欧洲气候基金会首席执行官劳伦斯·图比亚娜指出，全球绿色转型需要构建多元包容的治理框架， 应通过政策协调、标准互认等方式减少合作壁垒，推动形成技术共享、责任共担、利益共赢的合作格 局。 就有关深化绿色经贸合作加速推进全球气候目标的议题，能源转型委员会主席阿代尔·特纳表示， 过去十年间，太阳能电池、风能等关键低碳技术实现跨越式突破，中国在技术研发、产业规模化应用等 方面作出了突出贡献，为全球能源转型奠定了重要基础。 当地时间11月12日，中国国际发展知识中心在《联合国气候变化框架公约》第30次缔约方大会 (COP30)上联合举办"应对气候变化和促进绿色低碳转型国际合作"边会，邀请国内外专家和实践者围绕 全球气候变化、绿色经贸合作、绿色低碳转型国际合作等议题深入研讨。 中国气候变化事务特使刘振民在致辞中指出，气候变化是全球共同的，任何国家都无法置身事外。 作为全球南方国家的重要一员，中国始终秉持人类命运共同体理念，愿与各国携手构建更加公平、高 效、包容的绿色技术创新与产业合作环境，以实际行动推动全球气候治理向纵深发展。 国际可再生能源署总干事弗朗切斯科·拉卡梅拉表示，可再生能源是应对气候变化的核心力量，需 进一步强 ...

Core Points - The COP30 conference in Brazil emphasizes the importance of ecological civilization and China's commitment to climate action despite global challenges [1][2] - China is recognized for its leadership in renewable energy and efforts in energy transition and carbon emission management [2] - The "China Corner" series of side events will focus on topics such as the development of China's carbon market and energy transition [2] Group 1 - The opening of the COP30 conference highlights the historical trend of ecological civilization and the shared dream of a beautiful home for humanity [1] - China's Minister of Ecology and Environment, Huang Runqiu, asserts that China's actions against climate change will not slow down, regardless of international circumstances [1] - The UN Climate Change Secretariat emphasizes the harmony between humans and nature as a core principle of China's dual carbon goals [1] Group 2 - The Executive Director of the UN Environment Programme commends China's efforts in energy transition and carbon management [2] - The Special Advisor to the UN Secretary-General on Climate Action recalls China's significant progress in clean energy over the past 15 years [2] - China's Special Envoy on Climate Change, Liu Zhenmin, expresses China's willingness to collaborate with the international community to ensure the success of COP30 [2]

Core Insights - The article highlights significant developments in the energy storage sector, particularly in Europe, with multiple companies securing large-scale storage project orders, indicating a robust growth trajectory in the industry [2][3][4][6][7]. Group 1: Company Developments - Yangguang Power has secured a 100MWh energy storage project in Finland, supplying 22 units of its PowerTitan 2.0 system, with financing from French bank Société Générale [3]. - Trina Storage signed a 200MWh energy storage project in Greece, which is one of the largest battery storage projects in the country, providing a comprehensive solution and a ten-year service agreement [4]. - Canadian company Canadian Solar's subsidiary, Artes, has signed a supply agreement for a 56MWh storage project in Germany, with equipment delivery expected to start in March 2026 [6]. - Dongfang Risen has entered into a commercial storage project in Belgium, further solidifying its presence in the European market [7]. Group 2: Market Trends and Projections - The European Commission's report emphasizes electrification and renewable energy as core directions, enhancing the strategic role of grid and storage systems in the energy landscape [2]. - According to CITIC Securities, Europe is expected to add 165GWh of new installed capacity by 2030, with a compound annual growth rate of 40% from 2024 to 2030, translating to a market space of 170 billion yuan [2]. - The article notes that Eastern European storage projects are likely to see rapid short-term growth, while Western and Southern Europe will have larger long-term capacities [2].

