智通财经网·2026-03-25 08:56Core Viewpoint - The State Grid Corporation of China has announced that its fixed asset investment during the 14th Five-Year Plan (2021-2025) is expected to reach 4 trillion yuan, a significant increase of 40% compared to the 13th Five-Year Plan, with an average annual investment of 800 billion yuan. If combined with the investment from the Southern Power Grid, the total investment for the national grid during the 14th Five-Year Plan could approach 5 trillion yuan, with an average annual investment exceeding 1 trillion yuan [1][2]. Group 1: Investment Strength and Direction - Under the dual carbon goals, the energy transition on the supply side and the rapid increase in demand from sectors like AIDC and new energy vehicles are the core drivers for the upgrade of the power system [2]. - During the 14th Five-Year Plan, the planned investment was 2.4 trillion yuan, while the actual investment reached approximately 2.85 trillion yuan. For the 15th Five-Year Plan, with a planned investment of 4 trillion yuan, the corresponding annualized CAGR is around 6%. Optimistically, considering historical experience, the investment could reach 5 trillion yuan, corresponding to an annualized CAGR of about 13% [2]. Group 2: High Voltage and Main Network - Strengthening investment in high voltage and main networks to enhance the resource allocation capability of the grid is the primary task during the 15th Five-Year Plan. The State Grid aims to expedite the commissioning of 15 planned high voltage direct current lines, increasing inter-provincial transmission capacity by 35% and expanding regional interconnection capabilities by more than double [3]. Group 3: Distribution Network - The main goals for upgrading the distribution network include enhancing the capacity to accommodate new energy sources and increasing the space for distributed generation access. The 15th Five-Year Plan will focus on addressing shortcomings in the distribution network, aiming to increase capacity by over 90 million kilovolt-amperes [4]. - The plan includes promoting demonstration projects for source-based distribution networks in counties and microgrid projects in towns, facilitating the integration of distributed renewable energy sources [4]. Group 4: Smart Grid - Investment in digital platform construction will be advanced, establishing an integrated intelligent scheduling and monitoring platform for new energy, breaking down barriers in scheduling, trading, and consumption [5]. - The focus will be on enhancing smart control technology investments, particularly in precise forecasting for new energy, while promoting the industrial application of flexible control and proactive support technologies [5].