山东、广东发布“136号文”细则征求意见稿

Investment Rating - The report suggests a positive outlook for the renewable energy sector, particularly for leading companies like Longyuan Power (916.HK) and Beijing Energy Clean Power (579.HK) [5]. Core Insights - The "136 Document" aims to promote the full participation of renewable energy projects in the electricity market by the end of 2025, establishing a market-driven pricing mechanism for renewable energy [2][5]. - The differentiation between existing (pre-June 1) and new (post-June 1) projects allows for tailored policies, ensuring stable returns for existing projects while introducing competitive mechanisms for new projects [2][3][4]. Summary by Sections Existing Projects - Existing projects will transition smoothly under the new policies, with a mechanism price set at 0.3949 CNY/kWh, aligning with the national policy ceiling [3]. - The pricing mechanism for existing projects is designed to ensure stable returns and a clear revenue structure [3]. New Projects - New projects will operate under a competitive pricing mechanism, aimed at reducing overall energy costs for society [4]. - The first bidding for new projects is scheduled for June, with specific guidelines set for pricing and competition levels [4]. Investment Recommendations - The report recommends focusing on leading renewable energy companies, highlighting Longyuan Power and Beijing Energy Clean Power as attractive investment opportunities due to their market positioning and dividend yields [5].