China is building out its power grid at an unprecedented pace: China's two largest power grid firms issued a record $131 billion of bonds in 2025. This has more than DOUBLED since 2024, posting the 2nd consecutive annual increase. State Grid alone issued $110 billion, almost TRIPLING the previous year's total. So far in 2026, State Grid and China Southern Power Grid have raised another $13.5 billion in bond sales. The State Grid network covers over 80% of the country and supplies electricity to more than 1 billion people. China is all-in on energy expansion.(The Kobeissi Letter)