Core view
The annual trading results of Jiangsu power market are released. According to the relevant arrangements of the annual transaction announcement of Jiangsu electric power market in 2022, Jiangsu Electric Power Trading Center Co., Ltd. carried out annual bilateral negotiation transactions from December 13 to December 17, 2021, and carried out annual listing transactions from December 16 to 17 and from December 20 to 21. On December 23, Jiangsu Electric Power Trading Center publicized the annual trading results.
The annual electricity prices of bilateral negotiated transactions and annual listed transactions increased. Annual transactions in Jiangsu power market include annual bilateral negotiation transactions and annual listing transactions. Among them, 643 bilateral negotiation transactions were concluded in 2022, with a total transaction volume of 252.94 billion kWh and an average transaction price of 466.78 yuan / MWh, an increase of 28.03% over last year; There were 596 listed transactions in the year, with a total transaction volume of 11.789 billion kWh and an average transaction price of 464.76 yuan / MWh, an increase of 18.08% over last year.
Overall, the annual trading power and electricity price have increased significantly compared with last year. Overall, 1239 transactions were completed in 2022, with a total electricity turnover of 264.729 billion kwh, an increase of 14.5% over last year; The average transaction price was 466.69 yuan / MWh, an increase of 27.98% over last year. Among them, the green power transaction volume is 924 million kwh, and the average transaction price is 462.88 yuan / MWh.
Compared with the benchmark electricity price, the annual transaction price basically rose, and the green power also showed a high premium. The benchmark coal price in Jiangsu Province is 391 yuan / MWh. Compared with the benchmark coal price, the average transaction price of this year increased by 19.36%, basically realizing the top increase of 20%. At the same time, the green power transaction price increased by 18.38% compared with the benchmark coal price, and there was also a high premium. The annual market transaction in Jiangsu has certain industry representativeness, indicating that China's power marketization reform has been further developed.
The increase of electricity and electricity price is conducive to the profit growth of power generation enterprises, and thermal power enterprises are expected to realize profit reversal; At the same time, green power transactions are expected to be normalized in the future, which is good for green power operators. We maintain the "optimistic" investment rating of the industry and recommend Huaneng Lancang River Hydropower Inc(600025) , Sichuan Chuantou Energy Co.Ltd(600674) , China Yangtze Power Co.Ltd(600900) , Huaneng Power International Inc(600011) electric power, Datang new energy and other companies.
Risk tip: the implementation of carbon neutralization policy is not as expected; The reform of power market is not as expected; The consumption of new energy is less than expected;
