China Southern Power Grid Spends CNY 892.62 Billion on Fixed Assets in First Half
China Southern Power Grid completed CNY 892.62 billion of fixed-asset investment from January to June, up 14.79% year on year, and 49.59% of its full-year target of CNY 1,800 billion. The utility describes the half-year figure as a record for a first half.
Spending accelerated as the period progressed. Second-quarter investment reached CNY 508.09 billion, a faster pace than the first quarter. That skew leaves the annual target within reach on a straight-line basis, with slightly more than half still to be committed.
Transmission and transformation projects inside the infrastructure investment plan numbered 2,400 in the first half. Those projects absorbed CNY 689.44 billion of fixed-asset investment, up 17.9% year on year, a faster growth rate than the group total.
Procurement and tendering over the period totalled CNY 1,267 billion, presented as a record level. Materials supplied to projects in the second quarter came to CNY 366 billion, up 19.2% year on year. Cumulative payments for goods and materials reached CNY 329 billion, up 11%.
The procurement figures matter more to equipment vendors than the headline capex line, because they set the cash actually moving through the supply chain for cable, transformers, converter valves, and switchgear. A 19.2% second-quarter increase in materials delivery runs ahead of the 14.79% growth in total fixed-asset spending, indicating hardware-heavy work rather than land, permitting, and early civil stages.
On the flagship direct current link between Tibet and Guangdong, site preparation at the Xiaojing converter station in Guangzhou and the central Shenzhen converter station is more than half complete. Construction on the Guangdong and Yunnan sections of the DC line has started in sequence, and site preparation on the Guangxi section is advancing.
The back-to-back converter station project linking Hunan and Guizhou is working toward handover of civil works for equipment installation before the end of December. That deadline puts the heaviest electrical installation phase in the following construction season.
Offshore wind evacuation is also drawing capital. The flexible direct current transmission project serving the Sanshandao offshore wind development at Yangjiang has reached 82% overall construction progress. Flexible DC, or voltage-source converter HVDC, is the standard route for connecting distant offshore wind arrays where conventional AC cable losses become prohibitive.
The scale of the programme is the point for readers outside the market it serves. A half-year fixed-asset outlay of CNY 892.62 billion, with CNY 1,267 billion of procurement already tendered, sits at an order of magnitude that few transmission owners anywhere reach across a full capital plan. Global suppliers of HVDC converter equipment, high-voltage cable, and transformers price capacity against exactly this kind of committed pipeline, and a single buyer clearing procurement at record volume tightens the queue for everyone else.
The composition is equally instructive. Growth in grid infrastructure spending at 17.9% outpaces the 14.79% total, and the DC projects named cover long-distance hydro and renewable transfer, an interregional back-to-back tie, and an offshore wind link. That mix maps onto the same three transmission problems utilities face in North America, the UK, and across Asia: moving remote generation to load, stitching together asynchronous systems, and landing offshore wind.
Mysteel published the investment figures on July 16, 2026, with Luo Ying as information editor. The same figures appeared on NY21.CN, dated the 15th of the month and published July 16, 2026. A related item on that site reported national electricity load reaching a new record of 1.551 billion kilowatts.