Under the grand narrative of energy transformation, China Power Construction Corporation is turning pumped storage into a sophisticated "money printing machine". The data disclosed in the 2025 annual report is not only a pile of numbers, but also another confirmation of its global dominance in clean energy infrastructure. As of the end of last year, this giant had approved a total of 22 pumped storage projects, with a total installed capacity soaring to 30.9 million kilowatts. This is equivalent to rebuilding half of the Three Gorges Dam, with 12 approved investment projects and 16.1 million kilowatts of installed capacity, forming the most solid safety cushion for performance in the next three years.

Harvester for the Billion Dollar Race

The battle for market share has reached a white hot stage in 2025. In the first 11 months, the newly signed contracts for the company's pumped storage business reached 77.798 billion yuan, which not only grew rapidly year-on-year, but also accounted for 46.74% of the total newly signed contracts for hydropower during the same period. In the field of EPC general contracting, China Power Construction Corporation has demonstrated its suffocating dominance - winning bids for over 500 million yuan in 48 major projects throughout the year.

This is not a simple brick moving construction. The Dazhuangli project in Shaanxi contributed 9.16 billion yuan in revenue in one transaction, while the Taiyanggou and Jixi Jiapeng projects in Anhui respectively received 5.752 billion and 5.439 billion yuan in revenue. More noteworthy is the pace of acquiring orders: in July and September 2025 alone, the company successively won project packages totaling approximately 11.191 billion yuan and over 10.4 billion yuan. The ability to continuously swallow billions of orders in a short period of time proves its technological barriers and unparalleled financing cost advantages under complex geological conditions. Even in overseas markets, the winning bid of 2.071 billion yuan for the Philippine Pakir 1400MW project marks the acceleration of Chinese standards going global.

From contractor to asset operator

If EPC is the "cow" of cash flow, then the integration of "investment, construction, and operation" is the long-term "moat" for China Power Construction's layout. In 2025, the company will no longer be satisfied with simple engineering contracting, but will deeply enter the upstream of the industrial chain through joint ventures and partnerships.

Through a series of names such as Jiangxi Fengshan Pumped Storage Co., Ltd. (joint venture), Zhejiang Jingning, Qingtian, Hubei Luotian Pingyuan, and Jixi Wanneng (joint venture), the capital map of Electric Power Construction can be clearly seen. In 2025, Electric Power Construction will engage in intensive construction service transactions with these affiliated enterprises. This left to right model actually keeps the most profitable investment and operation links within the company. Keywords: China Electric Power Construction, new energy, pumped storage

According to industry estimates, with the gradual production of these 12 already underway projects, the next decade will bring stable cash flow returns to the company. This strategy of engineering for resources is redefining the valuation logic of Chinese infrastructure companies. At present, as the cost of new energy storage has not fully penetrated the bottom line of thermal power peak shaving, the 30.9 million kilowatts of pumped storage energy reserve is the strongest trump card for China Power Construction to resist cyclical fluctuations.Editor/Cheng Liting