Core Points - The 2025 China Huadian New Power System Technology Innovation Forum was held in Nanjing with the theme "Huazhi Empowerment, Green Future" [1] - Keynote speeches were delivered by prominent figures including academicians from the Chinese Academy of Sciences and the Chinese Academy of Engineering [1] - The forum featured the launch of the inaugural issue of the journal "Cyber-Physical Energy Systems" and the "Huadian Intelligence" large model [1] Summary by Categories Event Overview - The forum took place on November 4, 2025, and was attended by Jiang Yi, Chairman of China Huadian, and Ma Xin, Executive Vice Governor of Jiangsu Province [1] - The event aimed to promote innovation in the new power system and facilitate discussions on technological advancements in the energy sector [1] Publications and Innovations - The journal "Cyber-Physical Energy Systems" is set to officially launch on August 8, 2024, and is part of a high-profile initiative supported by multiple government departments [1] - The journal focuses on interdisciplinary research in information, energy, and power, providing a platform for domestic and international collaboration [1] Technological Developments - The "Huadian Intelligence" large model was developed independently by China Huadian, resulting from innovation efforts across 26 typical scenarios [1] - This model aims to enhance AI capabilities in supply and governance, supporting six technological pillars and empowering five business areas, leading to the creation of over 300 intelligent agents [1] - The initiative is designed to facilitate the digital transformation of the entire energy industry chain and support the construction of a new power system [1]

Investment Rating - The report gives a "Buy" rating for the company with a target price of 13.3 CNY, based on a 35x PE for 2026 [6]. Core Insights - The company, Wanliyang Energy, is positioned as a leading provider of flexible power regulation in China's new power system, focusing on energy storage and virtual power plants [2][4]. - The energy storage industry is expected to thrive due to the rapid growth of AI data centers and the push for a green, low-carbon economy in China [3][46]. - The company has established a dual business model combining automotive parts manufacturing and new energy storage, with significant growth in its energy storage segment [4][14]. Summary by Sections Company Overview - Wanliyang Energy, founded in 2019, specializes in flexible power regulation, energy storage stations, and virtual power plants, aiming to support renewable energy and provide zero-carbon energy solutions [2][13]. - The company has operational energy storage capacity of 200 MW/400 MWh and is constructing additional capacity of 250 MW/500 MWh, with a project reserve exceeding 3000 MW/6000 MWh [4][22]. Market Context - The Chinese government is promoting a new power system with increasing renewable energy proportions, which is crucial for the energy storage industry's growth [3][47]. - The global demand for data centers is expected to drive the energy storage market, with significant growth projected in lithium battery shipments for data centers [3][61]. Financial Projections - Revenue projections for the company are 6.19 billion CNY in 2025, 7.45 billion CNY in 2026, and 9.05 billion CNY in 2027, with net profits expected to reach 401.74 million CNY, 505.28 million CNY, and 601.48 million CNY respectively [5][4]. - The company anticipates an EPS of 0.31 CNY in 2025, 0.38 CNY in 2026, and 0.46 CNY in 2027 [5][4]. Business Model and Services - The company offers services in flexible regulation, multi-level market trading, and new power safety simulation, leveraging advanced technology for energy management [16][34]. - Wanliyang Energy's virtual power plant integrates distributed energy resources to provide flexible regulation capabilities, enhancing operational efficiency for clients [28][29]. Industry Trends - The energy storage sector is becoming increasingly vital in balancing the supply and demand of renewable energy, especially with the rise of AI and data centers [3][61]. - The Chinese government aims for significant increases in renewable energy capacity by 2025 and 2030, which will further support the energy storage market [47][50].

储能调节后的稳定新能源电力送往22个省区市。 截至9月底，新疆已建成新型储能电站260余 座，与风光电站、骨干电网共同构成"源网储"一体化发展格局，助力新能源装机占比超过58%。 下一步，国网新疆电力有限公司将持续推动储能与新能源、电网深度融合，加快构网型储能技术 推广应用，优化储能调度运行机制，充分挖掘储能在调峰调频、应急备用等方面的多元价值，为 新疆打造全国最大新能源外送基地、服务"双碳"目标提供更坚实的能源保障。(完) ESIE 2026 储能产业发展的风向标 文 | 中国新闻网 记者3日从国网新疆电力有限公司发展策划部获悉，截至2025年9月底，新疆电网 累计储能装机 达1347.69万千瓦/4541.06万千瓦时 ，较年初 新增394.24万千瓦/1363.73万千瓦时 ，储能规 模持续位居全国前列，为新能源高效消纳与电网稳定运行提供了坚实支撑，成为新疆构建新型电 力系统的重要基石。 数据显示，前三季度新增储能中， 新能源配建储能214.24万千瓦/643.73万千瓦时，独立储能 180万千瓦/720万千瓦时 ，两类储能协同发力形成互补格局。从累计规模看， 新能源配建储能 达1042.69万千瓦/3 ...

