国家电网挺进澳大利亚

It didn't take long for Liu Zhenya, general manager of State Grid Corp., to make good on a pledge to grow the Chinese power giant's overseas assets.

没用多长时间，中国电力巨头国家电网公司(State Grid Corp.)的总经理刘振亚就将扩大公司海外资产的诺言付诸行动。

Two weeks ago, Mr. Liu was telling reporters attending the Communist Party Congress in Beijing that State Grid's ambition is to nearly quadruple its overseas assets by 2020 to as much as US$50 billion. Healthy returns from past deals are emboldening management of the state-owned company to kick the tires on more acquisitions, he said.

两星期前，刘振亚还在北京对报道中共十八大会议的媒体说，国家电网的目标是到2020年将海外资产规模扩大到最高500亿美元，差不多是目前水平的四倍。据他说，以前的收购取得了不错的回报，鼓励这家国有企业的管理层去研究新的收购机会。

If there's a surprise in Thursday's announcement that State Grid is to buy Powerlink's interest in ElectraNet, which operates South Australia state's power transmission grid, it is that State Grid has chosen Australia for its next bet.

国家电网周四宣布，将收购Powerlink公司所持南澳州电网运营商ElectraNet股权。如果说这当中有什么出人意料的地方，那就是国家电网选择了澳大利亚来投进它的下一笔赌注。

Past acquisitions have mostly been in fast-growing centers for energy demand like Venezuela, economies like the Philippines where infrastructure needs updating or vast countries like Brazil where State Grid can leverage its expertise in operating ultra-high voltage power lines. On the surface at least, the only comparable acquisition was State Grid's purchase of a 25% stake in Portugal's national grid company Redes Energeticas Nacionais RENE.LB -0.20%, earlier this year.

过去的收购主要都是在委内瑞拉等增长迅速的能源需求中心，菲律宾等需要升级基础设施的经济体，或巴西等幅员辽阔的国家──国家电网可以在这些国家充分发挥其运营超高压电线的专长。另外至少在表面上，唯一可与上述收购相比的是国家电网今年早些时候收购葡萄牙国家电网公司Redes Energeticas Nacionais的25%股权的交易。

But a look at ElectraNet's strategy document released in April signals why State Grid would be interested.

但从ElectraNet公司4月份发布的一份战略文件中，可以了解到国家电网公司为什么对它感兴趣。

The power grid in South Australia already covers a service area of around 200,000 square kilometers, comprising transmission lines spanning 5,600 kilometers. That's set to grow in future as mining investments create demand for power in remote parts of the state lacking a grid connection.

ElectraNet的电网已经覆盖20万平方公里左右的服务区域，输电线路总长5,600公里。将来随着南澳州没有并入电网的偏远地区的矿业投资带来电力需求，这些数字势必继续增长。

Also, State Grid has been investing heavily in smart grid technology in China that aims to match supply more closely with demand. ElectraNet said a key challenge would be planning for the uncertain impact of new technologies on its network in South Australia, citing the potential for motorists to switch to electric cars in future that will force up power use at night when batteries are re-charged.

另外，国家电网一直在国内大力投资旨在更紧密匹配电力供需的智能电网技术。ElectraNet说，一个至关重要的挑战，将是如何绸缪新科技对其南澳州电网的未知影响，因为将来开车族有可能改开电动汽车，导致夜间给电池充电时的用电量增加。

'On present trends, South Australia's underlying electricity energy consumption in 2035 may be around 50% higher than today and the State's 2035/36 peak power demand may be 60% higher, excluding the potential for major new transmission loads,' ElectraNet said in the report.

ElectraNet在报告中说，如果不考虑输电负荷大大增加的可能性，按目前趋势，南澳州2035年的潜在用电量可能比今天高50%左右，该州2035/2036年的电力需求高峰可能比目前高出60%。

'Even without major development projects, significant transmission investment will, therefore, be required over the next 25 years simply to supply South Australia's growing demand for electricity. This typically includes local works such as additional transformers, additional capacitors (for voltage support at times of peak power demand) new lines and upgrades to existing power lines.'

