GD Power Development Co, a unit of one of China's five largest electricity producers, said output climbed 14 percent last year after it bought stakes in power plant to increase capacity.

 

The unit of China Guodian Corp generated 65.8 million megawatt-hours of electricity in 2007, Beijing-based GD Power said in a statement to the Shanghai stock exchange.

 

GD Power is expanding capacity to benefit from economic growth and soaring electricity demand. China's economy, the biggest contributor to global growth, expanded 11.5 percent in the first three quarters, boosting demand for electricity by 15 percent.

 

The utility said in October full-year net income may rise more than 50 percent on growth in demand.

 

The company's on-grid power generation rose 13 percent from a year earlier to 61.4 million megawatt-hours, it said in the statement.

 

GD Power received approval to buy power plant stakes from its parent for 3.2 billion yuan (US$419 million).

 

(Shanghai Daily January 7, 2008)