新型电力系统系列报告（二）：火电灵活性改造：电网灵活性增量主体资源

Investment Rating - Investment Rating: Recommended (Maintain) [2] Core Insights - The flexibility transformation of thermal power is essential for enhancing the adaptability of the power grid to the rapid development of renewable energy [2][34] - The transformation of thermal power is driven by national energy policies, aiming to shift coal power from a conventional main power source to a dual role of basic security and system regulation [2][42] - The demand for flexibility transformation in thermal power remains significant during the "14th Five-Year Plan" period, with small units being more feasible than large units [2] Summary by Sections 1. New Power System Needs Flexibility Resources - The ability of the power grid to absorb renewable energy is determined by the system's balancing and regulation capacity [20] - Different power sources have varying peak regulation capabilities, impacting the integration of renewable energy [21][22] 2. Necessity of Thermal Power Flexibility Transformation - China's power structure, dominated by thermal power, necessitates that the main source of future flexibility comes from thermal power [34] - In 2023, thermal power installed capacity reached 1.39 billion kW, accounting for 45% of total installed capacity and 70% of total generation, but with a peak regulation capability of only around 50% [34] 3. Policy Support for Thermal Power Flexibility Transformation - Policies are enhancing the positive outlook for thermal power flexibility transformation, with a focus on improving the regulation capacity of coal power [42][44] - The National Development and Reform Commission and the National Energy Administration have emphasized the importance of enhancing grid peak regulation and storage capabilities [42]