Core Insights - Jiangsu Electric Power Company has significantly increased its green electricity trading, with a year-on-year doubling of inter-provincial green electricity purchases, totaling 180 billion kilowatt-hours, ranking first in East China [1] - The green certificate trading reached 2 million, placing Jiangsu among the top in the State Grid, with a green electricity environmental premium of 1-2 cents per kilowatt-hour, notably higher than the national average [1] - The establishment of a new power system is being driven by market mechanisms, which are crucial for efficient resource allocation and industry growth [1] Market Mechanism Importance - The market mechanism is essential for guiding diverse participants in system optimization, releasing time and space price signals, and providing precise guidance for investment and consumption [1] - In Jiangsu, inter-provincial market purchases account for 26.6%, with over 140,000 medium- and long-term market users, resulting in cost savings of 23.6 billion [1] Progress in Market Development - Jiangsu's electricity spot market has undergone seven trial settlements, showing good initial results and continuous improvement [2] - Future efforts should focus on clarifying the functional positioning of various markets and enhancing resource allocation efficiency through integrated design [2] Capacity Market and System Support - The capacity market is identified as a key element in supporting the new power system, with recommendations for a capacity compensation mechanism to guide resource investment and promote cost recovery for energy storage [2] - Establishing a three-dimensional value system encompassing energy, safety, and green aspects is crucial for internalizing external costs [2] Future Directions - Jiangsu aims to lead national market construction by exploring new high-quality development paths for the new power system under the guidance of market mechanisms [2] - Continued reforms and improvements in market mechanisms are expected to contribute significantly to the construction of the new power system and elevate the electricity sector in China [2]

Core Viewpoint - The sixth International Forum on New Power Systems and the 21st International Technology Forum of China Southern Power Grid was held, showcasing the achievements and innovations in the construction of new power systems during the 14th Five-Year Plan period [1] Group 1: Achievements in New Power System Construction - China Southern Power Grid has built the world's largest AC-DC interconnected grid, with cumulative electricity transmission exceeding 950 billion kilowatt-hours [1] - The reliability of power supply in the Guangdong-Hong Kong-Macao Greater Bay Area has reached world-class levels [1] - The number of registered market participants in the electricity trading market has surpassed 220,000, accounting for one-fourth of the national total, with over 70% of electricity traded through market mechanisms [1] - The ultra-high voltage transmission technology is internationally leading, with the Kunliulong DC project achieving 19 world-first power technology milestones [1] Group 2: Green Energy Supply and Efficiency - The digitalization efforts have improved the management of renewable energy, with short-term forecasting accuracy for wind and solar power reaching 88% and 93%, respectively [2] - Non-fossil energy generation in five provinces has reached 66% of installed capacity and 56% of total generation, placing it among the leading grids globally [2] - The installed capacity of renewable energy has exceeded 257 million kilowatts, a 3.5-fold increase since 2020 [2] - The capacity for electricity transmission from the west to the east has surpassed 58 million kilowatts, with over 80% of the transmitted electricity being clean energy [2] Group 3: Energy Transition and Consumer Benefits - Since the 14th Five-Year Plan, electricity substitution has exceeded 240 billion kilowatt-hours, with electricity accounting for 34% of total energy consumption, 5 percentage points higher than the national average [3] - Over 100,000 charging piles have been installed across urban and rural areas, achieving full coverage in the Guangdong-Hong Kong-Macao Greater Bay Area [3] - The green electricity trading volume is expected to reach 250 billion kilowatt-hours by 2025, surpassing the total of the previous three years [3] Group 4: Collaborative Development of Power Systems - The new power system construction emphasizes collaboration among generation, grid, load, and storage [4] - The installed capacity of pumped storage and new energy storage has exceeded 10 million kilowatts each, with demand-side response levels reaching 7.6% [5] Group 5: Mechanism Innovation and Market Efficiency - New mechanisms have been established for shared storage leasing and auxiliary services, enhancing resource allocation efficiency [6] - The virtual power plant model in Shenzhen exemplifies the integration of electric vehicles as mobile storage, achieving a controllable load of 1.1 million kilowatts [6] Group 6: Technological Innovation and Digital Transformation - The company has implemented advanced technologies for grid management, achieving significant improvements in operational efficiency and safety [7][8] - The digital grid construction is progressing steadily, with the establishment of an AI alliance and the release of national standards [9] - The integration of digital supply chains is driving the development of new business models within the industry [10] Group 7: Commitment to Sustainable Development - The company expresses its commitment to collaborating with various stakeholders to contribute to global sustainable energy development [11]

