National hydropower generation breaks trillions

Recently, some media learned from the “2015 China Hydropower Development Forum and Hydropower Science and Technology Awards Ceremony” conference. In 2014, China’s hydropower industry achieved bright results: The country’s hydropower increased its installed capacity by 21.85 million kilowatts for the year, with a total installed capacity of 3.02. Billion kilowatts, accounting for 22.2% of the country's total installed capacity; the annual hydropower generation exceeds the trillion mark, reaching 1061.6 billion kwh, an increase of 18.0% year-on-year.

From the performance report disclosed by listed companies, the performance of the power sector is positive. According to statistics, in 2014, the total profit and deduction of non-net profit of listed companies with key power increased by 20.1% and 21.6%, respectively, of which the hydropower companies' performance after deduction was 84.2%, which was the most significant improvement. According to the quarterly report of the sector, hydropower profitability continued to improve. In the first quarter of 2015, the growth rate of electricity consumption in the entire society was only 0.8%. However, thanks to the increase in water supply and the increase in installed capacity, hydropower generation increased by 17% year-on-year.

“The state attaches great importance to hydropower construction and continues to put forward the green energy development policy of 'actively developing hydropower and vigorously developing non-fossil renewable energy sources', and China’s hydropower will still have a bright future.” Zhang Jiwei, chairman of the China Hydroelectric Engineering Society, said at the conference. This year's government work report also mentioned that energy production and consumption are related to development and people's livelihood, and we must actively develop hydropower.

Steady increase in the main business, deepening the layout of nuclear power

Among the total number of trillions, only the Yangtze River Power's Three Gorges-Gezhouba Cascade Power Hub in 2014 accounted for 10.94%, reaching 116.614 billion kwh, an increase of 18.16%. Among them, the annual power generation capacity of the Three Gorges Power Plant reached 98.819 billion kWh, creating a world record for the annual power generation of a single hydropower station. The Gezhouba Power Station generated 17.794 billion kWh of annual power generation, and reached a historic high of 34 years since the start of production. In the first quarter of 2015, the company achieved a net profit of 1.89 billion yuan attributable to the parent company, a significant increase of 197% year-on-year, of which investment income surged by nearly 700 million yuan, which contributed a lot to the growth of performance. In the 2015 development plan, the company also specifically proposed to focus on various aspects such as business expansion and financial investment, deepen the implementation of strategic layout in the field of nuclear power, and promote cooperation with domestic nuclear power companies in the nuclear power industry chain.

Excluding the annual purchase of Taohuajiang Nuclear Power and the subscription of China General Nuclear H-share IPO shares, according to an announcement on May 7th by the Fuengeng Group, Fuengeng, CNNC, Huaneng Nuclear, Yangtze Power and Ningxia will invest in the establishment of China Nuclear Kasumiga Nuclear Power Co., Ltd. The company, construction and operation management 600MW demonstration fast neutron reactor project, Changjiang Power holds 10%. The company is deepening its layout in the field of nuclear power.

The “One Belt One Road” and “Electricity Reformed Double Air Vents” continued to “blow” performance

While the domestic market performance is growing steadily, the profitability of Yangtze Power in overseas projects is also gradually opening up. In April this year, Silk Road ** was the first overseas investment project to be launched. Three Gorges will jointly develop 20 million kilowatts of hydropower resources with the Pakistan government and the Water Resources and Power Development Agency. The project will have a planned installed capacity of 720,000 kilowatts and annual power generation 3.213 billion yuan. Degree, the total investment is about 1.65 billion U.S. dollars. In addition, the Three Gorges Group's hydropower projects in Russia and Brazil are progressing smoothly. As the company’s only power operation platform, the company will actively participate in the construction and operation of overseas hydropower through the “Belt and Road” Dongfeng, and obtain substantial profits.

In terms of policy, the recent electric reform is expected to increase, and the overall valuation of the sector is expected to be further restored. Some institutional analysis pointed out that the direction of power reform is clear and clear. The revision of the power law will continue and the intensity should be greater. With the market's increasing preference for blue chip stocks, the room for subsequent valuation of the sector is still huge. In addition, the landing electricity price of Gezhouba and Three Gorges Power Station is significantly lower than the local thermal power benchmark price. With the gradual advancement of electricity price marketization, the on-grid electricity price is expected to increase, and the company’s performance and valuation will further increase.

Build information sharing platform layout Energy Internet share trillion market dividend

The current "Internet Plus" has gradually become a new direction for the development of various industries, and energy is no exception. In the middle of last month, the National Energy Administration stated at the Energy Internet Working Conference that the National Energy Internet Action Plan was about to be formulated and that it would strive to be completed in about three months. At the latest by the end of the year, the China Energy Internet Alliance was also established. Some analysts believe that the estimated energy Internet market is at least 5 trillion yuan.

In fact, the energy internet has been "flowering fruit" in many countries in Europe and America. Take Germany as an example. In recent years, Germany has launched the E-Energy plan and invested 140 million euros. It has taken 4 years to enable full digital networking of the entire energy supply system, as well as computer control and monitoring. In this way, of the more than 1,000 power companies in Germany, their renewable energy generation accounts for 25% of the total energy consumption. This figure is more than double that of China.

Yangtze Power has advanced its layout in the energy internet field and made positive progress. According to the company's 2014 annual report, the company carried out the “Four-Column Joint Adjustment” of cascade hydropower stations in the river basin to promote the construction of water-clearance information sharing platforms in the upper and middle reaches of the Yangtze River. The accumulated water-saving power generation amounted to 9.1 billion kWh, accounting for 7.8% of annual power generation. , The Three Gorges - Gezhouba cascade reservoir who can use the increase rate of 5.76%. Through this platform, in 2014, it achieved the sharing of operational information and water rain information with 21 major controlled large reservoirs in the upper reaches, and improved the accuracy of water rain forecasting. In 2014, the accuracy of 24-hour flow forecast for cascade reservoirs in the river basin reached 97.7%. The average daily power generation plan accuracy is 99.73%.