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China Three Gorges Project Corp changes its name

By Zhou Lihua and Jiang Hongyuan (chinadaily.com.cn)
Updated: 2009-09-28 22:29

Celebration of the upcoming 60th anniversary of the founding of the People’s Republic of China and Celebration Meeting of China Three Gorges Project Corporation were held in Three Gorges dam area. China Three Gorges Project Corporation changed its name to China Yangtze Three Gorges Project Group Corporation, which marks the strategic shift of the corporation and a brand new stage of development.

China Three Gorges Project Corporation (CTGPC) was, under the authorization of the State Council, founded in Yichang, Hubei province on 27 Sept 1993. Holding the mission of “Construct the Three Gorges Project and Develop the Yangtze Resources River”, CTGPC takes full responsibility for the financing, construction and operation of Three Gorges project, which has reaped significant economic benefits in the reservoir impoundment, flood control, navigation and power generating. The members of Key Projects Acceptance Test Group for the State Council Acceptance Test Committee of the Yangtze Three Gorges signed on the verification document of the acceptance test for the normal 175m water level. This means that all the construction tasks in the initial design of the Three Gorges Project have been completed except the ship lift whose construction has been deferred under approval.

Meanwhile, CTGPC seek a variety of effective forms of corporation strategy restructuring to increase of scale and benefit at the same time. On one way, the Hydropower Sustainable Development of Riverside of Jinsha River requires active and ordered efforts. On the other, efforts will be made to popularize the renewable energy, such as solar, geothermal and wind. Also, transform enterprises' growth mode to the combination of production operation and capital management, for the purpose of improving their competitiveness in the global markets. While extensively expanding the traditional market, CTGPC energetically explore potential markets worldwide.

With the third phase construction moving on to the end, the company has already expanded its business from hydropower exploitation to multi-field of cleaner high-quality energy such as nuclear power, wind power, coal chemical industry and pumped storage. The present situation calls for a brand new name -- China Yangtze Three Gorges Project Group Corporation.

Li Yongan, general manager of CTGPC, gave brief introduction on TGP’s reservoir impoundment, flood control, navigation and power generating. During this year's flood season, Three Gorges project experienced a flood of 55500 m 3 /s, the largest autumn flood in Yangtze history in 5 years. By using modernized water regime forecast and monitoring means and scientific reservoir dispatching method, Three Gorges project succeeded in cutting flood peak by 15500 m 3 /s in the reservoir while assuring the project safety, normal construction and power generating.

The Three Gorges Project has fully demonstrated enormous benefits in power generation. It’s estimated that by the end of this year, the project will have generated about 150000GW more power than initially designed. The Three Gorges Project in the construction period was initially designed to generate 224400 Gwh. But ever since the first power generating set of the Three Gorges Power Station was put into operation, it has totaled 350000 Gwh and is estimated to total 84700 Gwh this year. Ever since it was built, the ship lock had totally 13105 operations, with 300 million tons of goods passing through in 6 years, and it has run well without major failures and met the navigation requirement of the Yangtze navigation with cargo increasing by 2/3 compared to maximum level in history.

Yang Ya, the chief accountant of CTGPC, gave some information on investment control of TGP. The project has received an investment of 151.4 billion yuan and the final investment would be controlled in 180 billion yuan, which is in the limit of initial estimate of the project approved by the State. It is said that the static investment of TGP was 90 billion yuan in 1993, which is equivalent to 203.9 billion by dynamic total investment.