公用事业行业跟踪周报：蒙东电网136号文实施方案正式出台，国家有序推进绿电直连发展

Investment Rating - The report maintains an "Accumulate" rating for the utility sector [1] Core Insights - The implementation plan for Document No. 136 of the Inner Mongolia Electric Power Grid has been officially released, promoting the development of green electricity direct connection [5] - The National Development and Reform Commission and the National Energy Administration are orderly advancing the development of green electricity direct connection [5] - The average purchasing price of electricity from the grid in May 2025 decreased by 3% year-on-year, while it increased by 0.4% month-on-month [42] - The price of thermal coal at Qinhuangdao port was 611 RMB/ton as of May 30, 2025, showing a year-on-year decrease of 28.6% [47] Summary by Sections 1. Industry Overview - The report highlights the official release of the implementation plan for the Inner Mongolia Electric Power Grid, which includes market-oriented reforms for renewable energy pricing [5] - The report notes that the proportion of renewable energy in the Inner Mongolia market reached 91% in 2024 [5] 2. Electricity Consumption - Total electricity consumption from January to April 2025 was 3.16 trillion kWh, reflecting a year-on-year increase of 3.1% [14] - The growth rate of electricity consumption in the primary, secondary, and tertiary industries was 10.0%, 2.3%, and 6.0% respectively [14] 3. Power Generation - Cumulative power generation from January to April 2025 was 2.98 trillion kWh, with a year-on-year increase of 0.1% [25] - The growth rates for different power sources were as follows: thermal power -4.1%, hydropower +2.2%, nuclear power +12.7%, wind power +10.9%, and solar power +19.5% [25] 4. Electricity Prices - The average purchasing price of electricity from the grid in May 2025 was 394 RMB/MWh, down 3% year-on-year [42] 5. Coal Prices - The price of thermal coal at Qinhuangdao port was 611 RMB/ton as of May 30, 2025, with no change week-on-week [47] 6. Hydropower - As of May 31, 2025, the water level at the Three Gorges Reservoir was 154.81 meters, which is normal compared to previous years [55] - The inflow and outflow rates at the Three Gorges Reservoir decreased by 14.1% and 33.1% year-on-year respectively [55] 7. Investment Recommendations - The report suggests focusing on investment opportunities in hydropower and thermal power during the peak summer season [5] - Key recommendations include companies such as China Nuclear Power and Longjiang Power for nuclear and hydropower investments respectively [5]