甘肃上调容量电价，调峰电源价值显现

Investment Rating - The report assigns an "Overweight" rating for the industry [1][10]. Core Insights - Gansu has raised the capacity electricity price to 330 RMB/year.kW, and the spot clearing price cap has increased from 0.65 RMB/kWh to 1.0 RMB/kWh, highlighting the value of peak-shaving power sources [3][4]. - The report indicates that the previous cap on spot electricity prices limited the profitability of peak-shaving power sources, which has led to slow development of peak-shaving units and energy storage. The policy change is seen as a response to the rapid growth of new energy installations [4][5]. - By the end of 2024, China is expected to have 1,473 operational electrochemical energy storage stations with a total installed capacity of 62.13 GW/141.37 GWh [5]. - The report notes significant growth in thermal power performance for the first half of 2025, with companies like Gan Energy and Zhejiang Energy showing year-on-year increases in net profit and electricity generation [5]. Summary by Sections - Electricity Price Changes: Gansu's capacity electricity price has been raised to 330 RMB/year.kW, and the spot price cap has increased to 1.0 RMB/kWh, which is expected to benefit peak-shaving power sources [3][5]. - Electricity Demand Growth: National electricity load reached a historical high of 1.506 billion kW on July 16, 2025, with significant year-on-year increases in various regions [5]. - Thermal Power Performance: Companies in the thermal power sector reported generally positive performance in the first half of 2025, with notable increases in net profits for some firms [5].