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SHANGHAI, Oct. 7, 2022 /PRNewswire=KYODO JBN/ --

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 which represents 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, solar, 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.

SOURCE  Shanghai Electric

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