Shanghai Elec Group Co Ltd Stock Price, News & Analysis

Shanghai Electric has maintained its position as the leading provider of offshore wind power in China for eight consecutive years, with a cumulative capacity of 7.05 GW. The company is advancing the Dubai Photothermal Photovoltaic Project in partnership with ACWA Power, marking a significant construction milestone. It is set to produce new electrolyzed water hydrogen generation equipment, enhancing China's hydrogen output and reducing costs. The strategic focus on multi-energy coupling and hydrogen integration is aimed at achieving a sustainable low-carbon energy system while cooperating with various regions, including Asia and the Middle East.

Shanghai Electric has successfully launched the Thar Block-1 integrated coal mine and power project in Pakistan, which entered commercial operation on February 5, 2023. This project, featuring two 660MW high-parameter supercritical units, meets the electricity needs of nearly 4 million households, generating approximately 9 billion kilowatt-hours annually. With a total investment of nearly US$3 billion, it aims to alleviate local power shortages and strengthen energy security. The project has created over 15,000 jobs and contributed more than US$120 million in taxes, showcasing Shanghai Electric's commitment to community development and sustainable energy solutions.

On November 29, Shanghai Electric's 700MW solar thermal and 250MW photovoltaic plant in Dubai's Mohammed bin Rashid Al Maktoum Solar Park achieved grid connection for Trough Unit No. 1. This milestone is pivotal in Shanghai Electric's renewable energy efforts and aligns with Dubai's Clean Energy 2050 goals. The facility, the world's largest solar thermal project, utilizes 560,000 tons of molten salt and can generate power up to 15 hours continuously. Despite challenges like rising construction costs and supply chain delays, the project aims to supply clean energy to 320,000 families and reduce carbon emissions by 1.6 million tons annually.