国泰海通 · 晨报1118｜风光储电力政策频出，预计估值有望提升

Core Viewpoint - The article discusses the recent policies in the power sector, particularly in renewable energy, which are expected to enhance market valuations and promote a more competitive environment in the electricity market [3][4]. Group 1: Policy Developments - The energy sector, including nuclear power, is encouraging private enterprises to enter, indicating a trend towards market openness and the gradual exit of state-owned enterprises from the photovoltaic manufacturing sector [3]. - The "Guiding Opinions on Promoting New Energy Consumption and Regulation" stipulates an annual addition of 200 million kilowatts of new energy installations to meet the increasing electricity demand [3]. - Policies from Jiangsu and Guangdong aim to reduce vicious competition in electricity trading and ensure reasonable profitability within the industry [3]. Group 2: Regional Initiatives - The draft "Settlement Rules for the Sichuan Electricity Market" outlines the recovery basis for price differences and profit-sharing ratios, with a baseline of 7 yuan per megawatt-hour for excess sales revenue [4]. - In Inner Mongolia, new policies include the abolition of preferential tax policies for photovoltaic power stations by December 31, 2025, and a compensation standard for independent energy storage stations set at 0.28 yuan per kilowatt-hour [4]. - The plan for Inner Mongolia aims for over 300 million kilowatts of new energy installations by 2030, with a renewable energy consumption rate exceeding 40% and a compound annual growth rate (CAGR) of 15% [4]. Group 3: Pricing and Capacity - The 2025 new energy mechanism price bidding notifications for Jiangsu, Hainan, Fujian, and Shaanxi indicate various pricing ranges for wind and solar energy, with Jiangsu's offshore wind priced between 0.25 to 0.391 yuan per kilowatt-hour [5]. - Hainan's pricing for offshore wind is set at 0.4298 to 0.35 yuan, while Fujian's offshore and solar energy has a cap of 0.3932 yuan per kilowatt-hour [5].