China’s State Grid Corp looks to attract $50trn for ‘global energy internet’

China’s State Grid Corp, one of the world’s biggest utility companies, is planning to build a global energy internet  by developing  a massive energy grid that would share renewables from all over the world using a network of ‘smart grids.’ The project is being developed through a new subsidiary that is expected to attract $50trn worth of investment by 2050, according to report published by  this month. The company which is also China’s  largest electric power transmission and distribution company, is said to be studying the feasibility of a pilot program to establish power transmission not only amongst Asian countries but also between Asia and Europe and  between Africa and Europe. It plans to open offices in New York, Paris, Rio de Janeiro and Johannesburg, as well as Beijing.  
“Creating  a global energy internet would mean building networks and energy transportation assets,” its President Liu Zhenya said. “Investment opportunities will come from major projects such as power development, power grid construction, and research and innovation.” Ultra-high voltage transmission lines would allow the effective use of clean energy and reduce emission from fossil fuels, he explained, adding that ‘smart grids’ which would connect billions of households via the Internet were key to the concept.

Source: yibada