Report Summary
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According to Xinhua News Agency, &#34;On January 15, the State Grid announced that the company's fixed asset investment during the 14th Five-Year Plan period is expected to reach 4 trillion yuan, a 40% increase compared to the 13th Five-Year Plan investment, used for the construction of a new power system.&#34; We focus on three levels of information:
First, how to understand the 40% investment growth rate?
First, clarify the criteria. The State Grid &#34;takes investment in the construction and operation of the power grid as its core business,&#34; but the State Grid mainly publishes power grid investment data, while fixed asset investment data is only sporadically published. From the 2021 data, fixed asset investment and power grid investment were 497.2 billion and 473 billion yuan, respectively, which are nearly equivalent. Secondly, according to Xinhua News Agency, during the 14th Five-Year Plan period, the State Grid's fixed asset investment is expected to grow by 40%. In comparison, during the 13th Five-Year Plan period, power grid investment was about 2.77 trillion yuan, with a comparable growth rate of 16.4% (fixed asset investment data not published), meaning that the 40% investment growth rate during the 14th Five-Year Plan period represents a significant increase compared to the 13th Five-Year Plan (around 16.4%).
Second, what are the possible considerations?
Referencing two aspects of information: 1) In December 2025, the State Grid Corporation's Party Committee meeting mentioned &#34;resolutely implementing the decision-making and deployment of the Party Central Committee to expand domestic demand, fully leveraging the foundational support and investment-driven role of the power grid, and using greater strength and more practical measures to assist in expanding domestic demand and stabilizing growth&#34;; 2) In December 2025, the National Development and Reform Commission and the National Energy Administration issued the &#34;Guiding Opinions on Promoting the High-Quality Development of the Power Grid,&#34; mentioning &#34;increasing the intensity of power grid investment. Implementing major national strategic deployments, appropriately advancing power grid investment construction without excessive preemption, and increasing the renovation and upgrading of existing power grids to ensure the construction of a new power system.&#34;
Third, what are the specific investment directions?
According to Xinhua News Agency's report, they mainly include: constructing a new power system, accelerating the construction of ultra-high voltage direct current transmission channels, advancing the construction of distribution networks in urban and rural remote areas, and building intelligent infrastructure, etc.
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Report Body
&#34;Exploration of Power Investment during the 14th Five-Year Plan&#34;
According to Xinhua News Agency, &#34;On January 15, the State Grid announced that the company's fixed asset investment during the 14th Five-Year Plan period is expected to reach 4 trillion yuan, a 40% increase compared to the 13th Five-Year Plan investment, used for the construction of a new power system.&#34; We focus on three levels of information:
First, how to understand the 40% investment growth rate? First, clarify the criteria. The State Grid &#34;takes investment in the construction and operation of the power grid as its core business,&#34; but the State Grid mainly publishes power grid investment data, while fixed asset investment data is only sporadically published. From the 2021 data, fixed asset investment and power grid investment were 497.2 billion and 473 billion yuan, respectively, which are nearly equivalent. Secondly, referencing Xinhua News Agency data, during the 14th Five-Year Plan period, the State Grid's fixed asset investment is expected to grow by 40%. In comparison, during the 13th Five-Year Plan period, power grid investment was about 2.77 trillion yuan, with a comparable growth rate of 16.4% (fixed asset investment data not published), meaning that the 40% investment growth rate during the 14th Five-Year Plan period represents a significant increase compared to the 13th Five-Year Plan (around 16.4%)
Second, what are the considerations behind it? Refer to two pieces of information: 1) In December 2025, the State Grid Corporation of China mentioned at a party group meeting that &#34;we must resolutely implement the decision-making and deployment of the Party Central Committee to expand domestic demand, fully leverage the foundational support and investment-driven role of the power grid, and assist in expanding domestic demand and stabilizing growth with greater strength and more practical measures&#34;; 2) In December 2025, the National Development and Reform Commission and the National Energy Administration issued the &#34;Guiding Opinions on Promoting High-Quality Development of the Power Grid,&#34; which mentioned &#34;increasing investment in the power grid. Implement major national strategic deployments, conduct power grid investment construction moderately ahead of schedule, but not excessively ahead, increase the renovation and upgrading of existing power grids, and ensure the construction of a new power system,&#34; and set quantitative goals &#34;by 2030... the capacity for optimizing the allocation of grid resources will be effectively enhanced, the scale of 'West-to-East Power Transmission' will exceed 420 million kilowatts, and the new inter-provincial power assistance capacity will be around 40 million kilowatts, supporting the proportion of new energy generation to reach about 30%, and the capacity to accommodate distributed new energy will reach 900 million kilowatts.&#34;
Third, what are the specific investment directions? According to reports from Xinhua News Agency, they include: 1) Strengthening the power grid platform and constructing a new power system... initially establishing a new grid platform with collaborative micro-distribution, further consolidating the energy transmission network of &#34;West-to-East Power Transmission and North-to-South Power Supply.&#34; 2) Accelerating the construction of ultra-high voltage direct current transmission channels, promoting cross-regional and cross-provincial transmission capacity to increase by more than 30% compared to the end of the 14th Five-Year Plan. 3) Accelerating the construction of distribution networks in urban, rural, and remote areas, exploring end-supply-oriented and off-grid microgrid models. 4) Strengthening digital infrastructure, implementing &#34;Artificial Intelligence +&#34; special actions, and enhancing digital empowerment of the power grid.
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/9d94152d-e6b6-4df4-a0b8-d38bc8e4dc44.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/9d94152d-e6b6-4df4-a0b8-d38bc8e4dc44.png"/>
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The State Grid expects fixed asset investment to reach 4 trillion yuan during the 14th Five-Year Plan period, an increase of 40% compared to the 13th Five-Year Plan. This increase in growth rate is mainly to support the construction of a new power system, with specific investments including ultra-high voltage direct current transmission channels, urban and rural distribution network construction, and smart infrastructure. This move aims to respond to the national policy of expanding domestic demand and promote the high-quality development of the power grid

Exploring the "14th Five-Year Plan" Power Investment: The Layout Behind the 40% Growth Rate