Corporate Social Responsibility
In 2006 the State Grid Corporation of China ran electric lines to 545,000 previously unconnected households in rural areas, offering the occupants free power indefinitely in a project called "Power for All". Families were able to buy their first refrigerators, televisions and radios, dishwashers, computers, washing machines, water boilers, heaters and air conditioning units. Farmers have stopped hauling water by installing automated irrigation systems. Over the 2007-2008 period, SGCC plans to spend $3 billion to do the same for 4.5 million of China's poorest people in 18 provinces.
On December 12, 2007, 2 consortia bid for a 25-year license to run the Philippines power grid - privatization of the management of the National Transmission Corporation (Transco), the consortium of Monte Oro Grid Resources Corp., led by businessman Enrique Razon, comprising the State Grid Corporation of China, and Calaca High Power Corp., WON in an auction conducted by the Power Sector Assets and Liabilities Management (PSALM) Corp. as it submitted the highest offer of $3.95 billion, for the right to operate TransCo for 25 years, outbidding San Miguel Energy, a unit of San Miguel Corporation (bid of $3.905 billion), Dutch firm TPG Aurora BV and Malaysia’s TNB Prai Sdn Bhd. Jose Ibazeta, PSALM president and CEO remarked: “We are very happy about the successful turnout of the bidding for TransCo. PSALM handled the privatization of the government’s transmission business with utmost transparency and judiciousness."
In 2010, the company is about to invest US $11 Billion in the Sarawak, Malaysia.
Read more about this topic: State Grid Corporation Of China
Famous quotes containing the words corporate and/or social:
“If when a businessman speaks of minority employment, or air pollution, or poverty, he speaks in the language of a certified public accountant analyzing a corporate balance sheet, who is to know that he understands the human problems behind the statistical ones? If the businessman would stop talking like a computer printout or a page from the corporate annual report, other people would stop thinking he had a cash register for a heart. It is as simple as that—but that isn’t simple.”
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