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China's Hainan to invest $8 bln in electric power industry in three years

The authorities believe that by 2025, Hainan will become a good example of introducing and developing 'smart' power systems

HAIKOU, June 14./TASS/. The Hainan authorities plan to invest approxiamtely 53 billion yuan (about $7,8 bln) in electric power energy in 2019-2021, according to an official statement from the provincial government. 

About 20,9 billion yuan ($3,15 bln) will be allocated to developing electric power systems, and 32,1 bln yuan ($4,84 bln) — to power supply. 

The government’s statement reads that the modernization of the electricity sector includes, in particular, the production of electric power, its transmission and transformation, distribution and consumption, the development of "smart" power systems, technical support, the development of an information network, and ensuring control. 

The main goal of the investment is to build a safe, eco-friendly and efficient power supply system for rural and urban areas of the province. It is assumed that by 2025, Hainan will become an example of the implementation and development of smart grids, and by 2030 it will become a world-class model. 

The government of Hainan is taking active steps for the "green" development of the province and the protection of the island’s environment. For instance, by 2030, the authorities intend to completely stop selling cars running on conventional gasoline and diesel on the island.