8月25日，在江苏省常州市新北区罗溪镇碧春路段，国网江苏常州供电公司输电运检中心成功应用燃气 PE管道声波定位仪，对地下电缆通道周边燃气管道开展精准探测。这是江苏省电力系统首次将声波定 位技术应用于地下管线的安全探测。 "该项技术的应用将地下管线安全管控精度提升了80%。"常州供电现场负责人刘畅介绍，探测数据将用 于优化电缆通道安全评估模型，为后续运维决策提供科学依据。 此次探测采用国内领先的燃气PE管道声波定位仪，探测深度达10米，定位精度达10厘米。相较于传统 电磁探测技术，该设备突破性地解决了非金属管道探测难题，特别适用于城市复杂地下管网环境。 为确保探测工作取得实效，常州供电前期联合常州市燃气公司、测绘院开展专项对接，通过"数据共享 +现场核验"模式，完成19处重点区域管线资料比对。通过此次探测，聚焦3处疑似高风险交叉区段，共 采集有效数据点18个，建立完善了电缆通道周边燃气管线三维位置数据库。 ...

Group 1 - The HeLong Pumped Storage Power Station marks the construction of the first pumped storage power station in Northeast China with weekly regulation capabilities, indicating a new phase in the project [1] - The total investment for the HeLong Pumped Storage Power Station is 11.6 billion yuan, with an installed capacity of 1.8 million kilowatts, featuring six units of 300,000 kilowatts each [1] - The project is designed to flexibly adjust power generation according to the fluctuations in electricity demand, reducing reliance on thermal power for peak regulation and lowering overall operational costs [1] Group 2 - As a key project under the "Medium and Long-term Development Plan for Pumped Storage (2021-2035)", the HeLong Pumped Storage Power Station is expected to boost employment, local industry development, and increase fiscal revenue in Jilin Province [2] - The project will enhance the safety and stability of the Jilin power grid, optimize the energy structure, and contribute to energy conservation and emission reduction, with an estimated annual reduction of 4.25 million tons of CO2 and 14,000 tons of SO2 [2] - The investment by China South-to-North Water Diversion Group in the HeLong Pumped Storage Power Station aligns with the strategic cooperation framework with Jilin Province and supports national water, ecological, and energy security [2]

截至8月31日，昆柳龙直流工程龙门换流站今年迎峰度夏期间满负荷运行时长达1681小时，创下历史同 期新高，自投运以来已满负荷运行5636.49小时，展现出卓越的供电保障能力。这条跨越云贵、蜿蜒粤 桂的"电力天路"，正一刻不停地为粤港澳大湾区高质量发展注入绿色动能。 国际大电网委员会（CIGRE）将柔性直流技术描述为"全球远距离大容量输电新的方向"，以南方电网有 限责任公司为代表的科研队伍、工程队伍通过昆柳龙直流工程将这一描述变为现实，并且将电压等级、 输送容量、可靠水平提升至国际领先，打造成为影响世界能源发展的"中国创造"。工程创造的19项世界 第一令人瞩目：首创特高压柔性直流与长距离架空线融合模式，突破国际柔性直流仅限电缆输电的惯 例，为新能源远距离消纳开辟新路径；研制出世界上时延最短、控制对象最多的特高压柔性直流输电控 制系统；工程首创的柔性直流架空线路直流瞬时故障自清除技术，0.001秒内完成故障隔离与再启动， 保障了持续稳定的输电。 南方电网发挥昆柳龙直流工程的科技示范带动作用，完成了一批国产重大自主技术装备的概念验证、中 试验证、挂网试运行工作，助力我国在柔性直流领域实现持续领跑。IGBT器件曾长期 ...

