This week's topic
On December 20, Hebei Provincial Development and Reform Commission announced the 2021 pilot project of power source network load storage integration and multi energy complementarity in Hebei Province. There are 11 pilot projects, including 6 source network load storage integration projects and 5 multi energy complementarity projects. This week, we introduce the role of power source network load storage integration and multi energy complementarity in building a new power system.
Core view
The policy promotes the integration of power source, network, load and storage and multi energy complementarity, so as to promote the high-quality development of power industry.
Power source, network, load and storage integration: ① power source, network, load and storage integration refers to exploring and building a new power system development path with high integration of source, network, load and storage by optimizing and integrating local power side, power grid side and load side resources. ② The power source network load storage integration project promotes the transformation of power grid regulation from "source follows load" to "source load interaction", fully tap and release the regulation potential of generation side and load side, promote the accurate matching between supply and demand sides, and effectively ensure the reliable power supply.
Multi energy complementarity: ① multi energy complementarity refers to the use of conventional power supply in stock, rational allocation of energy storage, overall planning, design, construction and operation of various power supplies, giving priority to the development of new energy, and actively implementing the "integration of scenery, water and fire storage" in stock, Steadily promote the incremental "integration of scenery, water and storage", explore the incremental "integration of scenery, water and storage", and strictly control the incremental "integration of scenery, fire and storage" 。 ② With the promotion of multi energy complementary projects, the stock thermal power units will face large-scale flexible transformation, and their role will gradually shift from power generation to peak shaving. At the same time, the consumption level of renewable energy is expected to be further improved, and the commercialization process of energy storage is expected to be accelerated.
Local governments actively launched the submission of integrated projects, and energy enterprises raced to enclosure and compete for layout.
All provinces actively promote integration projects, and the Western thermal power province and the "Three North" region have more advantages. ① Under the guidance of the policy, the integration project is carried out in accordance with the rhythm of "pilot first and then promotion". Inner Mongolia, Shaanxi, Anhui and other provinces have successively issued documents to start the submission of source network load storage integration project and multi energy complementary project. According to the international energy network, in 2021, a total of 54 wind power storage integration construction projects were identified in many provinces across the country, and the cumulative capacity of new energy exceeded 86.9gw. ② The Western thermal power province and the "Three North" region have more advantages in the layout of integrated projects, mainly due to the basic power generation load in the transformation of the Western thermal power province, and the higher profitability of thermal power due to the low pressure of carbon emission in the past; The "Three North" area has sufficient land resources and light resources.
Energy enterprises run horse and enclosure, and state-owned enterprises become the main force of investment. Among the 54 wind power storage integration construction projects in 2021, China Energy Engineering Corporation Limited(601868) , state power investment and China Huaneng ranked among the top three in the number of investment projects, and invested in 11, 9 and 7 multi energy complementary projects respectively.
Investment advice
The policy guides the integration of power source, network load and storage and the complementary development of multi energy. In 2021, the provincial governments actively start the project submission. It is expected that the Western thermal power province and the "Three North" region will take the lead in benefiting. Energy enterprises raced for enclosure and scrambled to layout "integration" projects, and state-owned enterprises became the main force of investment. In terms of specific targets, it is suggested to focus on [ Huaneng Power International Inc(600011) (a + H)] [China Resources Power] [ Huadian Power International Corporation Limited(600027) (a + H)]. New energy operators suggest to focus on [Longyuan Power] [ Nyocor Co.Ltd(600821) ] [ Jilin Electric Power Co.Ltd(000875) ] [ China Three Gorges Renewables (Group) Co.Ltd(600905) ] [ Fujian Funeng Co.Ltd(600483) ].
Risk tips: policy promotion is less than expected, power demand is less than expected, electricity price reduction risk, coal price fluctuation risk, etc.
