Workflow
电力及公用事业行业2024年9月行业数据：风电单月发电量增幅31.6%，9月水风光发电量比例为27.6%
Great Wall Securities·2024-11-06 10:58

Investment Rating - The report maintains an "Outperform" rating for the industry [1] Core Insights - The report highlights a significant increase in wind power generation, with a monthly growth rate of 31.6% in September 2024, and the combined share of hydropower, wind, and solar in total generation reaching 27.6% [1][2] - Total electricity generation from January to September 2024 was 70,560 billion kWh, reflecting a year-on-year growth of 5.4% [2][10] - The average utilization hours for power generation equipment decreased by 106 hours year-on-year, with hydropower showing an increase of 305 hours [27] Summary by Sections 1. Electricity Generation - From January to September 2024, total electricity generation was 70,560 billion kWh, up 5.4% year-on-year [10] - In September 2024, total generation was 8,831.1 billion kWh, with hydropower increasing by 36.18% year-on-year [15] 2. Electricity Consumption - Total electricity consumption from January to September 2024 was 74,094 billion kWh, a 7.9% increase year-on-year [2][20] - In September 2024, consumption was 8,475 billion kWh, with residential consumption growing by 27.8% [20] 3. Installed Capacity - As of September 2024, total installed capacity reached 3,160 million kW, a 14.1% increase year-on-year [3][22] - New installed capacity from January to September 2024 was 24,258 million kW, with solar power leading at a 66.83% share of new installations [24] 4. Utilization Hours - The average utilization hours for power generation equipment were 2,619 hours, down 106 hours year-on-year [27] - Hydropower utilization hours increased to 2,672 hours, while wind power utilization decreased to 1,567 hours [27] 5. Investment in Power and Grid Construction - Power construction investment from January to September 2024 totaled 595.9 billion yuan, up 7.2% year-on-year, while grid investment reached 398.2 billion yuan, up 21.1% [5][38] - Specific investments included 625 billion yuan for hydropower (up 5.3%) and 1,355 billion yuan for wind power (down 4.6%) [38]