Group 1 - The total installed power generation capacity in China is expected to exceed 3.8 billion kilowatts by 2025, representing a year-on-year growth of 14% [1] - The annual electricity consumption is projected to surpass 10 trillion kilowatt-hours for the first time, indicating strong demand for electricity in economic and social development [1] - The electricity supply-demand balance is expected to become more relaxed, contributing to a downward trend in spot market prices from 2022 to 2024 [1] Group 2 - National long-term electricity prices are expected to decrease in 2025, with a comprehensive increase in thermal power capacity prices, indicating a shift towards stabilizing electricity prices [2] - The performance of thermal power in Q3 is anticipated to improve, supported by a rebound in coal prices and expectations of stable electricity prices [2] - The improvement in water supply for hydropower during the autumn flood season, along with a shift in investment style, suggests a need for careful asset allocation [2]
电改持续深化 稀缺稳定价值凸显
Zheng Quan Shi Bao Wang·2025-12-16 07:17