Core Viewpoint - Since the "14th Five-Year Plan," China's renewable energy sector has achieved significant advancements in scale, proportion, marketization, and quality, contributing to energy security and green transformation, while also providing a model for global energy transition [2][3]. Large-Scale Leap - China's renewable energy capacity has seen a historic leap, with total installed capacity exceeding 2.1 billion kilowatts by July 2023, accounting for nearly 60% of the national total, and wind and solar power installations reaching 1.68 billion kilowatts, surpassing thermal power capacity [3][4]. - The development of large-scale renewable energy bases has transitioned from pilot projects to widespread implementation, with significant projects like the Xinjiang Gobi base contributing to a new pattern of large-scale and intensive development [4]. - Distributed energy installations have also surged, with distributed solar capacity reaching 497 million kilowatts by July 2025, over six times the level at the end of 2020, making up about 45% of total solar installations [4]. High Proportion Leap - The share of renewable energy in China's energy consumption has significantly increased, with renewable energy generation expected to reach 3.47 trillion kilowatt-hours in 2024, which is 2.5 times that of 2020 [6][7]. - Renewable energy has shifted from a supplementary role to a core component of the energy structure, with significant upgrades in transmission and grid management to accommodate this transition [7]. High-Quality Leap - China has established itself as a global leader in renewable energy, with a complete and rapidly developing industrial chain, and has achieved significant technological advancements in hydropower, offshore wind, and solar energy [8][9]. - The cost of renewable energy technologies has decreased significantly, with wind and solar power costs dropping by approximately 60% and 80% respectively over the past decade, facilitating global adoption [9][10]. Market-Oriented Development - A comprehensive policy framework has been established to support the development and regulation of renewable energy, enhancing market participation and ensuring high-quality growth [11][12]. - The green certificate system is being improved, with a significant increase in the issuance and trading of green certificates, reflecting the growing recognition of the environmental value of renewable energy [13][14]. - Innovative regulatory approaches are being implemented to ensure the healthy development of the renewable energy sector, utilizing advanced technologies for better oversight [14].

Core Insights - The Qinghai Provincial Development and Reform Commission issued the "Implementation Plan for Leveraging Green Electricity Advantages to Promote Export-Oriented Industrial Development," aiming for a significant transformation of export-oriented enterprises towards green and low-carbon practices by 2030 [1] Group 1: Green Electricity Development - By 2030, export-oriented enterprises with rigid carbon reduction demands are expected to achieve basic green and low-carbon transformation [1] - The plan emphasizes the integration of wind, solar, and hydropower to optimize electricity generation and ensure stable green electricity supply [1] Group 2: Certification and Standards - The plan includes deepening research on green electricity certification mechanisms and related technical standards [1] - It encourages entities to provide green electricity traceability and certification services, aligning with international third-party carbon footprint certification organizations [1] Group 3: Support for Export Industries - The plan aims to support key export industries and green energy industries to develop in synergy [1] - It promotes the establishment of zero-carbon parks that focus on energy decarbonization, industrial low-carbonization, green infrastructure, smart management, advanced technology, and international certification [1]

统计显示，截至6月末，华电国际控股装机容量总计7744.46万千瓦。其中，燃煤发电控股装机5440万千 瓦，占比约70.24%；燃气发电、水力发电控股装机分别为2057.81万千瓦、245.90万千瓦，合计占比约 29.76%。 国金证券公共事业与环保分析师唐执敬认为，受新能源发电量增加的挤压影响，华电国际上半年煤电发 电量下滑。但得益于山东、河南煤电容量电价补偿比例较高，同时煤价下行降低燃料成本，该公司销售 毛利率同比提升2.1个百分点。（衣韵潼 周倜然） 责任编辑：江蓬新 8月29日，华电国际电力股份有限公司（以下简称"华电国际"）发布半年报，上半年减收增利。其中， 营业收入约599.53亿元，同比减少8.98%；归母净利润约39.04亿元，同比增加13.15%，连续3年上涨。 根据半年报，电力、热力销售占华电国际主营业务收入的99.23%，依旧为其主要收入来源。上半年， 华电国际累计完成发电量1206.21亿千瓦时，较追溯调整后的上年同期数据下降约6.41%；完成上网电量 1132.89亿千瓦时，同比下降约6.46%。 发电量减少削弱报告期内营收表现。除此之外，1~6月上网电价516.80元/兆瓦时，同 ...

Core Points - The agreement between Gazprom and CNPC increases the annual gas supply through the "Power of Siberia" pipeline from 3.8 million cubic meters to 4.4 million cubic meters [1] - A legally binding memorandum was signed on September 2 for the construction of the "Power of Siberia-2" gas pipeline and the "Eastern Alliance" gas pipeline through Mongolia [1] - The gas supply along the Far East pipeline project will increase from 10 billion cubic meters to 12 billion cubic meters [1] - The "Power of Siberia-2" project aims to supply 50 billion cubic meters of gas annually from the West Siberian gas fields to China [1] - The project is considered relevant due to China's expected continuous growth in natural gas demand before 2050 [1]

