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Power grid investment behavior (PGIB) is a necessary prerequisite to ensure safe and reliable power supply. The supervision of PGIB is an important measure to reduce electricity price. It helps to release the dividends of the new power system reform and promote the sustainable development of the power industry. However, for a long time, China’s regulation of PGIB was relatively weak, lacking clear supervision awareness and effective supervision methods. On the basis of clarifying the contents of PGIB supervision, this paper establishes an evaluation index system for the compliance of PGIB from the government supervision perspective, involving four dimensions and 14 secondary indicators. Furthermore, a hybrid evaluation model based on the combined decision-making trial and evaluation laboratory method (DEMATEL-ANP), analytical network process method, and vague set is proposed. The results reveal that the control over cost and efficiency of the PGIB in China is not enough. According to the results, this paper puts forward the indicators that close attention should be paid to and the work priorities in China’s supervision of PGIB, which has certain practical value for the implementation of new power system reform and the sustainable development of Chinese power industry.

Evaluating the Power Grid Investment Behavior in China: From the Perspective of Government Supervision