By Irina Slav of OilPrice.comElectricity demand in much of China hit a record this week due to scorching summer temperatures, driving grid loads to all-time highs, the State Grid Corporation of China said today, as cited by Reuters. On Monday and Tuesday, the company said, electricity loads reached a record in the country’s northern, northeastern, and eastern regions. No blackouts have been reported, however, as the grid operator moves in time to direct more baseload electricity where it is needed for air-conditioning. The sum is 40% higher than what the State Grid Corporation of China spent in the previous five-year investment period to 2025. China plans to have its battery storage capacity more than double to 180 gigawatts by 2027 in a new plan aimed at attracting $35.1 billion (250 billion yuan).