Core Insights - China has announced its 2035 national contribution targets, aiming for a 7%-10% reduction in greenhouse gas emissions from peak levels, over 30% of energy consumption from non-fossil sources, and a total installed capacity of wind and solar power to exceed six times that of 2020, targeting 3.6 billion kilowatts [1][7] Group 1: Energy Transition Goals - The new targets reflect a significant shift in China's energy governance logic, expanding from carbon dioxide to include all greenhouse gases and from energy combustion to encompass the entire economy [7] - The goal for 2035 requires an annual addition of approximately 200 million kilowatts of wind and solar capacity over the next decade [4][3] Group 2: Implementation Strategies - The 14th Five-Year Plan is crucial for initiating this transition, focusing on both increasing total renewable energy capacity and ensuring its reliability [3][5] - Strategies include enhancing the integration of renewable energy with traditional industries, promoting new consumption models, and expanding the use of renewable energy beyond electricity [5][6] Group 3: Industry and Market Dynamics - China's renewable energy sector is robust, with nearly 2.2 billion kilowatts of installed renewable capacity as of September, including over 1.7 billion kilowatts from wind and solar [3] - The country has the largest and most complete renewable energy industry chain globally, which supports its ambitious targets and positions it as a leader in the green energy transition [9][8] Group 4: Global Context and Leadership - China's approach to balancing energy security with emission reduction has garnered international recognition, positioning it as a model for other nations [8][9] - The country accounts for over one-third of global annual electricity generation and renewable energy output, leading in both cumulative and newly installed capacity for wind and solar [9]

10月31日，安徽宿州。一场以"宿见标杆，储启新程"为主题的宿州熔盐储能及新型煤电技术交流会在这 里隆重举行。本次会议依托全国最大"火电+熔盐"储热项目——宿州1000兆瓦时熔盐储能耦合煤电灵活 性改造工程的成功实践，全面展示了东方锅炉在熔盐储能、煤电灵活性提升及绿色低碳转型领域的创新 成果，标志着我国煤电在新型电力系统建设背景下，迈出了向"灵活、高效、低碳"转型的关键一步。 从"燃煤发电"到"储热调峰"，从"高碳依赖"到"绿色转型"，宿州项目的实践生动诠释了传统能源企业在 新时代的担当与创新。在"双碳"目标引领下，以东方锅炉为代表的能源装备企业正以技术革新为引擎， 推动煤电机组从"主体电源"向"调节性电源+低碳支撑节点"跃迁，为构建新型能源体系，实现双碳目标 贡献力量。 更为深远的是，该项目标志着"新一代煤电"技术体系的实质性落地。东方锅炉以熔盐储能为核心，构建 了"煤电+储能""光煤互补""智慧运行"三位一体的技术方案。在"光煤互补"模式下，熔盐储能系统可平 滑光伏出力波动，实现风光资源与煤电的协同优化调度，提升系统整体消纳能力。同时，依托数字化平 台，实现储能系统与机组运行的智能协同控制，推动煤电向"源 ...

Core Viewpoint - The sixth International Forum on New Power Systems and the 21st International Technology Forum of China Southern Power Grid focuses on key technological breakthroughs, policy mechanism innovations, market model explorations, and industrial ecosystem cultivation to promote the construction of an open, collaborative, and efficient global energy governance system [1][4]. Group 1: Forum Overview - The forum, themed "Building a New Power System and Accelerating Energy Low-Carbon Transition," was held in Boao, Hainan, gathering representatives from domestic and international energy and power authorities, industry associations, and experts to discuss the blueprint for new power system construction [2][4]. - The forum aims to share innovative achievements and discuss development paths, contributing to the global energy transition [4]. Group 2: Achievements in Clean Energy - The Southern region of China, including Guangdong, Guangxi, Yunnan, Guizhou, and Hainan, is witnessing a significant transition where clean energy is steadily replacing coal as the main power supply, with non-fossil energy installed capacity nearing 70% and generating over half of the total power [8]. - The clean energy utilization rate in the Southern region has consistently remained above 98%, marking a historic shift in the power supply structure [8]. Group 3: Technological Innovations and Challenges - The construction of a new power system is essential for China's energy revolution, with significant advancements in ultra-high voltage transmission, smart grids, and renewable energy consumption achieved through technological innovation and institutional reforms [4][11]. - The integration of high proportions of renewable energy sources like wind and solar presents challenges such as random fluctuations and efficient consumption, necessitating the development of distributed smart grids and microgrids [11][12]. Group 4: Digital Transformation and Future Directions - The Southern Power Grid Company is focusing on enhancing its digital capabilities to improve energy management and grid reliability, achieving a demand response capability of 7.6% and a controllable load of 25% of peak load [13]. - The company aims to promote low-carbon development paths and replicate successful models like zero-carbon parks and smart microgrids, while also pushing for key technological innovations in digital grids and energy storage [13][18]. Group 5: Global Energy Governance - China is increasingly participating in and leading the global energy transition, with the Boao zero-carbon demonstration zone serving as a model for new power systems and showcasing China's energy governance wisdom [16][18]. - The Southern Power Grid Company is collaborating with various stakeholders to create an inclusive and mutually beneficial regulatory framework, exploring innovative market mechanisms to optimize resource allocation [17][18].

