On February 16, Sichuan Xichang Electric Power Co.Ltd(600505) (600505, SH) announced that the company’s electricity price will be adjusted and industrial and commercial users will implement market-oriented power purchase. Sichuan Xichang Electric Power Co.Ltd(600505) said that the electricity price adjustment will have a certain impact on the company’s operating performance. The company will make further calculation after the subsequent relevant policies are clear. Please pay attention to the investment risks.
In the announcement, Sichuan Xichang Electric Power Co.Ltd(600505) did not mention whether the electricity price adjustment had a positive or negative impact on the performance, and the extent of the impact on the performance also made investors at a loss. Some investors left a message at the stock bar: “it’s unclear whether to increase the electricity price or reduce it.”
market-oriented power purchase by industrial and commercial users
With the advent of the “power reform” initiative in Sichuan, Sichuan Xichang Electric Power Co.Ltd(600505) also adjusted the electricity price policy.
Sichuan Xichang Electric Power Co.Ltd(600505) announced that recently, the company received the notice on matters related to adjusting the catalogue sales price of local power grid (cfgg [2022] No. 49 document) from Sichuan development and Reform Commission, and adjusted the price of the company according to the spirit of relevant documents.
Specific adjustments include:
The industrial and commercial catalogue sales price of local power grids will be completely abolished. The local power grid only retains the current catalogue sales price of residents’ living and agricultural production, and is guaranteed by giving priority to the acquisition of grid connected direct transfer hydropower in the supply area. State Grid Sichuan electric power company sold the settled electricity of local power grid on a wholesale basis in December 2021 and January 2022, which was included in the scope of preferential power purchase guarantee of Sichuan power grid.
Secondly, after the cancellation of the sales price of the industrial and commercial catalogue of the local power grid, all industrial and commercial users enter the power market and purchase electricity according to the market price. If the electricity is not purchased directly from the power market or by the power grid enterprise, the formation mechanism of user electricity price shall be clarified separately.
In addition, before the operation of the agency power purchase mechanism of local power grid enterprises, industrial and commercial users who originally implemented the catalog sales price and did not purchase power directly from the power market will continue to implement the original catalog sales price level. After the operation of the agency power purchase mechanism of local power grid enterprises, the price of users who have participated in the direct transaction in the power market and changed to the agency power purchase by power grid enterprises shall be 1.5 times of the power purchase price of other users.
For industrial and commercial users who meet the implementation scope of peak valley electricity price policy in Sichuan Province, continue to implement the peak valley time of use electricity price policy, and the settlement price shall be implemented according to the peak valley period and floating proportion of time of use electricity price in Sichuan Province.
Sichuan Xichang Electric Power Co.Ltd(600505) said that the electricity price adjustment will have a certain impact on the company’s operating performance. The company will make further calculation after the subsequent relevant policies are clear. Please pay attention to the investment risks.
last year’s performance increased by
From the price adjustment announcement, there are two biggest changes: the sales price of industrial and commercial catalogue of local power grid will be completely cancelled, and all industrial and commercial users will enter the power market and purchase electricity according to the market price.
This reform is not expected to come from the national power market.
In October last year, the national development and Reform Commission issued the notice on further deepening the market-oriented reform of on grid electricity price of coal-fired power generation, which deployed to further deepen the market-oriented reform of on grid electricity price of coal-fired power generation, which mentioned promoting “all industrial and commercial users who have not yet entered the market to enter the power market”.
The reporter of the daily economic news noted that the notice received by the above Sichuan Xichang Electric Power Co.Ltd(600505) was issued on January 29 this year. It is also mentioned that before January 31 this year, local power grid enterprises should issue an announcement on selling electricity to the acting electrician commercial users for the first time. One month after the announcement, they should sell electricity to the acting electrician commercial users according to the specific methods of purchasing electricity.
From the stock price trend of Sichuan Xichang Electric Power Co.Ltd(600505) after the Spring Festival, Sichuan Xichang Electric Power Co.Ltd(600505) has increased by 8.6% since February. Of course, there are factors for the good performance of Sichuan Xichang Electric Power Co.Ltd(600505) .
According to the company’s performance forecast, the net profit attributable to the shareholders of the listed company is expected to be about 41.74 million yuan in 2021, an increase of about 22.25% over the same period of last year.
During the reporting period, the company’s power sales increased by 3.04% year-on-year, the power sales structure changed, the direct power sales increased by 17.71% year-on-year, and the single power sales decreased by 15.68% year-on-year, resulting in a year-on-year increase of 9.46% in the average price of power sales (excluding tax) and 12.79% in the revenue of power business. The above factors affect the current operating performance of the company.
However, according to the company’s annual operating data announcement in 2021, the annual power generation fell by 15.66% year-on-year last year. Both the electricity sales and the average price of electricity sales increased slightly year-on-year, and the latter increased by 9.5%.
