The surge in power consumption poses a challenge to the traditional power system. Looking back on 2021, with the rapid recovery of the economy, the repetition of superimposed epidemics and the frequent occurrence of extreme weather, the demand for production and domestic electricity also continued to exceed expectations. According to ifund data, from January to November 2021, the cumulative power consumption of the whole society was 7497.2 billion kwh, a year-on-year increase of 11.4%; Among them, the cumulative power consumption of the secondary industry was the largest, 5025.5 billion kwh, a year-on-year increase of 10.2%. From the perspective of power generation structure, from January to November 2021, thermal power, hydropower, nuclear power, wind power and photoelectric accounted for 70.74%, 15.08%, 5.01%, 6.86% and 2.3% respectively. At present, China is still dominated by thermal power generation, with a relatively small proportion of new energy power generation as a whole, and there is a broad space for development in the future. The surge of power consumption puts forward higher requirements for China's power system. Building a new power system and ensuring stable power supply is the main goal at present.
Under the guidance of policy, the new power system has ushered in rapid development. The guidance on promoting the high-quality development of central enterprises and doing a good job in carbon peak and carbon neutralization issued by SASAC proposes that by 2025, significant progress will be made in the adjustment and optimization of the industrial structure and energy structure of central enterprises, the energy utilization efficiency of key industries will be greatly improved, the construction of new power systems will be accelerated, and the installed proportion of renewable energy power generation will reach more than 50%. In addition, the "14th five year plan" energy development plan of Gansu Province also stipulates that by 2025, the installed capacity of renewable energy power generation will account for more than 65% of the total installed capacity of electricity, the proportion of non fossil energy in the total energy consumption will reach 30%, and the power generation capacity of renewable energy will reach about 60% of the power consumption of the whole society. As of January 5, the lowest price, highest price and average price of polysilicon (dense material) were 211 yuan / kg, 232 yuan / kg and 230 yuan / kg respectively. With the fall of silicon price and the strong support of policies for new energy, the installed capacity of renewable energy power generation will maintain a high growth rate in the future. In the long run, the development goal of the new power system with renewable energy as the main body is clear, and the industry is basically oriented to the good.
Market performance in one week
This week, the utility index fell 5.60%, the power industry index fell 6.20%, and the Shanghai and Shenzhen 300 index fell 1.22%. Among the sub sectors, the thermal power index fell 8.10%, the hydropower index fell 4.37%, the photovoltaic power index fell 7.37%, and the wind power index fell 6.91%.
Industry dynamics
Five departments including the Ministry of industry and information technology issued the action plan for innovation and development of intelligent photovoltaic industry (2021-2025)
Company announcement
Power Construction Corporation Of China Ltd(Powerchina Ltd)(601669) (601669): the company plans to replace the assets with the power construction group. The company will replace the real estate assets held by the company with the high-quality power grid auxiliary assets held by the power construction group.
Risk warning: the epidemic situation fluctuates more than expected, and the price rise is less than expected.
