煤价持续低位徘徊，煤炭、火电企业何以应对︱晨读能源

Group 1 - The coal and thermal power industries are under dual pressure from external competition from renewable energy and internal demands for carbon reduction, necessitating proactive changes for future survival [1] - The latest China Electric Coal Procurement Price Index (CECI) indicates that the coastal index for high-calorific coal has seen a slight increase, but prices remain significantly lower than at the beginning of the year, with a decline of approximately 19% [1][2] - Despite the seasonal increase in coal consumption during July, coal prices have not rebounded significantly, remaining stable at low levels due to high inventory and sufficient supply [2][3] Group 2 - The coal industry is experiencing a downward trend in prices, with average prices for various coal types dropping over 100 yuan per ton since the beginning of the year, leading to pressure on coal companies' performance [2][3] - The China Coal Industry Association forecasts a revenue decline of 11.1% and a profit drop of 22.2% for large coal enterprises in 2024, with a significant number of companies reporting losses [3] - Many coal companies are implementing cost-cutting and efficiency-boosting measures to cope with the price decline, but these actions may not be sufficient to reverse the overall trend [5] Group 3 - The "coal-electricity integration" model is gaining attention as coal prices have fallen, altering the valuation of coal assets and influencing mergers and acquisitions in the sector [5][6] - Firepower companies are benefiting from lower coal prices, improving their financial conditions, but they face challenges in adapting to a competitive electricity market [8][10] - The approval of new coal power projects is shifting towards resource-rich western regions, driven by policies requiring a certain proportion of coal power to support renewable energy projects [8] Group 4 - The current low coal prices provide an opportunity for thermal power companies to invest in upgrades and adapt to market changes, although uncertainties in market mechanisms remain [10] - The coal market is expected to stabilize in the short term, with high inventory levels and sufficient supply limiting price rebounds [3][4] - The industry is urged to enhance the auxiliary service market and cost recovery mechanisms to reflect the multi-dimensional market value of coal power [1]