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Southern Energy Watch

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Jiang Li

On March 4, 2024, Premier Li Qiang of the State Council reviewed the work in the energy field in 2023 in his government work report. The installed capacity of renewable energy power generation historically exceeded that of thermal power, and the new installed capacity throughout the year exceeded half of the world.

The traditional impression of a major thermal power country has turned to a major renewable energy country.

In recent years, with the acceleration of energy transformation in most regions and countries around the world, the prices of upstream materials in renewable energy industries such as photovoltaics and wind power have declined, the production cost of renewable energy has decreased, and the scale of the industry has expanded rapidly. With the development of China's renewable energy power generation capacity, the international competitiveness of the renewable energy industry has been greatly enhanced.

In addition to private developers who entered the renewable energy market early, central and local large power generation groups are important promoters of the significant expansion of industrial scale, the main entities investing in and building these renewable energy power generation projects.

On May 9, 2023, State Power Investment Group Co., Ltd.(referred to as State Power Investment Corporation) disclosed at the release of the 2022 Social Responsibility Report that as of the end of 2022, the total installed capacity of State Power Investment Corporation's power was 210 million kilowatts, of which 140 million kilowatts were installed for clean energy, accounting for The proportion reached 65.87%. On December 2023, the National Energy Group disclosed at the press conference in the third quarter of 2023 that the installed capacity of renewable energy exceeded 100 million kilowatts, accounting for 33.2% of the total installed capacity of electricity.

According to the author's understanding, in order to accelerate the shift of coal-electricity-dominated asset structures to renewable energy, some local power generation companies have assigned assessment indicators to each power plant. It is common for coal plants under the same group to compete to develop renewable energy projects. "At first, we looked for suitable resources around the coal-fired power plant, but later across provinces and regions, and turned to equity investment in the past two years." In addition to increasing the installed capacity of renewable energy, reducing the installed capacity of fossil energy is also one of the important measures taken by power generation groups to adjust the structure. In recent years, central and local power generation companies have also tried to transfer coal and electricity assets to coal or other energy companies.

At present, the rapid growth of renewable energy installed capacity is based on the premise of purchasing quantity. Even in places where renewable energy has partially entered the market, prices have dropped while consumption has increased, so affordable projects can still maintain a certain level of profitability, but unit profit margins are indeed declining.

During the National Two Sessions, many representatives and members proposed stabilizing the electricity price of renewable energy power generation and advocated that policies for new and old projects should be differentiated. Gao Jifan, deputy to the National People's Congress and chairman of Trina Solar Co., Ltd., suggested amending the original Article 14 of the Renewable Energy Law,"The State implements a full-amount guaranteed purchase system for renewable energy power generation" to "The State implements a guaranteed purchase system for renewable energy power generation". The energy authorities of the State Council, together with relevant departments, will formulate specific measures for the affordable purchase system for renewable energy power generation in accordance with the principle of 'new and old division'."

As the scale expands, the uncertainty of renewable energy investment increases. Moving from investment scale to focusing on investment quality may be the next focus for power generation companies. Investment quality includes asset ratio, formulating corporate structures and market competition strategies suitable for the new stage of renewable energy development, etc. Judging from the proposals and suggestions made by the top leaders of the five major power generation central enterprises at the National Two Sessions,"new energy +" is the focus of work, such as promoting the commercial-scale development and application of "new energy + hydrogen-based energy" and optimizing new energy allocation and storage policies. Wen Shugang, member of the National Committee of the Chinese People's Political Consultative Conference, Party Secretary and Chairman of China Huaneng Group, proposed in an interview with reporters to highlight the pioneering and pillar nature, highlight long-term doctrine and long-term value, and continuously promote the high-quality development of high-temperature gas-cooled reactors.

Editor Chen Yifang

Audit Feng Jie