Core Insights - China is rapidly building a new power system dominated by renewable energy under the "dual carbon" goals, with pumped storage hydropower entering a golden period of development [1] - As of the end of 2024, China's cumulative installed capacity of pumped storage will reach 58.69 million kilowatts, accounting for over 30% of the global total, maintaining the world's leading position for nine consecutive years [1] - The industry faces challenges such as the need for enhanced capacity and technology, improved electricity pricing mechanisms, and insufficient collaboration within the supply chain [1] Functional Restructuring - Pumped storage is evolving from merely being a "regulator" to becoming a "stabilizer" for the entire power system, reflecting the strategic elevation of its technology [2] - The integration of high proportions of renewable energy has introduced new challenges, necessitating a shift in pumped storage's role to provide system stability support [2] - Pumped storage's advantages include large capacity, rapid response, and operational flexibility, making it essential for enhancing grid resilience [2] Regional Practices - Different regions in China showcase the diverse roles of pumped storage, such as ensuring power supply safety during extreme weather in Northeast China and peak shaving in North China during heating periods [3] - The operational model of pumped storage is transforming from simple cycles to more flexible operations, enhancing its adaptability to fluctuations in renewable energy output and load changes [3] Industry Chain Development - China has established a comprehensive pumped storage industry chain, with significant advancements in design, equipment manufacturing, and construction [4][5] - The industry is experiencing rapid expansion, but structural bottlenecks are emerging, including mismatches between capacity and demand, and challenges in talent and resource allocation [5] - The industry is transitioning from a focus on construction to a more balanced approach that includes operation and talent development [5] Path to Breakthrough - To address the challenges, a systematic approach is needed, including a planning system that balances resource allocation and demand, and fostering innovation in technology and equipment [6] - Enhancing cross-sector collaboration and comprehensive regulation is essential to avoid the pitfalls of focusing too heavily on construction [6] Development Paradigm - The pumped storage industry is at a crossroads, requiring a collaborative approach among policy, technology, and market forces to ensure sustainable development [7] - A robust policy framework, particularly the "two-part electricity price" mechanism established in 2021, is crucial for providing stability [7] - The industry must adapt to market changes, including the establishment of a composite revenue model that incorporates capacity fees and auxiliary service income [7][8] Future Outlook - The integration of digital technologies is transforming the entire industry chain, enhancing operational efficiency and system intelligence [8] - The acceleration of the national unified electricity market is reshaping the operational ecosystem for pumped storage, creating multiple revenue channels [8][9] - Future efforts should focus on refining market rules and establishing pricing mechanisms that reflect the system support value of pumped storage [9]

Core Viewpoint - China has set ambitious targets for its energy transition by 2035, aiming for a significant reduction in greenhouse gas emissions and a substantial increase in renewable energy capacity, particularly wind and solar power [3][10]. Group 1: Key Targets and Goals - By 2035, China's greenhouse gas emissions are expected to decrease by 7%-10% from peak levels, with non-fossil energy consumption exceeding 30% of total energy consumption [3][10]. - The total installed capacity of wind and solar power is projected to reach over 360 million kilowatts, which is more than six times the capacity in 2020 [3][10]. - As of September 2023, China's renewable energy capacity is close to 220 million kilowatts, with wind and solar power exceeding 170 million kilowatts [5][6]. Group 2: Implementation Strategies - The 14th Five-Year Plan is crucial for initiating the transition, requiring an annual addition of approximately 20 million kilowatts of wind and solar capacity over the next decade [6][7]. - Strategies include enhancing the supply side by developing renewable energy bases and increasing offshore wind power, while also improving the quality of energy consumption through integration with traditional industries and emerging sectors [7][9]. - The implementation will involve a multi-mechanism approach, ensuring collaboration between renewable energy consumption targets and market mechanisms [8][9]. Group 3: Systemic Changes and Industry Support - The new contribution goals reflect a systemic and ambitious approach, expanding the focus from carbon dioxide to other greenhouse gases and from energy combustion to a broader economic scope [10][11]. - China's energy activities account for approximately 77% of total greenhouse gas emissions, indicating that achieving targets in the energy sector is critical for overall emission reductions [10][12]. - The country possesses a robust renewable energy industry, with significant resources and a complete industrial chain, which supports the ambitious installation targets for wind and solar power [12][13].