公用事业行业周报：江苏海风项目建设加速，南方区域电力市场拟于6月底连续结算试运行

Investment Rating - The industry investment rating is maintained as "Recommended" [1] Core Insights - The A-share electricity index increased by 1.77% during the period from March 10 to March 14, 2025, with a TTM PE valuation of 17.0x. The gas sector index rose by 1.72%, with a TTM PE valuation of 13.3x. The sub-sectors of electricity, including thermal, hydropower, and renewable energy, saw changes of +3.74%, +1.06%, and +1.28% respectively [1][2] - The Jiangsu offshore wind power project, the largest in terms of single unit capacity, has entered full construction phase, with a total investment of approximately 10.6 billion yuan, expected to be fully connected to the grid by 2025 [2][3] - The Southern regional electricity market is set to begin continuous settlement trial operations by the end of June 2025, as part of the national unified electricity market construction [2][3] Electricity Sector Summary - The coal price as of March 14, 2025, is 690 yuan/ton, down 1.43% from March 7. The coal inventory at Qinhuangdao port is 7.2 million tons, down 3.9% week-on-week but up 40.6% year-on-year [2][9] - The average utilization hours for thermal power in 2024 are projected to be 4,400 hours, a decrease of 66 hours compared to the previous year [19][21] - The total installed capacity of thermal power in China reached 1,444.45 GW by the end of 2024, with an additional 57.71 GW added during the year [15][19] Hydropower Sector Summary - The total installed capacity of hydropower in China reached 435.95 GW by the end of 2024, with an increase of 13.78 GW during the year. The hydropower generation for 2024 is expected to be 1,274.2 billion kWh, reflecting a year-on-year increase of 10.7% [26][31] - The inflow and outflow rates of the Three Gorges Reservoir on March 14, 2025, were 0.85 and 0.78 million cubic meters per second, respectively, showing increases of 54.55% and 12.94% year-on-year [24][25] Renewable Energy Sector Summary - The total installed capacity for wind and solar energy in China reached 520.68 GW and 886.66 GW respectively by the end of 2024, with new installations of 79.34 GW for wind and 277.17 GW for solar during the year [36][41] - The price of domestic monocrystalline solar modules (PERC, 310W) is 0.70 yuan/watt, up 1.45% from March 7, 2025 [41][43] Gas Sector Summary - The LNG ex-factory price index in Shanghai as of March 14, 2025, is 4,557 yuan/ton, down 1.41% from March 7. The average ex-factory price for domestic gas is 4,303 yuan/ton, down 2.92% [50][53] - The national LNG import price is 13.45 USD/million BTU, reflecting a year-on-year increase of 54.46% [50][55]