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State Grid, a Chinese state-owned power company, reported profits of $7.1 billion in 2021, up 19% from the year prior. China’s largest supplier of electricity and the world’s largest utility company brought in revenue of $461 billion in 2021, enough to make it the top-earning public energy company in the world. Chinese power consumption rose 10.3% in 2021 as the economy rebounded from the pandemic-induced slump of 2020. In November 2021, following a directive from Chinese President Xi Jinping, State Grid announced the creation of a new energy exchange meant to help Chinese provinces purchase energy from one another and ease clean energy providers' access to potential buyers. Later in 2021, State Grid announced plans to adhere to another government order: It will spin off all its noncore businesses, including its manufacturing divisions, as part of the Chinese government’s efforts to introduce more competition to the sector.
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