Chinese firm State Grid Corporation of China (SGCC), the largest state-owned electric utility company in the world, supplies electricity; invests in, constructs and manages electric networks in China; and offers power generation, and transmission services. SGCC serves 1.1bn people in 26 provinces, regions and municipalities, covering 88% of Chinese territory. It also operates overseas assets in the Philippines, Brazil, Portugal and Australia. The company has a controlling stake in a consortium responsible for building a US$2.1bn transmission line linking Belo Monte to Brazil's southeast. The Beijing-based company was established in 2002.