格隆汇1月8日丨粤电力Ａ(000539.SZ)公布，控股子公司广东粤电靖海发电有限公司投资建设的惠来电 厂5、6号机组扩建工程（2×1000MW）项目5号机组通过168小时满负荷试运行，顺利实现并网投产，正 式投入商业运营。惠来电厂5、6号机组扩建工程（2×1000MW）项目位于揭阳市惠来县，规划建设两台 1000MW超超临界二次再热燃煤发电机组，项目总投资80.50亿元，预计年发电量可达88.4亿千瓦时，项 目机组综合能耗处于国内先进水平。项目投产有助于为广东省提供稳定充足的电力供应保障，推动揭阳 市及粤东区域基础设施建设及经济高质量发展；同时有助于公司扩大发电装机规模，增强综合市场竞争 力，对公司进一步优化电源结构和未来可持续发展具有重要意义。 ...

每经AI快讯，1月8日，粤电力A(000539.SZ)公告称，公司控股子公司广东粤电靖海发电有限公司投资建 设的惠来电厂5、6号机组扩建工程(2×1000MW)项目5号机组于2026年1月7日通过168小时满负荷试运 行，顺利实现并网投产。该项目总投资80.50亿元，预计年发电量88.4亿千瓦时，对公司扩大发电装机规 模和优化电源结构具有重要意义。 ...

粤电力A公告，2026年1月7日，公司控股子公司广东粤电靖海发电有限公司投资建设的惠来电厂5、6号 机组扩建工程（2×1000MW）项目5号机组通过168小时满负荷试运行，顺利实现并网投产，正式投入商 业运营。项目总投资80.5亿元，预计年发电量可达88.4亿千瓦时，项目机组综合能耗处于国内先进水 平。 ...

证券日报网讯1月7日，粤电力A在互动平台回答投资者提问时表示，公司积极关注市值管理工作，未来 如有相关计划，将根据规定及时履行信息披露义务。 ...

证券日报网讯 1月7日，粤电力A在互动平台回答投资者提问时表示，2025年前三季度，公司燃煤价格同 比回落，天然气价格同比基本持平，燃料采购成本反映了上游市场情况，但上网电价同比显著下降，燃 料成本向下游合理传导不够充分，火电业务盈利能力同比仍有下滑。根据广东电力市场交易情况，2026 年中长期交易电价进一步下降，公司仍面临较大经营压力，未来公司将继续着力控制燃料采购成本，优 化电力市场交易策略，严控各项成本费用，争取改善经营业绩。 （文章来源：证券日报） ...

Investment Rating - The report maintains a positive outlook on the power and gas sectors, indicating potential investment opportunities in these areas [1]. Core Insights - The 2026 long-term electricity prices are under pressure, with significant declines observed in transaction prices across various provinces, reflecting a shift in the power generation model from reliance on thermal power to a more diversified income structure [6][7]. - Natural gas consumption saw a year-on-year increase of 5.1% in November 2025, indicating a recovery in demand, particularly due to heating needs during the winter season [34]. - The report highlights the importance of optimizing the electricity market mechanism and restructuring the power generation mix as key future trends [7]. Summary by Sections 1. Electricity: 2026 Long-term Electricity Prices - The annual transaction results for 2026 show a total transaction volume of 2,724.81 billion kWh in Jiangsu, with a weighted average price of 344.19 yuan/MWh, down 16.55% from the previous year [6][8]. - Similar trends are observed in Guangdong and Anhui, with prices decreasing by 5.03% and 10.09% respectively [6][8]. - The report suggests that coastal provinces will face significant pricing pressure in 2026, as the role of thermal power shifts from being the main energy source to a regulatory support role [7]. 2. Gas: November Natural Gas Consumption - In November 2025, the apparent consumption of natural gas reached 362.8 billion m³, marking a 5.1% increase year-on-year, while the total consumption from January to November was 3,880 billion m³, a slight decline of 0.1% [34]. - The report notes that the increase in consumption is attributed to a low base from the previous year and a recovery in industrial gas demand [34]. - The report also highlights a favorable trend in natural gas pricing, with a decrease in costs due to lower international oil prices and improved supply conditions [36]. 3. Investment Analysis Recommendations - For thermal power, the report recommends companies with integrated coal and power operations, such as Guodian Power and Inner Mongolia Huadian, as well as those with significant large unit ratios like Datang Power and Huaneng International [10]. - In the hydropower sector, companies like Yangtze Power and Guotou Power are recommended due to their sufficient capacity and expected improvements in profit margins [10]. - The report suggests focusing on nuclear power companies like China Nuclear Power and China General Nuclear Power, which have stable cost structures and high utilization hours [10]. - For green energy, companies such as Xintian Green Energy and Longyuan Power are highlighted for their stable returns and increasing operational benefits from environmental value releases [10].

