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电力设备及新能源行业深度报告:新能源时代中美电网分析,配电网建设或为破局关键
Great Wall Securities·2024-10-10 07:09

Investment Rating - The report maintains an "Outperform" rating for the electric power equipment and new energy sector, indicating a positive outlook for investment opportunities in this industry [1]. Core Insights - The rapid growth of renewable energy installations on the supply side and the increasing electricity demand on the user side are driving significant changes in the electric grid landscape. In 2023, renewable energy accounted for 30% of global electricity supply, with new installations reaching a record high, comprising approximately 86% of total new power capacity [1][9]. - The shift in global grid investment focus from transmission to distribution networks is expected to be a key area for future development, particularly in the context of increasing renewable energy integration and the need for enhanced grid capacity [1][18]. - The U.S. electric grid is characterized by a decentralized structure, with distribution networks becoming a focal point for development due to rising electricity demand driven by data centers, re-industrialization, and electric vehicle growth [1][26]. Summary by Sections 1. Factors Driving Grid Investment Recovery - The surge in energy installations and the escalating electricity demand highlight the inadequacies in grid infrastructure, necessitating urgent upgrades to accommodate new energy sources [1][9]. - Global grid investment has entered an upward trend, with a notable shift towards distribution network investments, projected to reach $474.1 billion by 2030 [1][18]. 2. U.S. Electric Grid Dynamics - U.S. policies are accelerating the transition to renewable energy, with significant increases in solar and wind capacity expected in the coming years. By 2028, nearly 340GW of new renewable capacity is anticipated [1][26]. - The demand for electricity in the U.S. is projected to grow significantly, with estimates indicating a rise to 41,230 billion kWh in 2024, driven by various factors including data center expansion and electric vehicle adoption [1][30]. 3. China's Electric Grid Development - China's electricity consumption is expected to account for one-third of global demand by 2025, with a focus on enhancing grid infrastructure to support the rapid growth of renewable energy sources [1][14]. - The importance of distribution networks is increasing in China, with ongoing reforms aimed at improving the efficiency and stability of the grid system [1][25].