The 14th five year plan for energy development in Guangdong Province was printed and distributed. During the 14th Five Year Plan period, the energy development situation outside China became increasingly complex, while Guangdong was a province with large energy consumption and small resource endowment, with a low energy self-sufficiency rate. In order to speed up the green and low-carbon transformation of energy and achieve high-quality energy development on the premise of ensuring energy security, considering the characteristics of the province, Guangdong Province recently issued the 14th five year plan for energy development of Guangdong Province (hereinafter referred to as the “plan”).
Remarkable achievements have been made in the transformation and upgrading of energy development in the 13th five year plan province. Guangdong Province has basically formed a diversified energy supply pattern with the all-round development of coal, oil, natural gas and new energy; The energy structure was significantly optimized. Compared with 2015, the proportion of coal consumption decreased by 7.3%, and the proportion of non fossil energy consumption increased by more than 5%; The energy consumption intensity has decreased by 14.51%. In 2020, the energy consumption per unit of GDP will be about 2 / 3 of the national average level, which is in the forefront of the country. Remarkable results have been achieved in energy conservation and emission reduction. At the same time, scientific and technological innovation has reached a new level, institutional reform has been steadily promoted, and energy investment has increased significantly.
Compared with the current new development requirements, there are still problems and shortcomings. In terms of energy supply guarantee, the external dependence of supply is high, the reserve system is imperfect, the backbone support and emergency standby power supply are insufficient, and the coordinated development level of “source network load storage” needs to be improved; In terms of energy consumption, the clean level and utilization efficiency still need to be improved; In terms of energy science and technology innovation, the ability of independent innovation is not strong enough; In terms of energy system and mechanism, the reform of power system has entered the deep-water area, and the reform task is still arduous.
The plan defines the development objectives of the 14th five year plan. According to the long-term prospect of 2035, the plan defines the development objectives of the 14th five year plan (to 2025) in terms of energy security, energy structure, energy utilization efficiency and so on. In terms of energy structure, the plan points out that clean energy will gradually become the main body of energy consumption increment, natural gas consumption will continue to increase, and the proportion of non fossil energy consumption will strive to reach more than 32%.
We will strive to promote the green and low-carbon transformation of energy and vigorously develop clean energy. In terms of key tasks, the plan of Guangdong province puts the transformation of green and low-carbon energy in the first place. The plan defines the development goal of renewable energy: “during the 14th Five Year Plan period, the installed capacity of new offshore wind power, onshore wind power, photovoltaic and biomass power generation is about 1700 / 300 / 2000 / 2 million KW respectively; The installed capacity targets of new nuclear power, pumped storage power station and natural gas power generation are 240 / 240 / 36 million KW respectively. The plan also points out to increase the proportion of power coal in coal consumption, reduce the overall pressure of non power generation coal and strictly control coal power projects; At the same time, gradually reduce the proportion of coal and electricity and promote the “three reform linkage” of coal and electricity in stock.
The “14th five year plan” energy plans of major provinces have been released successively. Corresponding to the national plan, the construction and consumption of renewable energy and the transformation of power system will be the long-term main line. In the long run, renewable energy power is expected to usher in double growth in volume and price. We maintain the investment rating of “optimistic” in the industry, continue to be optimistic about the three main investment lines of large hydropower, scenery operators and clean energy transformation, and suggest paying attention to power operators with good cash flow. 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 electricity marketization is less than expected; The construction and consumption of new energy are less than expected;