Core Viewpoint - The South Korean government is taking significant steps to enhance its energy efficiency and promote renewable energy, aiming to reduce energy consumption by 4.7% by 2029 compared to projected 2024 levels [1] Group 1: Energy Committee Developments - The Minister of Climate, Energy and Environment, Kim Seong-hwan, appointed 19 experts in climate, environment, and green energy as civilian committee members while terminating some nuclear and electricity sector experts [1] - The meeting established a basic plan for rational energy use, targeting a reduction in energy consumption [1] Group 2: Energy Consumption Goals - South Korea's national energy demand is projected to be 212 million TOE in 2024, increasing to 221.3 million TOE by 2029; the goal is to reduce actual consumption to 211 million TOE, a decrease of 10.3 million TOE [1] - The committee plans to increase the number of companies participating in the "Self-Energy Efficiency Agreement" from 30 to 200, focusing on large energy-consuming institutions [1] Group 3: Distributed Energy Special Zones - Designated areas for distributed energy special zones include Jeollanam-do, Jeju, Gyeonggi-do's Iiwang City, and Busan's Gangseo District, aimed at fostering future energy industries and enhancing connections between renewable energy generation and energy-demanding enterprises [1]

Core Insights - The COP30 conference in Belem, Brazil, emphasizes the need to translate the commitments of the Paris Agreement into tangible results, focusing on renewable energy as a crucial support for achieving global low-carbon development goals [2][4] - The event serves as a platform for international organizations, research institutions, and industry representatives to discuss the synergy between renewable energy production and consumption, as well as technological innovations [1][4] Group 1: Key Themes from the Conference - The Brazilian ambassador highlighted the importance of renewable energy in achieving sustainable development and the collaboration between Brazil and China in this sector [2] - Discussions included the need for customized solutions in industrial renewable energy applications through multi-energy complementary systems and energy efficiency management technologies [3] - The call for a cross-national mechanism for "technology sharing + financial assistance" to help developing countries overcome renewable energy application barriers was emphasized [2][3] Group 2: Reports and Presentations - A report on global renewable energy trends and emission reduction potential was presented, advocating for goal alignment and technological innovation to drive energy system transformation [2] - The release of China's carbon neutrality technology development roadmap highlighted systematic approaches to achieving carbon neutrality through technology research, standard setting, and industry implementation [2] - The importance of establishing a comprehensive standard system for the entire supply chain of biofuels and green hydrogen was discussed as a key to industrialization [3] Group 3: Future Outlook - The conference reinforced the consensus on the need for collaboration between production and consumption to drive energy transition, with a focus on accelerating technological innovation and improving policy mechanisms [4] - The potential for renewable energy to play a larger role in global low-carbon development was recognized, contributing to the goals of the Paris Agreement [4]

Group 1 - The core viewpoint of the article highlights the collaboration between Faraday Energy and Statera Energy for the Carrington Storage Project in the UK, which will provide a battery energy storage system (BESS) [1] - The Carrington Storage Project has secured £235 million (approximately 2.195 billion RMB) in financing and is expected to be operational by the end of 2026, supplying electricity for up to 2 hours to around 2.2 million households [1] - The energy storage system will utilize AI model technology to monitor grid conditions in real-time, ensuring grid stability under high renewable energy penetration [1] Group 2 - Statera Energy, established in 2015, currently operates or has projects under construction totaling 2.1 GW of battery storage systems, including the 300 MW Thurrock Storage Project, with plans to add over 1 GW of storage systems in the next 12 months [2] - Faraday Energy has been active in the European market, with energy transition projects across the UK, France, and Spain, securing 14 storage-related collaborations/orders in 2025, with over 2.6 GWh of orders in Europe [2] - In the UK, Faraday Energy has obtained multiple storage orders, including the 300 MW/624 MWh Cellarhead project and other large-scale projects [2] - According to Solar Media Market Research, nearly 4 GWh of grid-side storage system projects were approved in the UK by October 2025, with nearly 22 GWh of projects under construction, marking October as the month with the highest BESS approval capacity since July [2]

