公用事业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 report highlights the acceleration of project construction in Jiangsu's offshore wind power and the planned trial operation of the southern regional electricity market by the end of June [1][2] - The report tracks significant price movements in coal and gas, with coal prices showing a decrease and gas prices also declining [2][3] - The report emphasizes the importance of monitoring monthly electricity prices and coal cost elasticity for thermal power companies [3] Summary by Sections Electricity Sector Data Tracking - As of March 14, 2025, the market price for thermal coal at Qinhuangdao Port is 690 RMB/ton, a decrease of 1.43% compared to March 7 [9] - The inventory of thermal coal at Qinhuangdao Port is 7.2 million tons, down 3.9% from March 7, but up 40.6% year-on-year [9] - The average utilization hours for thermal power equipment in 2024 are projected to be 4,400 hours, a decrease of 66 hours compared to the previous year [20] Hydropower Sector Data Tracking - On March 14, 2025, the inflow to the Three Gorges Reservoir is 0.85 million cubic meters per second, up 54.55% year-on-year, while the outflow is 0.78 million cubic meters per second, up 12.94% year-on-year [22] - The total installed capacity of hydropower in China is expected to reach 435.95 GW by the end of 2024, with an annual increase of 13.78 GW [24] - The hydropower generation in 2024 is projected to be 1,274.2 billion kWh, an increase of 10.7% year-on-year [28] Renewable Energy Sector Data Tracking - By the end of 2024, the total installed capacity for wind and solar power in China is expected to reach 520.68 GW and 886.66 GW, respectively, with new installations of 79.34 GW for wind and 277.17 GW for solar [33] - The price of domestic monocrystalline solar modules (PERC, 310W) is 0.70 RMB/watt, reflecting a 1.45% increase from March 7 [38] - The price of domestic lithium iron phosphate is 33,700 RMB/ton, down 23.00% year-on-year, remaining stable compared to March 7 [43] Natural Gas Sector Data Tracking - As of March 14, 2025, the average ex-factory price for domestic gas is 4,303 RMB/ton, a decrease of 2.92% from March 7, while the average ex-factory price for imported LNG is 5,100 RMB/ton, down 0.71% [50] - The LNG import price as of March 13 is 13.45 USD/million BTU, equivalent to 3.41 RMB/cubic meter, reflecting a year-on-year increase of 54.46% [47]