Affected by the adjustment of electricity price policy, Leshan Electric Power Co.Ltd(600644) , Sichuan Xichang Electric Power Co.Ltd(600505) and other local power grid enterprises in Sichuan Province will have profound changes in their profit models.
On March 2, Leshan Electric Power Co.Ltd(600644) ( Leshan Electric Power Co.Ltd(600644) ) announced that after the cancellation of the sales price of the industrial and commercial catalogue of the local power grid, the company's profit model has changed greatly from the original power purchase and sales difference model to the model dominated by charging the approved transmission and distribution price. According to preliminary calculation, the electricity price policy adjustment is expected to reduce the company's power business income by about 160 million yuan in 2022.
The adjustment of the electricity price policy is directly derived from the article "forwarding the notice on further clarifying the matters related to the agency power purchase of local power grids" issued by Leshan development and Reform Commission. Specifically, the policy requires that the sales price of industrial and commercial catalogue of local power grid 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. All industrial and commercial users enter the power market and purchase electricity according to the market price.
Secondly, the electricity price of local power grid acting as an agent for industrial and commercial users is composed of agent power purchase price, transmission and distribution price, government funds and additional funds. The power purchase price of industrial and commercial agents in non low price areas of local power grid shall be implemented according to the power purchase price of agents at the provincial level. The transmission and distribution price borne by users directly participating in market transactions in the local power grid shall be implemented according to the transmission and distribution price standard of Sichuan power grid.
In addition, the electricity directly traded in the market in the supply area of the stock local power grid and the industrial and commercial electricity included in the power purchase scope of Sichuan power grid shall be subject to the single system inter grid transmission and distribution price, which shall be 0.1285 yuan / kWh for 1-10kv, 0.0935 yuan / kWh for 35-110kv and 0.0785 yuan / kWh for 110kV according to different voltage levels.
Finally, 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 TOU price policy, and the settlement price shall be implemented according to the peak valley period and floating proportion of TOU price in Sichuan Province. The floating price policy of peak and low peak valley will not be implemented for the settlement power between Sichuan power grid and the existing local power grid.
In fact, as early as last October, 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".
Leshan Electric Power Co.Ltd(600644) mainly includes five major businesses, including electric power, natural gas, tap water, comprehensive energy and hotels. Among them, the revenue of electric power sector accounts for more than half. In the first half of 2021, 240 million kwh of power generation and 1.788 billion kwh of power sales were completed, accounting for 14.01% of Leshan City.
On January 17, Leshan Electric Power Co.Ltd(600644) just disclosed the performance express, and the company recorded a revenue of 2.593 billion in 2021, a year-on-year increase of 13.16%; The net profit attributable to the parent company was 117 million, with a year-on-year increase of 14.41%.
The company's power business has hydropower stations and independent power network. At present, it mainly obtains income through spontaneous power sales and "power purchase and sale price difference". The power supply area of the power grid is mainly distributed in some districts and counties of Leshan City and Meishan City. The changes brought about by the adjustment of electricity price policy will make Leshan Electric Power Co.Ltd(600644) actually become a pipeline for transmission and distribution.
Another listed company Sichuan Xichang Electric Power Co.Ltd(600505) ( Sichuan Xichang Electric Power Co.Ltd(600505) ) is also affected by the adjustment of electricity price policy in Sichuan Province. According to the announcement on February 16, the electricity price of the company will be adjusted. The implementation of market-oriented power purchase by industrial and commercial users will have a certain impact on the operating performance of the company. The company will make further calculation after the subsequent relevant policies are clear.
