"Source network load storage integration" refers to "exploring and building a new power system development path with high integration of source network load storage by optimizing and integrating local power supply side, power grid side and load side resources and supported by advanced technological breakthrough and institutional mechanism innovation".
The increase in the proportion of new energy brings about "double peaks and double heights", giving birth to the demand for "integration of source, network, load and storage". China's power system presents the "double high" characteristics of high proportion of renewable energy and high proportion of power electronic equipment, and the "double peak" characteristics of power demand in winter and summer. The regulation pressure of power grid increases year by year, and the contradiction between ensuring power supply and heating and clean energy consumption is prominent. The load side regulation is more economical than the power side, and the load side adjustable resources are rich, so the load side regulation is feasible.
The new regulations on auxiliary services rationalize the business model of energy storage, enhance the willingness of new energy power generation and energy storage on the user side, and help promote the "integration of source, network, load and storage". In the past, the cost of auxiliary services was shared by each power plant, and the enthusiasm for energy storage on the power generation side and user side of new energy was low. Under the new regulations, in order to reduce the purchase of auxiliary services from the market, the willingness of new energy and user side to be equipped with energy storage facilities is enhanced. Energy storage on the user side can better absorb new energy, adjust power consumption peak and valley, and save power consumption cost. In addition, if enterprises have surplus electricity, they can also participate in spot transactions to earn more income, which will also increase the enthusiasm of energy storage on the user side.
"Integration of source, network, load and storage" can improve the comprehensive utilization efficiency of energy, improve the flexible regulation capacity of power grid, and promote the consumption and development of clean energy, which has been verified in many regions. Clean energy power generation enterprises, power sales companies, interruptible loads, thermal power enterprises, power grid enterprises, distributed energy storage and other participants can benefit from it.
Investment suggestion: considering the new regulations on auxiliary services and the marketization of electricity, the promotion of "integration of source, network, load and storage" is expected to accelerate and maintain the "recommended" rating of the industry. In terms of specific targets, it is recommended to pay attention to Chongqing Three Gorges Water Conservancy And Electric Power Co.Ltd(600116) hydropower generation and placement integrated platform, Zhejiang Sunoren Solar Technology Co.Ltd(603105) photovoltaic and energy storage EPC manufacturer, Suwen Electric Energy Technology Co.Ltd(300982) distribution network EPC expert, and advanced energy storage service provider Nanwang technology. It is proposed to acquire Jiangsu Tongli Risheng Machinery Co.Ltd(605286) energy storage, Longyuan Power, China Three Gorges Renewables (Group) Co.Ltd(600905) , Jilin Electric Power Co.Ltd(000875) , Nyocor Co.Ltd(600821) green power enterprise with improved energy storage, and Huaneng Power International Inc(600011) , Huadian Power International Corporation Limited(600027) China Resources Power, Fujian Funeng Co.Ltd(600483) , Guangdong Electric Power Development Co.Ltd(000539) , Guangzhou Development Group Incorporated(600098) , Shenergy Company Limited(600642) , etc.
Risk tip: focus on the uncertainty of the company's future performance, the risk of policy change, the risk of electricity price decline, the promotion of energy storage projects is not as expected, the risk of slowing down the growth of new energy installed capacity, and the enthusiasm of energy storage on the load side is not as expected.
