CITI'S TAKE PRC electricity consumption grew 4.5% y/y to 888.6M MWh in September; the monthly growth rate was down 0.5ppt m/m. Electricity demand was +4.6% y/y to 7,767.5M MWh in 9M25, with most increments from primary and tertiary sectors. Meanwhile, power grid capex was +9.9% y/y to Rmb437.8bn in 9M25, including –11.0% y/y to Rmb58.2bn in September. We nevertheless expect the national power grid capex to resume growth in October based on delivery schedules of PRC grid equipment makers. In the PRC utility, ...