Shanghai Electric Celebrates Its 120th Anniversary - Accelerating Transition to Green and Low Carbon Solutions

SHANGHAI,Oct. 7,2022 -- The Energy Integration for Intelligent Future business summit forum,hosted by Shanghai Electric Group Company Limited (Shanghai Electric) as part of its 120th-anniversary celebration,concluded successfully in Shanghai on September 26,2022.

At this critical,historical moment for the firm,and in response to the global urgency for reducing carbon emissions,Shanghai Electric is transitioning all segments of its business to a low-carbon format. This is achieved by enhancing the capacity of new power systems and equipment,and by developing an optimal combination of traditional and renewable energy sources in a move to support the development of a modern energy ecosystem.

Liu Ping,the Director and President of Shanghai Electric Group Co.,said at the forum that over the past 120 years,the firm has embarked on an innovative journey of empowering the world through efforts to expand its main businesses in pursuit of win-win cooperation and integrated development.

"Throughout this journey,Shanghai Electric has evolved into a prime example of what can be done to pave the way for China to become a key provider of high-end equipment to the world. The evolution allowed the company to transition from being a major player in its space to one whichrepresents in-country peers as they collectively seek to export world-class equipment and technologies," said Liu Ping.

Shanghai Electric has accomplished many record-breaking achievements both at home and abroad. Based on existing capabilities and strengths,the company expects to give full play to its three core competitive advantages - extreme manufacturing,integrated services and talent competitiveness - to build three industry-leading linked platforms covering core equipment,integrated systems and industrial capital,setting in motion what is well on track to becoming the leading development trend for the next 120 years.

Shanghai Electric is currently one of the few producers worldwide covering all categories of energy equipment. The energy sector produces more than 80% of China's total carbon emissions,making it the largest barrier to China achieving the goal of carbon peaking and carbon neutral.

Since 2021,with the high frequency of extreme weather events,coupled with the intensification of tensions around the global energy supply,many regions throughout the country experienced power shortages,highlighting the increasing importance of thermal ballast. In the throes of a massive transition from stable fossil fuels to volatile alternative energies,a consensus among participants is that,in order to achieve the goal of carbon reduction under the premise of ensuring energy security,multi-energy complementarity will be the best solution for the integrated development of traditional and renewable energy sources over the long term.

Chen Ganjin,member of the Party Committee and vice president of Shanghai Electric,noted that China's energy structure has been undergoing a major change over the last decade,with the proportion of installed solar and wind power capacity having increased significantly,while the share of coal power has declined to half of the total,and nuclear power having returned to becoming a steadily growing viable alternative. The booming of renewable energy sources pushed power storage into a period of rapid development. However,due to the randomness and intermittency,the large-scale,high-ratio grid connection of renewable energies will pose serious challenges to the safe and stable operation of the grid.

When elaborating on the Chinese energy ecosystem landscape,Chen added that the per capita power consumption in China is relatively low when compared to other countries and regions across the world,demonstrating a huge potential for growth in power and related equipment markets. Shanghai Electric is committed to helping address the needs of the Chinese energy ecosystem in terms of power generation,transmission,storage and sale.

The group is optimizing its efforts in furthering the growth of conventional and alternative energy-powered equipment as the country continues to pursue the goals of carbon peak and carbon neutrality. Shanghai Electric has proven technical capabilities in the realms of clean and efficient coal power,safe and state-of-the-art nuclear power,as well as efficient and flexible regulation of gas and power. In addition,the group is leveraging technological innovations to enhance its portfolio of wind,solar,storage and hydrogen energy-powered equipment and storage solutions,while accelerating the transformation and exploring of additional application scenarios for its robust smart grid equipment.

Based on its existing competitive power equipment,Shanghai Electric has made significant progress in implementing new system solutions for coal-fired power and energy storage integration; source-grid-load-storage integration; and green hydrogen and chemicals integration. Furthermore,with the ongoing energy transformation,the group is embracing new opportunities in the energy storage sector with its vanadium batteries known for a high level of safety,high-capacity scalability,and long cycle life.

In line with the goals of carbon peak and carbon neutrality,Shanghai Electric is making efforts to establish a presence in what is being termed as "4+2+X" (where "4" refers to wind power,solar power,energy storage and hydrogen; "2" refers to intelligent industrial equipment and high-end medical equipment; and "X" refers to new opportunities in the energy sector) with a focus on supporting the carbon emission reduction in energy and industry in concert with the aim of creating a comprehensive new power system and an integrated solution for green and low-carbon industrial parks.

By capitalizing on its proven capabilities in conventional energy-powered equipment,Shanghai Electric plans to further its investments in innovative equipment and technologies involving wind,hydroelectric and thermal energy and energy storage,as well as power supply,grid,load and hydrogen storage to become the frontrunner in the journey towards achieving the goals of carbon peak and carbon neutrality,along with creating alternative energy-powered equipment and automated high-end equipment.