Event:
The working guidance of the State Energy Administration (hereinafter referred to as "the guidance") was issued on February 29, 2023.
Comments:
The 2022 guidance defines the transmission capacity target of "west to East power transmission". We sorted out the guiding opinions on energy work from 2020 to 2022. In 2022, the National Energy Administration mentioned the "west to East power transmission" for the first time in recent three years. The transmission capacity of "west to East power transmission" is about 290 million KW, which is one of the main objectives of energy work in 2022. The importance of the "west to East power transmission" transmission channel as a "bridge" connecting the power generation end in the West and the power consumption end in the East has gradually increased.
The construction of transmission channels was accelerated. According to the data of the national energy administration, from January to February 2022, the national power grid project completed an investment of 31.3 billion yuan, a year-on-year increase of 37.6%, and the power grid investment and construction accelerated. The 2022 guidance requires to actively promote the planning and construction of transmission channels. In combination with the planning and development of large-scale wind power photovoltaic bases focusing on deserts, Gobi, deserts and other regions and the development situation of power supply and demand, actively promote the preliminary work of planned trans provincial and trans regional transmission channels. When the conditions are met, the approval procedures shall be performed as soon as possible. Accelerate the construction of UHV channels from Nanyang to Jingmen to Changsha, Zhumadian to Wuhan, Jingmen to Wuhan, Baihetan to Jiangsu and Baihetan to Zhejiang. With the accelerated construction of transmission channels represented by UHV, the demand for UHV equipment is expected to increase rapidly.
The digital upgrading of power grid continues to advance. The 2022 guidance requires accelerating the digital upgrading of energy system, including actively carrying out the intelligent upgrading of equipment, facilities and process flow in coal mines, oil and gas fields, pipe networks, power grids, power plants and other fields; Adapt to the development of digital, automated and networked energy infrastructure, build an intelligent dispatching system, and realize source network load interaction, multi energy coordination and complementarity, and intelligent regulation of energy demand. Among them, the digital upgrading of power grid continues to advance. By the end of the 14th five year plan, the State Grid proposed to build a support system covering the whole scene of energy Internet, greatly improve the carrying capacity of digital infrastructure, achieve remarkable business empowerment, fully release data value, significantly enhance security protection capacity, and form an innovative, collaborative, efficient and open digital ecosystem of energy Internet. China Southern Power Grid proposes to fully promote the construction of digital power grid, develop digital industry, and build a new form of power grid, a new business form of power grid enterprises and a new ecology of energy industry. In the process of digital upgrading in the power grid field, the demand for power grid automation related products is expected to increase.
Investment suggestion: from January to February 2022, China's power grid investment and construction will accelerate. The 2022 guidance issued by the national energy administration is expected to further accelerate the construction of transmission channels and promote the digital upgrading of power grid. It is suggested to pay attention to the subject matter of UHV equipment Tbea Co.Ltd(600089) ( Tbea Co.Ltd(600089) ), Xj Electric Co.Ltd(000400) ( Xj Electric Co.Ltd(000400) ) and the subject matter of power grid automation Nari Technology Co.Ltd(600406) ( Nari Technology Co.Ltd(600406) ).
Policy tips: less than expected risks; Economic growth is less than expected; The price rise of upstream raw materials exceeded expectations; The investment and construction of power grid is less than expected.
