On the chessboard of stable economic growth in the first quarter of 2026, State Grid has delivered a remarkable performance with strong investment growth and efficient project promotion, injecting surging momentum into economic development and leading power grid construction to new heights.

Start the construction peak

In the first quarter, the fixed assets investment of State Grid achieved remarkable results, reaching nearly 130 billion yuan, with a year-on-year growth of about 37%, which is far higher than the industry average. Such a large-scale investment, like a timely rain, has driven investment of over 250 billion yuan in the upstream and downstream of the industrial chain, forming a strong investment multiplier effect and injecting strong momentum into stable economic growth.

From the perspective of project implementation pace, the 110 (66) kV and above power grid projects have achieved fruitful results. 393 projects have started construction and 579 projects have been put into operation, with year-on-year growth rates of 42% and 24% respectively. The growth rate of construction has far exceeded that of production, indicating that the subsequent construction will continue to maintain a high-intensity momentum, and the power grid project has officially entered the peak period of construction.

As the cornerstone of power grid construction, major projects performed outstandingly in the first quarter. The construction of Panxi ultra-high voltage AC and Anhui Hubei direct current back-to-back projects has started, and the speed of Gansu Zhejiang, Datong Huailai Tianjin Nante high voltage projects has been comprehensively accelerated. The construction of 37 pumped storage power stations has been accelerated, with an installed capacity of over 94 million kilowatts of pumped storage under operation and construction. This huge installed capacity provides a solid guarantee for the stable operation of the power grid and the consumption of new energy. At the same time, the Hetian Minfeng Qiemo Ruoqiang II circuit 750 kV project crosses the Taklamakan Desert, strengthening the connection between the southern Xinjiang power grid and the main grid; The fourth channel 500 kV transmission project in Chengde, the 500 kV pumped storage transmission project in Qujiang, Zhejiang, and the main transformer expansion project of the 500 kV Xinduqiao substation in Ganzi, Sichuan have been put into operation one after another, continuously optimizing the major arteries of cross regional resource allocation and enabling efficient flow of electricity in a wider area.

Optimization and upgrading of investment structure

The optimization of investment structure demonstrates the firm determination of State Grid to transform towards green and low-carbon. In the first quarter, the investment in new energy grid connection projects exceeded 10 billion yuan, a year-on-year increase of over 50%. This significant increase in investment is fully aimed at clearing obstacles for large-scale grid integration of new energy such as photovoltaics and wind power, and helping to continuously increase the proportion of clean energy in the energy structure.

The distribution network, as a capillary that serves people's livelihoods, also received key investment in the first quarter. Completed an investment of 56.8 billion yuan, accounting for 55% of the investment in power grids at all levels. In Youxi County, Sanming, Fujian Province, the comprehensive demonstration project for emergency control of distribution network faults has been put into operation, solving the problem of "slow power restoration" in mountainous areas and allowing residents in mountainous areas to enjoy stable and reliable power supply; In Haining, Jiaxing, Zhejiang, the 220 kV Xucun Substation has been put into operation, adding 480000 kVA of substation capacity, providing reliable power guarantee for local industrial upgrading and promoting rapid development of the local economy; In Shenyang, Liaoning Province, the 66kV Wangjiawan power transmission and transformation project has started construction. As a core supporting project serving the 15th National Winter Games, it is planned to be ready for operation in October 2026 and will provide solid power support for the smooth progress of the event.

Continued efforts in the second quarter

Currently, the power grid project has entered the peak period of construction in the second quarter. State Grid Corporation of China stated that it will continue to expand effective investment and strengthen safety and quality control. Taking the 109 major projects outlined in the 15th Five Year Plan as the starting point, we will accelerate the construction of key projects such as power transmission channels and power mutual aid projects. It is expected that the length of new transmission lines will exceed 5000 kilometers and the capacity of new substations will exceed 30 million kVA in the second quarter, further enhancing the transmission capacity and power supply reliability of the power grid. Keywords: power engineering, energy

State Grid is taking firm steps towards a stronger power grid goal. Through continuous investment and construction, not only does it recharge the high-quality development of the economy and society, but it also contributes to the power grid's efforts to achieve China's carbon peak and carbon neutrality goals.Editor/Cheng Liting