Core Viewpoint - The A-share market experienced a significant rise on November 13, particularly in the electric grid equipment sector, with the only electric grid equipment ETF (159326) increasing by 1.80% and attracting over 148 million in capital, reaching a historical high of 1.89 billion in total assets [1] Industry Summary - The Gulf Cooperation Council Interconnection Authority (GCCIA) plans to invest over 3.5 billion USD in the next decade to enhance the electric grid, integrate renewable energy, and expand electricity exports to neighboring countries, addressing the high volatility in electricity demand driven by data centers and AI projects [1] - The electric grid equipment industry is currently in a phase of sustained high prosperity, as indicated by the rising prepayments and contract liabilities over the past six months, suggesting a dual improvement in supply and demand in the coming half-year [1] Company Summary - The electric grid equipment ETF (159326) is the only ETF tracking the China Securities Electric Grid Equipment Theme Index, with a strong representation in sectors such as transmission and transformation equipment, grid automation equipment, cable components, and distribution equipment [1] - The index has a high weight of 64% in ultra-high voltage stocks, the highest in the market, with leading companies in the top ten holdings including Guodian NARI, TBEA, Siyuan Electric, and Trina Solar [1]

Renewable Energy Development - The National Energy Administration reported that by the end of 2024, the cumulative installed capacity of renewable energy in China will reach 1.889 billion kilowatts, a year-on-year increase of approximately 24.4%, accounting for 56.4% of total installed power capacity [2] - The breakdown of installed capacity includes hydropower at 436 million kilowatts, wind power at 521 million kilowatts, solar power at 887 million kilowatts, and biomass power at 46 million kilowatts [2] - In 2024, the new installed capacity of renewable energy is expected to be 375 million kilowatts, with hydropower contributing 137.9 thousand kilowatts, wind power 81.37 million kilowatts, solar power 278 million kilowatts, and biomass power 23.1 thousand kilowatts [2] Photovoltaic Industry - The photovoltaic industry in China has made progress in self-regulation, leading to more stable product prices amid previous supply-demand imbalances and intense competition [2] Water Conservancy Investment - In the first ten months of this year, China completed water conservancy construction investments exceeding 100.947 billion yuan, implementing 46,000 various water conservancy projects [2] - New projects initiated include significant water conservancy works in Hunan, Guangdong, and Guangxi, creating employment for 248,400 people and distributing wages totaling 47.06 billion yuan [2] Battery and Energy Storage - The 2025 World Power Battery Conference signed 180 projects with a total value exceeding 86.13 billion yuan, covering areas such as power batteries, new energy storage, photovoltaics, and smart connected vehicles [3] - The world's largest liquid air energy storage demonstration project has entered the commissioning phase, with a capacity of 60,000 kilowatts and 250,000 kilowatts of photovoltaic capacity [3] Nuclear Power Technology - A new generation of digital control systems for nuclear power plants, fully domestically produced, was unveiled, marking a significant advancement in nuclear safety technology [4] Wind Energy Innovation - The world's largest 5,000 square meter high-altitude wind power capturing umbrella has successfully completed its test, indicating progress in the engineering application of high-altitude wind energy technology [4] Quantum Efficiency in LEDs - A research team achieved a breakthrough in the external quantum efficiency of all-perovskite stacked LEDs, surpassing 45%, setting a new world record in this field [5] Global Energy Access - The International Energy Agency reported that approximately 730 million people globally still lack access to electricity, highlighting ongoing energy access challenges [6] Oil Market Dynamics - OPEC indicated that the global oil market has shifted from a daily shortfall of 400,000 barrels to a surplus of 500,000 barrels, entering a phase of structural surplus due to unexpected increases in U.S. oil production [6] Energy Financial Services - The Southern Power Grid Industrial and Financial Holding Group was established to enhance financial services tailored to the energy industry, aiming to build a robust financial ecosystem for energy development [7]

