State Grid takes top spot

State Grid was ranked the number one Chinese firm with a total revenue of US$530 billion (HK$4.14 trillion) last year, according to business magazine Fortune.

But China is currently hit by a heat wave and the government has found it difficult to keep up electricity supply.

The National Development and Reform Commission stated that with early and widespread high temperatures this summer, there has been three consecutive record highs in daily dispatched electricity and two consecutive record highs in peak demand, significantly increasing the complexity of ensuring energy and power supply.

Since April, the NDRC has been collaborating with various departments for coal, electricity, oil and gas supply to proactively plan and arrange supply security work.

Meanwhile, Fortune's latest China 500 list has nine state-owned firms among the top 10 companies with the highest revenue. State Grid secured the top spot with revenue reaching US$530 billion, followed by China National Petroleum and Sinopec (0386), with revenues of US$483 billion and US$471.15 billion, respectively.