公用事业行业跟踪周报：《2025年能源工作指导意见》印发，蒙西电力现货市场转正

Investment Rating - The report maintains an "Overweight" rating for the utility sector [1] Core Insights - The "2025 Energy Work Guidance" has been issued, indicating a steady increase in national energy production capacity, with coal and natural gas output growing significantly. The total installed power generation capacity has reached over 3.6 billion kilowatts, with new renewable energy installations exceeding 200 million kilowatts [4][5] - The green and low-carbon transition is progressing, with non-fossil energy generation capacity accounting for approximately 60% of total installed capacity and non-fossil energy consumption reaching 20% of total energy consumption. Policies for renewable energy consumption and regulation are being improved [4] - The official launch of the Mengxi electricity spot market marks a significant development, becoming the fifth electricity spot market in China [4] Industry Data Tracking Electricity Prices - In March 2025, the average grid purchase price of electricity was 398 RMB/MWh, a year-on-year decrease of 4% and unchanged from the previous month [32] Coal Prices - As of February 28, 2025, the price of thermal coal (Q5500) at Qinhuangdao port was 690 RMB/ton, down 25.16% year-on-year and down 4.03% week-on-week [39] Water Conditions - As of February 28, 2025, the water level at the Three Gorges Reservoir was 162.99 meters, with inflow and outflow rates of 7700 cubic meters/second and 7620 cubic meters/second, respectively, showing increases of 28.33% and 11.89% year-on-year [48] Electricity Consumption - In 2024, the total electricity consumption was 985.21 billion kWh, a year-on-year increase of 6.8%. The growth rates for the primary, secondary, and tertiary industries, as well as urban and rural residential consumption, were 6.3%, 5.1%, 9.9%, and 10.6%, respectively [14] Power Generation - The cumulative power generation in 2024 was 942.1 billion kWh, reflecting a year-on-year increase of 4.6%. The growth rates for different energy sources were as follows: thermal power +1.5%, hydropower +10.7%, nuclear power +2.7%, wind power +11.1%, and solar power +28.2% [21] Installed Capacity - By the end of 2024, the cumulative installed capacity of thermal power reached 1.44 billion kilowatts, an increase of 3.8% year-on-year. The new installed capacity for thermal power in 2024 was 47.44 million kilowatts, up 1.9% year-on-year [43]