报告说，即便是在没有重大开发项目的情况下，仅为供应南澳州不断增长的电力需求，未来25年也必须大力投资输电设施；这通常包括许多本地工程，如增加变压器，增加电容器（用于电力需求高峰时段的电压支持），开辟新线路，以及升级旧电线。

Attendance at Hong Kong Disneyland has risen steadily, to 5.9 million for the fiscal year through September 2011 from 4.5 million in 2008. Analysts expect that the most recent fiscal year was strong as well.

香港迪士尼乐园接待的游客人数稳步上升，已从2008财年的450万升至2011财年的590万。分析人士预计，最近这一财年的游园人数也相当可观。

The portion of mainland visitors rose to 45% in fiscal 2011 from 34% in 2006. Local visitors meanwhile accounted for 31%, down from 42%.

其中，中国内地游客占总游客的比例已从2006财年的34%增至2011财年的45%，而同期香港本地游客的占比则从42%降至31%。

But competition from the Shanghai Disneyland, which is slated to open by the end of 2015, could undermine efforts to expand the compact model in Hong Kong. Analysts have attributed the Hong Kong park's weak financial performance to its size─the smallest of Disney's theme parks world-wide.

但来自上海迪士尼乐园（计划于2015年底开放）的竞争可能会削弱香港这个“袖珍迪士尼乐园的扩建努力。分析人士将香港迪士尼乐园欠佳的财务状况归因于其占地面积──它是全球最小的一个迪士尼主题乐园。

A Hong Kong government spokesman said the park's investors are discussing plans to build new hotels at the Disney resort, adding to the current two, in hopes of drawing more international tourist traffic.

香港政府发言人说，香港迪士尼乐园投资者正就在迪士尼度假区新建酒店计划展开讨论，目前该度假区只有两座酒店。投资者希望借扩建吸引更多国际游客。

The park is adding three themed lands. But efforts to expand further have been slowed by pressure from Hong Kong lawmakers, who say the government invested too much in a commercial project that hasn't performed to expectations.

香港迪士尼乐园目前正在增设三个主题园区，但扩建速度却因香港立法会议员的施压而放缓。香港立法会议员说，港府在一个业绩不及预期的商业项目上投资过多。

Analysts say Hong Kong Disneyland's financial turnaround could enable the park's backers to develop a more comprehensive long-term development plan, which is especially important in light of Shanghai Disneyland.

分析人士说，香港迪士尼乐园财务状况的好转或许可让该乐园投资者制定一个更全面的长期发展计划，而鉴于上海迪士尼乐园即将落成，这一点尤其重要。

A Disney spokesman declines to comment on the park's latest financial figures, saying the results will be released early next year.

迪士尼发言人拒绝就香港迪士尼乐园的最新财务数据发表评论，说该数据将于明年初公布。

For younger visitors, such as 18-year-old college student Zhao Li, the Disney characters are a big draw. Ms. Zhao says she has watched Disney cartoons in China.

赵莉（音）是位在校大学生，今年18岁。对她这样的年轻游客来说，迪士尼的卡通人物有着巨大吸引力。赵莉说，她在中国内地看过迪士尼的卡通片。

She says she enjoyed the park but is critical of its size. 'I think I won't come here again because one visit is enough. Instead, I will try the Shanghai Disney park next time,' she says.

她说自己很喜欢香港迪士尼乐园，但对其大小表示不满。赵莉说，我觉得自己不会再来第二次，因为一次就看够了，下次我要去上海迪士尼乐园。

Disney has said it has room to build more hotels, attractions and other entertainment options.

香港迪士尼乐园说，还有足够的空间，可修建更多的酒店、景点和其它娱乐设施。

Eliza Tse, a professor of hotel and tourism management at Chinese University of Hong Kong, says the park should expedite its expansion to shake off its standing as the smallest Disney park.

香港中文大学(Chinese University of Hong Kong)酒店及旅游管理学教授谢静忆说，香港迪士尼乐园应加快扩建步伐，摆脱最小迪士尼乐园的称号。

But she says Hong Kong Disneyland's size also allows visitors quick access to the Disney experience. 'This may be useful to mainland Chinese visitors who want to pay a visit to the theme park and also to go shopping during their short visit to Hong Kong,' Prof. Tse says.

但她说，香港迪士尼乐园的大小让游客有机会在短时间内体验到迪士尼乐园的乐趣。谢静忆说，这一点可能会对中国内地游客有帮助，因为他们在香港呆的时间可能很短，既想去迪士尼乐园，又想去购物。