Industry News - The National Energy Administration released the monitoring and evaluation results for renewable energy power development in 2024, indicating that by the end of 2024, the cumulative installed capacity of renewable energy in China will reach 1.889 billion kilowatts, a year-on-year increase of approximately 24.4%, accounting for about 56.4% of total power installed capacity [2] - The Ministry of Industry and Information Technology announced a "14th Five-Year" special plan to promote the development of the new battery industry, highlighting that China's power battery industry has achieved rapid development with key core technologies making significant breakthroughs, particularly in energy density exceeding 300 watt-hours per kilogram and average range exceeding 500 kilometers [2] - The world's largest liquid air energy storage demonstration project has entered the commissioning phase, located in Qinghai Province with a capacity of 60,000 kilowatts and 600,000 kilowatt-hours, and is equipped with 250,000 kilowatts of photovoltaic power [3] - All solar photovoltaic power stations in the 35-megawatt project aided by China in Cuba have been connected to the grid, expected to save Cuba 18,000 tons of imported fuel annually [3] Company News - The world's largest 5,000-square-meter high-altitude wind power capturing umbrella has successfully completed its test in Inner Mongolia, marking a significant step in the engineering application of high-altitude wind power generation technology [4] - China Huaneng Group has successfully operated its first anion exchange membrane (AEM) water electrolysis hydrogen production system, completing a 72-hour continuous full-load test run, marking a breakthrough in domestic hydrogen production technology [6] - The State Energy Group launched a new model for "intelligent remote distributed evaluation" in the bidding process, aimed at addressing pain points in the bidding market and promoting healthy development [8] - Tsinghua University and Shanghai Electric Group established a joint research institute focusing on advanced manufacturing and low-carbon energy technologies, enhancing collaborative innovation [8] Local News - Inner Mongolia released a comprehensive plan for ecological safety, setting 22 indicators across three phases (2027, 2030, 2035) to promote ecological construction [10] - The first wind turbine foundation for the 150-megawatt wind power project in Tibet has been successfully poured, expected to generate 400 million kilowatt-hours annually upon full capacity [10] - Two 500-kilovolt substations in Sichuan have been connected to the grid, enhancing power supply reliability for the upcoming winter peak [11] International News - Two Ukrainian ministers resigned amid a corruption scandal, with President Zelensky stating that corruption in the energy sector is unacceptable, especially during ongoing power supply disruptions [13] - OPEC reported a structural surplus in the global oil market, with October production figures showing a shift from a daily shortfall of 400,000 barrels to a surplus of 500,000 barrels [13] - Serbian oil company NIS's Russian shareholders are willing to transfer control to a third party due to U.S. sanctions, with government support for this request [14]

Financial Data and Key Metrics Changes - For fiscal 2025, net income was $128.4 million, or $1.97 per common unit, compared to $107.7 million, or $1.68 per common unit in the prior year [12] - Adjusted EBITDA for fiscal 2025 was $278 million, an increase of $28 million, or 11.2%, compared to the prior year [12] - Total gross margin for fiscal 2025 was $866.4 million, an increase of $46.8 million, or 5.7%, compared to the prior year [15] Business Line Data and Key Metrics Changes - Retail propane gallons sold for fiscal 2025 were 400.5 million gallons, an increase of 5.9% compared to the prior year [13] - In the RNG operations, average daily RNG injection for the fiscal year was approximately 13% lower compared to the prior year due to operational downtimes [16] Market Data and Key Metrics Changes - Average wholesale propane prices for fiscal 2025 were $0.79 per gallon, which was 5.8% higher than the prior year [14] - U.S. propane inventories at the end of the fiscal year were at 106 million barrels, which was 6% higher than a year ago [15] Company Strategy and Development Direction - The long-term strategic growth plan focuses on fostering the growth of the core propane business while investing in lower carbon renewable energy alternatives [25] - The company is positioned to take advantage of the growing respect for propane as a versatile and clean energy solution [26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational and financial strength of the company, emphasizing the importance of safety and customer service [25][26] - The company is prepared for the new heating season and is optimistic about future growth opportunities [27] Other Important Information - The company declared a quarterly distribution of $0.325 per common unit, with a distribution coverage of 2.13 times for the trailing 12 months ended September 2025 [24] - The company launched an at-the-market equity program to sell up to $100 million of newly issued common units, raising $23.5 million in net proceeds during fiscal 2025 [10] Q&A Session Summary - There were no questions during the Q&A session, and the call concluded with closing remarks from management [29][30]