reform and the "Restart" to Accelerate the Construction of a World-Class Energy Internet Enterprise", promoting the deep integration of power grid and Internet, focusing on building energy Internet, cultivating and strengthening new development momentum; innovating energy Internet business models, expanding open cooperation and sharing, creating an energy Internet ecosystem, and firmly promoting power reform; giving play to the decisive role of the market in allocating resources, changing the management system and mechanism, striving to enhance the endogenous driving force of the enterprise, optimize business management strategies, mobilize and stimulate the vitality of cadres and employees, innovate international business development methods, and promote internationalization to a new level.

All this is sending a signal - the reform path of State Grid will become wider and wider.

Expanding openness and cooperation, State Grid has taken many mixed-ownership reform measures

At the beginning of this year, State Grid Corporation of China creatively proposed the strategic goal of "three types and two networks, world-class", which reflects the high political and responsibility of the company's party committee. The essence of the "three types and two networks" strategy is to play the hub role of the power grid based on Internet thinking, promote the coordinated development of strong smart grid and ubiquitous power Internet of Things, form an energy Internet platform, drive the upstream and downstream of the industrial chain and the whole society to share the development results, and fully reflect the new thinking and new concept of openness, cooperation and win-win.

In the process of building a world-class energy internet enterprise with "three types and two networks", State Grid Corporation of China will inevitably need extensive participation and support from all walks of life, and mixed-ownership reform will provide a good opportunity and model for this. In the mixed-ownership reform work under the new situation, State Grid Corporation of China needs to open up the mixed-ownership reform field and promote the mixed-ownership reform in a targeted manner with the goal of achieving strategic goals. Capital from all walks of life must have a clear understanding of the development situation of the energy internet industry, accurately position itself for development, clearly understand the goals and models of participating in the mixed-ownership reform, and actively participate in the development of the energy internet industry.

Since the end of 2018, State Grid Corporation of China has accelerated mixed-ownership reform, actively attracted social investment and expanded the functions of state-owned capital in the fields of ultra-high voltage direct current transmission, incremental distribution, integrated energy services, pumped storage, general aviation, and finance.

New financial breakthroughs under the "three types and two networks" strategy

In order to strengthen the overall allocation and centralized operation of resources, serve and support the development of the power grid, and cultivate new profit growth points, State Grid Corporation of China has learned from the practical experience of large domestic and foreign enterprise groups, actively expanded its financial business, and formed a financial business system including fund management, insurance protection, and asset operation through a series of operations such as strengthening the centralized management of financial assets, establishing a unified financial industry platform, and setting up financial professional subsidiaries. In the past two years, State Grid Corporation of China has thoroughly implemented the spirit of the 19th National Congress of the Communist Party of China and the Fifth National Financial Work Conference, adapted to the requirements of national regulatory policies, promoted the adjustment of financial business functional positioning, business layout, capital structure, management relations, strengthened collaborative management, risk prevention and control, and party building, and opened a new journey of reform, innovation and development of financial business.

As the financial professional platform of State Grid Corporation of China, Yingda Group has established capital ties with various financial enterprises and implemented professional management and group operation of financial assets through corporate governance. At the end of 2018, Yingda Group had a registered capital of 31.5 billion yuan and managed assets of approximately 820 billion yuan. In 2018, it achieved operating income of 24.5 billion yuan and profits of approximately 12 billion yuan.

In 2019, in line with the strategic goal of "three types, two networks, and world-class", Yingda Group formulated a sub-strategy to build a world-class financial holding group with "three transformations and two financings" to safeguard the implementation of the company's new era strategy in the financial sector. It aims to build a "digital, market-oriented, and standardized" financial holding group and adhere to the unique advantages of "energy finance and group finance".

State Grid's latest mixed-ownership reform measures

The State Grid Corporation of China has promoted the construction of "three types and two networks", which has brought new reform and innovation development opportunities for the company's financial unit business. First, online finance has achieved new breakthroughs. Second, the business model has achieved new breakthroughs. Third, the management model has achieved new breakthroughs.

The listing of financial assets is an important measure for State Grid Corporation of China to promote mixed-ownership reform. It is conducive to optimizing the system and mechanism of financial institutions, establishing a continuous capital replenishment channel, enhancing the development capability, profitability and brand value of financial business, and better supporting the implementation of State Grid Corporation of China's strategic goal of "three types and two networks, world-class".

At the same time, it will also help promote the business transformation and upgrading of listed companies under the State Grid, improve their asset quality, consolidate their profitability, and drive social capital to share the fruits of reform and development with the company. (Source: State Grid Corporation of China)