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On the one hand, it is the thermal power that has undergone three years of "coal war" but has little effect and the loss surface is continuously expanding. On the other hand, it is the clean energy that benefits from energy-saving emission reduction and sharp increase in profitability. .
According to data released by the National Development and Reform Commission recently, the total profit of the power generation industry in 2010 was 82.7 billion yuan, an increase of 3.6%, while the loss of thermal power companies reached 43%, an increase of 8 percentage points over the same period of 2009. After three years of major coal “recovery†wars, thermal power business conditions have not improved. In contrast, clean energy has become the biggest profit growth point for power companies. Industry insiders believe that the phenomenon of “coal power top cows†will continue to suffer no improvement, and a “forced†mechanism will be formed to increase the utilization rate of clean energy for power companies.
Merger coal mine
Still hard to break the coal roof
According to data from the National Development and Reform Commission, due to factors such as rising fuel costs and increasing financial costs, from January to November 2010, the debt ratio of thermal power industry increased from 72.7% to 74.3%, and the main business cost increased by 23% year-on-year. It fell by 38.8% and the loss reached 43%, an increase of 8 percentage points over the same period of last year.
In the face of rising coal prices and difficult adjustment of electricity prices, the industry once hoped to achieve self-sufficiency through upstream expansion and reduce unreasonable profits in market-oriented coal prices. The National Development and Reform Commission issued a document in 2008 and for the first time proposed to encourage large-scale enterprises such as electric power to merge and reorganize coal mines to realize coal-electricity integration operations. In the same year, the SERC also recommended that all power generation groups moderate the slowdown in the construction of thermal power, take out some of the funds or acquire or participate in coal companies and transport companies, and implement coal-fired electricity joint ventures and coal transportation joint ventures.
Although the "coaling wars" lasting three years have caused the cost of large-scale thermal power companies to fall, they have not played a fundamental role. The data disclosed by the power industry recently showed that in 2010, CPI Group’s coal production was 54.1 million tons, the overall coal self-sufficiency rate reached 30%, and the net profit was 3.389 billion yuan. Only the net profit of Mengdong Energy, the coal-fired joint venture of the group It reached 2.333 billion yuan.
Datang Group, with about 20% coal self-sufficiency rate, became the only loss-making enterprise in the “big fiveâ€. In 2010, the madly rising coal price has become a burden that thermal power companies can hardly overcome. Statistics show that in 2010, the price of standard coal for the five major power generation groups increased by more than 17% year-on-year, and the average price per ton rose by about 118 yuan, but there is still a lack of control. The cost of SMEs is even higher. CEC also pointed out in its recent report that the institutional conflicts between “market coal and planned electricity†are still outstanding. Electric power companies have been unable to withstand the rigid costs caused by frequent rises in coal prices and delays in electricity price adjustments, resulting in serious losses in the thermal power industry. .
Increased profits
Clean Energy Becomes a New Target for Enclosures
In contrast, the power companies with clean energy as the main business have achieved sufficient profit margins for the "five". At present, 7 of the 14 A-share hydropower listed companies have issued 2010 performance forecasts or express reports. Apart from the slight decline in the profit of Leshan Electric (600644), the remaining 6 profits have increased significantly, including Changjiang Electric Power ( The total profit of 600900) was 8.445 billion yuan, an increase of 82.83% over the same period of last year. In fact, even among the five largest power generation groups, CLP Group, which has the highest share of clean energy, achieved a net asset yield of 5.1% last year, and its parent company’s net profit reached 1.33 billion yuan, both of which are among the top five power generation groups. The first.
The related analysis believes that although many hydropower companies experienced a severe drought in southwest China at the beginning of last year, the situation was alleviated in June and July due to continued heavy rain in the south. At the end of the year, some hydropower companies benefited from the priority dispatch policies adopted by local governments to complete the “Eleventh Five-Year†energy-saving and emission reduction tasks. This good news, in 2011 at the beginning of a large-scale initiative to start energy-saving emission reduction and eliminate backward production capacity still deserves attention.
With wind power and photovoltaic power generation costs falling and the country continuing to subsidize, the profitability potential of new energy also allows power companies to compete. In 2010, from wind-powered bidding to the staking of hydropower, large-scale power companies turned the battlefield toward clean energy when “coal power top cows†were temporarily difficult to solve.
Large-scale power companies
Clean energy will exceed planning speed
“We can see from the profitability of other domestic power companies' new energy projects last year that the contribution rate of China’s new energy power generation projects to corporate profits is continuously improving.†Zhang Xiaolin, research director of China Investment Consulting Group, said in the “12th Five-Year Plan†During the period, the country’s emphasis on new energy construction will be further enhanced. In particular, it will accelerate the pace of grid-connected operation of new energy power generation projects such as wind power and solar power generation. This will undoubtedly promote the development of China’s new energy industry. It is a great opportunity for development.
Zhang Yulin said that currently several major power groups in China are paying more attention to the new energy business. In the work reports or development plans announced by various power groups, they all proposed to increase the installed capacity of new energy and clean energy, and During the final period of the “V†period, the installed capacity of clean energy for several major domestic power groups will reach 25%-40%. This proportion exceeds the new energy target specified by the National Energy Administration.
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