公用事业：2023消纳责任权重完成情况发布 继续看好绿电运营商

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report highlights that the total renewable energy consumption responsibility weight has been steadily increasing, with the recent introduction of the Energy Law clarifying the roles of carbon dual control and green certificates in energy transformation. The expansion of green certificate trading and the maturation of market mechanisms are expected to lead to more reasonable pricing of green electricity environmental value, providing stronger support for the returns on green electricity assets [1][16] - The 2023 national renewable energy power consumption responsibility weight completion rate was 32.0%, an increase of 0.4 percentage points year-on-year, while the non-hydropower renewable energy power consumption responsibility weight completion rate was 18.1%, up 2.2 percentage points year-on-year [3][6] Summary by Sections Section 1: Consumption Responsibility Weight Completion - In 2023, all provinces completed their non-hydropower renewable energy power consumption responsibility weight, with 15 provinces exceeding 20% of their total electricity consumption from renewable sources [9][10] - Yunnan province improved its non-hydropower responsibility weight completion from 12.1% in 2022 to 17.8% in 2023, surpassing the assessment target by 0.8 percentage points [10][11] Section 2: Future Expectations - The 2024 consumption responsibility weight targets have been set, with all provinces expected to see an increase compared to 2023. The provinces with the fastest increases include Heilongjiang, Ningxia, Hubei, Jilin, and Henan [12][14] - The introduction of a green electricity consumption ratio target for the electrolytic aluminum industry in 2024 is anticipated to provide strong support for green certificate trading volumes and prices [15]