Core Insights - The five major power generation companies in China reported a collective revenue decline compared to the same period last year, but four of them achieved profit growth, with a total net profit of 24.018 billion yuan, marking a 3% increase and the highest in nearly a decade [1] - Huaneng International led the performance with a revenue of 112.032 billion yuan and a net profit of 9.262 billion yuan, being the only company to surpass 100 billion yuan in revenue and nearing 10 billion yuan in profit [1] Revenue and Profit Performance - All five major power companies reported revenues exceeding 20 billion yuan, with Huaneng International being the only one to exceed 100 billion yuan [1] - Datang Power achieved the lowest revenue decline at less than 2% year-on-year, while its net profit growth rate was the highest at 47.35% among the five companies [4] Market Conditions and Strategies - The domestic coal market saw a continued easing of supply-demand tensions, with Qinhuangdao Q5500 thermal coal prices dropping approximately 22.2% year-on-year, which helped Huaneng International reduce its standard coal procurement costs by 9.23% [3] - Datang Power improved its profitability by controlling coal prices, increasing its profit per kilowatt-hour by 0.0153 yuan, while also expanding its renewable energy capacity [6] Dividend Distribution - Guodian Power announced the highest interim dividend of 1.784 billion yuan among the five companies, reflecting a commitment to enhancing shareholder returns [7] Financial Health - Huadian International reported the lowest asset-liability ratio among the five companies, indicating strong financial stability and effective debt management [10][12] - The overall asset-liability ratios of the five companies ranged from 62% to 75%, with Huaneng International and Huadian International maintaining ratios below 65% [10] Renewable Energy Performance - China Power achieved the highest proportion of clean energy installed capacity, with 44.1206 million kilowatts, accounting for 81.79% of its total installed capacity, an increase of 4.72 percentage points year-on-year [13] - Renewable energy sources contributed nearly 60% of China Power's revenue, with wind and solar segments generating 6.83 billion yuan and 4.87 billion yuan, respectively [15]

随着半年报业绩收官，五大发电集团旗下核心上市公司上交"中期答卷"。 据Wind数据统计，与去年同期相比，这五家企业营收集体缩减。不过四家盈利正增，净利润总和实现240.18亿 元，同比提升3个百分点，创近十年新高。 业绩No.1：华能国际 上半年，国内煤炭市场供需矛盾持续缓解，秦皇岛Q5500动力煤价格同比下降约22.2%。华能国际优化采购策 略，促使成本端标准煤单价同比下降9.23%，增利火电板块35.6亿元。 与此同时，该公司在报告期内新增并网可控发电装机容量798.73万千瓦，均为低碳清洁能源项目。随着新能源规 模有序扩张，光伏板块利润增厚5.78亿元，推高整体业绩表现。 业绩增速No.1：大唐发电 聚焦业绩增速，上半年五大电力上市公司营收同比增长率全部下降；盈利成长性方面，华能国际、大唐发电、华 电国际、中国电力均出现不同程度的增长。 具体来看，大唐发电营收降幅最低，较2024年同期下降不足2个百分点；同时归母净利润增速最高，达到 47.35%，在五家企业中领跑。 业内认为，上半年可再生能源市场化电价政策的实施导致电量、电价双降，电力"量价齐跌"成为头部发电企业营 收走低的共同原因。不过，盈利维度上， ...

《办法》明确，各地电网企业按照国家和福建省相关规定及标准规范，结合分布式光伏发电项目备案情 况，规范开展分布式光伏发电接入电网承载力及提升措施评估，并通过"网上国网"APP等渠道按季度主 动向社会公开。深入开展"千家万户沐光行动"，在充分发挥市场作用、尊重农民意愿，保障农民合法利 益不受侵犯的基础上，鼓励投资主体开展非自然人户用光伏整村连片规模化开发，促进农村地区分布式 光伏健康有序发展。电网企业应根据整村开发规模，及时开展配电网改造，提供优质接网消纳服务。 8月27日，福建省发展改革委发布《关于做好分布式光伏发电开发建设管理办法》（以下简称《办 法》），提出各地电网企业应按照"应并尽并、能并早并"原则，以分布式光伏发电接入电网承载力及提 升措施评估结果为依据出具分布式光伏项目并网意见。向投资主体出具不予并网意见的，应按月汇总抄 送当地备案机关。 《办法》要求，已投产的大型工商业分布式光伏因电力用户负荷发生较大变化，无法满足自发自用要 求，计划调整为集中式光伏电站的，投资主体应向属地电网企业提出负荷变化说明及接网调整方案。未 投产的大型工商业分布式光伏发电项目不得申请变更调整为集中式光伏电站。 ...