Investment Rating - The report indicates a balanced investment outlook for the power industry in 2025, with a focus on ensuring stable supply and promoting clean energy investments [3][31]. Core Insights - The power supply in China is expected to remain generally balanced in 2024, but localized shortages may occur during peak demand periods due to extreme weather and fuel shortages [3][31]. - Clean energy investments are rapidly increasing, with installed capacity of clean energy surpassing that of thermal power for the first time by the end of 2024 [5][8]. - The report highlights the importance of technological innovation in ensuring safe and stable power supply, establishing a market-oriented pricing system, and accelerating the construction of a new power system [31][32]. Summary by Sections 1. Industry Overview - Thermal power remains the primary source of electricity in China, but clean energy investments are growing rapidly, particularly in wind and solar power [5][8]. - In 2024, China's power grid construction investment reached 608.3 billion yuan, a year-on-year increase of 15.3% [5]. - The total installed power generation capacity in China reached 3.35 billion kilowatts by the end of 2024, with non-fossil energy accounting for 58.2% of the total [8][10]. 2. Power Generation and Demand - Total electricity consumption in China reached 9.85 trillion kilowatt-hours in 2024, a year-on-year increase of 6.8% [10]. - The utilization hours of power generation equipment decreased to 3,442 hours, with coal power still accounting for over 60% of total generation [10][12]. - The report notes that the marketization of electricity trading is progressing, with 63% of total electricity consumption coming from market transactions [10]. 3. Nuclear Power Overview - China's nuclear power capacity reached 59.43 million kilowatts by the end of 2024, with a utilization rate of 7,805 hours, reflecting a year-on-year increase [13][16]. - The report emphasizes the stability and efficiency of nuclear power operations, with new projects contributing to capacity growth [13][16]. 4. Hydropower Overview - Hydropower remains a major renewable energy source in China, with installed capacity reaching 436 million kilowatts by the end of 2024 [20]. - The report indicates that hydropower generation efficiency is influenced by water availability, with a significant increase in generation due to improved water conditions [20]. 5. Industry Focus and Policy Adjustments - The report discusses the volatility of coal prices and the government's measures to stabilize the market, including enhancing coal supply capabilities [21][23]. - It highlights the need for market-oriented reforms in renewable energy pricing to promote high-quality development in the sector [24][25]. - The establishment of new energy storage systems and virtual power plants is emphasized as crucial for supporting the new power system [26][29]. 6. Industry Outlook - The power supply-demand balance is expected to remain tight in 2025, particularly during peak periods, with continued growth in installed capacity [31][32]. - The report anticipates that coal prices will stabilize, but thermal power companies will still face cost pressures [31][32].
2025年电力行业分析
Lian He Zi Xin·2025-04-22 09:42