Core Viewpoint - The 2026 Guangdong electricity annual trading shows a "volume increase and price decrease" trend, with the overall on-grid electricity price remaining stable year-on-year [4]. Group 1: Trading Volume and Price - The total trading volume excluding green electricity increased by 5.38% year-on-year, reaching a recent high, while the average transaction price decreased by 5.03%, corresponding to 2 cents/kWh [4]. - The average wholesale electricity price for 2025 was 0.392 yuan/kWh, while for 2026 it is projected to be 0.372 yuan/kWh, a decrease of 2 cents/kWh year-on-year [4]. Group 2: Capacity Pricing - Capacity pricing is executed according to national and provincial regulations, with a subsidy level of 100 yuan/kW for 2025, leading to a capacity subsidy of 0.025 yuan/kWh based on the 2024 coal-fired utilization hours of 3950 hours [4]. - For 2026, the capacity subsidy is expected to rise to 0.042 yuan/kWh, reflecting a year-on-year increase of 1.6 cents/kWh [4]. Group 3: Profitability of Power Generation - The annual long-term contract for 1 million kW units in 2026 reflects the current operating costs of thermal power, with an estimated average profit of 2 cents/kWh for the year based on the average coal price in 2025 [5]. - More efficient 1 million kW ultra-supercritical units are expected to achieve profitability, while smaller units (300,000 kW and 600,000 kW) are likely to incur losses [5]. Group 4: Impact of Green Electricity - As of 2024, thermal power's installed capacity and generation account for 54.8% and 70.7% of Guangdong's total, respectively, with the influence of green electricity on overall supply and demand expected to increase [6]. - The mechanism electricity price in Guangdong is set at 0.36 yuan/kWh, while the 2026 long-term contract price for thermal power is 0.372 yuan/kWh, indicating that the long-term contract price is above the green electricity mechanism price [6][7]. Group 5: Market Dynamics - The impact of green electricity on thermal power pricing is significant, particularly during peak solar output periods, which is expected to further lower spot electricity prices [7]. - The signed 2026 annual long-term contract price provides a profitability floor for Guangdong thermal power units, and without the price floor limitation, the bidding results could exceed the lower limit [7].

截至2024年末，沙角C电厂的总资产为120,063.83万元，2024年上网电量86.96亿千瓦时，实现营业收入 380,278.24万元，占公司2024年合并报表口径总资产、上网电量及营业收入比例分别为0.69%、7.29%及 6.65%。沙角C电厂停运不会影响公司的持续稳定经营，公司将妥善开展电厂停运后的职工安置、资产 处置等相关工作，并根据实际情况及相关规定对职工安置费用、资产减值损失等事项进行测算及处理。 格隆汇1月4日丨粤电力Ａ(000539.SZ)公布，根据广东省发展和改革委员会《关于印发沙角电厂退役及 替代电源建设工作方案的函》（粤发改能电函〔2018〕578号）、《关于印发推进沙角电厂退役及替代 电源建设工作方案的函》（粤发改能源函〔2019〕1537号）（详情见本公司公告，公告编号：2018- 12、2019-21），广东电力发展股份有限公司间接控股子公司广东广合电力有限公司经营的沙角C电厂 3×660MW燃煤发电项目三台机组已于2025年12月31日分阶段有序停运。截至2025年前三季度，公司控 股装机容量4055.93万千瓦，沙角C电厂合计装机容量198万千瓦，占公司控股装机容量的4. ...

粤电力Ａ(000539)1月4日公告，公司间接控股子公司广东广合电力有限公司经营的沙角C电厂3×660MW 燃煤发电项目三台机组已于2025年12月31日分阶段有序停运。截至2025年前三季度，公司控股装机容量 4055.93万千瓦，沙角C电厂合计装机容量198万千瓦，占公司控股装机容量的4.88%。沙角C电厂停运不 会影响公司的持续稳定经营，公司将妥善开展电厂停运后的职工安置、资产处置等相关工作。 ...

截至2024年末，沙角C电厂的总资产为120,063.83万元，2024年上网电量86.96 亿千瓦时，实现营业收入380,278.24万元，占公司2024年合并报表口径总资产、 上网电量及营业收入比例分别为0.69%、7.29%及6.65%。 沙角C电厂停运不会影响公司的持续稳定经营，公司将妥善开展电厂停运后 的职工安置、资产处置等相关工作，并根据实际情况及相关规定对职工安置费用、 资产减值损失等事项进行测算及处理。后续若有关事项达披露标准，公司将及时 履行相应的信息披露义务，敬请投资者关注。 | 证券代码：000539、200539 | 证券简称：粤电力 | A、粤电力 | B | 公告编号：2026-01 | | --- | --- | --- | --- | --- | | 公司债券代码：149418 | 公司债券简称：21粤电02 | | | | | 公司债券代码：149711 | 公司债券简称：21 粤电 | 03 | | | 广东电力发展股份有限公司 关于沙角 C 电厂停运的自愿性信息披露公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 根据 ...