新华财经北京8月26日电 国家能源局副局长万劲松在26日国新办新闻发布会上表示，"十四五"期间能源 投资呈现出"增速快、结构优、活力强"三个特点。其中，可再生能源投资已经成为电源投资的绝对主 力，民营经济更是为新能源产业培育壮大贡献了不可或缺的力量。 最后，从"活力强"方面看，能源投资对民营经济做大做强的带动作用大。据介绍，在电力设施建设领 域，民营企业占比超过85%、年均增长超过15%，规模以上的充电运营服务商中民营企业占比超过 80%。今年上半年有10家民营企业参股了5个核电项目，持股比例都达到10%以上，最高的达到20%。 "近年来，我们持续降低投资门槛、提升服务水平，引导能源领域民营经济做大做优做强，能源重点项 目民营企业年均投资保持两位数增长。我国民营企业深度参与能源领域国家科技项目，前四批能源领域 首台套重大技术装备研发中有半数项目引入了民营企业参与。民营经济为新能源产业培育壮大贡献了不 可或缺的力量。"万劲松说。 （文章来源：新华财经） 据他具体介绍，在增速方面，"十四五"以来，我国能源工业投资呈现阶梯式增长，年度投资额接连突破 4万亿、5万亿、6万亿大关，累计投资额占全社会固定资产投资的比重接 ...

Summary of the Conference Call for Xiehe New Energy Company Overview - **Company**: Xiehe New Energy - **Period**: Mid-2025 - **Industry**: Renewable Energy Key Financial Metrics - **Revenue**: 1.4 billion RMB, a decrease of 6.6% year-on-year [2] - **Net Profit Attributable to Shareholders**: 282 million RMB, down 43.8% year-on-year, primarily due to non-operating losses and reduced power generation profits [2][4] - **Total Assets**: Increased from 32.13 billion RMB at the end of 2024 to 33.21 billion RMB, a growth of 3.4% [3] - **Net Assets**: Remained stable at 8.9 billion RMB [3] - **Cash Balance**: Approximately 2.3 billion RMB, up 4.1% from the beginning of the year [3] - **Operating Cash Flow**: 1.041 billion RMB, an increase of 22.5% year-on-year [6] Power Generation Performance - **Equity Power Generation**: 4.76 billion kWh, roughly unchanged from the previous year [5] - **Revenue from Equity Power Generation**: 1.335 billion RMB, a decrease of 2.1% year-on-year [5] - **Net Profit from Power Generation**: 440 million RMB, down 25.2% year-on-year [5] - **Average Wind Abandonment Rate**: 12.9%, and average Solar Abandonment Rate: 32.6%, both significantly increased compared to the previous year [5] Strategic Adjustments - **Operational Strategy**: Shifted focus to efficiency, quality, and increased profit certainty in response to market changes [7] - **Regional Development Strategy**: Adjusted development strategies based on domestic and international policy changes, emphasizing power marketing and optimizing trading strategies for higher returns [7] Industry Trends - **Global Renewable Energy Growth**: The sector continues to grow rapidly, driven by declining financing rates and increasing demand for clean energy [8] - **China's Electricity Demand**: Slowed growth in electricity demand, with significant impacts from power restrictions in renewable energy-intensive regions [8] - **Government Initiatives**: Accelerated efforts to integrate renewable energy into the market and establish sustainable pricing mechanisms [8] Technological Developments - **Wind Turbine Technology**: Large-scale development may slow, but innovations in performance improvement are ongoing, with slight price recovery in the Chinese market [9] - **Solar Technology**: Dominated by Topcon technology, with increasing penetration of BC technology and new products based on perovskite technology [9] - **Battery Storage Innovations**: Active innovations in performance and safety, with strong global investment growth in storage technologies [11] Financial and Investment Outlook - **Financing Costs**: Average financing cost reduced to 3.15%, with a 35 basis point decrease from the beginning of the year [6] - **Investment Standards**: Adjusted internal rate of return (IRR) standards from 8% to 7%, with a focus on projects with stable electricity prices and strong profit certainty [21] - **Capital Expenditure**: Expected to be between 3.5 billion to 4 billion RMB for 2025, down from 4.5 billion to 5 billion RMB in 2024 [22] Challenges and Responses - **Performance Decline**: Profit decline attributed to reduced resource availability, increased power restrictions, and lower overall electricity prices [13][14] - **ACWA Transaction Termination**: Canceled due to assessment timing issues and market conditions, impacting financial results [15][18] - **Operational Adjustments**: Focus on increasing profit certainty rather than rapid capacity growth, optimizing operations, and reducing costs [24][25] Future Plans - **International Expansion**: Continued global business development with nine countries outside China having established offices [20] - **Second Listing**: Progressing with plans for a second listing in Singapore to enhance liquidity, with no immediate fundraising plans [23]

Core Insights - The Indian government has approved an investment of 70 billion rupees by the National Coal Company for renewable energy projects [1] Group 1 - The investment aims to enhance the country's renewable energy capacity [1] - This move aligns with India's broader strategy to transition towards sustainable energy sources [1] - The approval reflects the government's commitment to reducing carbon emissions and promoting green energy initiatives [1]

Group 1 - The Indian government has approved an investment of 200 billion Indian Rupees by the National Power Company for renewable energy projects [1]

Group 1 - The Vietnamese government has altered its renewable energy subsidy policy, reducing the feed-in tariff (FiT) from 7.09 to 9.35 cents per kilowatt-hour to only 4.7 cents when paid in local currency, representing a cut of 34% to 50% [1] - The changes primarily affect solar energy projects, with many investors reporting delays or reductions in payments from the Vietnam Electricity (EVN) [1] - Investors are expressing concerns over cash flow issues and increased default risks due to EVN's alleged violations of loan agreements, which threaten project sustainability and overall business operations [4] Group 2 - Over 40 foreign and local investors, including companies from Japan, Thailand, the Philippines, Portugal, and the Netherlands, signed a joint letter urging the Vietnamese government to maintain contract integrity and regulatory consistency [4] - The letter highlights that the ongoing dispute poses serious risks to investor confidence, financial stability, and Vietnam's long-term energy and climate goals [4] - Vietnam's economy, heavily reliant on foreign capital and competitive energy prices, is projected to grow by 8% this year, but faces increasing energy demand and power shortages in the northern region [4] Group 3 - EVN reported a loss of nearly $1 billion last year, following an $800 million loss in 2022, and is expected to remain in deficit in the first half of 2024 despite a planned price increase [5] - Government officials maintain that only projects meeting all formal requirements are eligible for the preferential electricity prices, contributing to the ongoing tensions [5] - The lack of clarity in the government's stance has damaged investor confidence and the stability of existing projects, with calls for constructive actions to resolve the disputes [6]

Financial Data and Key Metrics Changes - For Q2 2025, the company reported an NFEPS of $1.78 per share, an increase from $1.41 per share in the previous year, reflecting higher NFE at New Jersey Natural Gas due to increased utility gross margin from a recent base rate case settlement [21] - The fiscal 2025 NFEPS guidance was raised by $0.10 to a range of $3.15 to $3.3 per share, exceeding the long-term growth target of 7% to 9% [10][12] Business Line Data and Key Metrics Changes - New Jersey Natural Gas continues to show consistent customer growth, driven by new construction, system expansions, and steady conversions, with $254 million invested this year, 46% of which provides near real-time returns [14][16] - Clean Energy Ventures added 31 megawatts of solar capacity this fiscal year and has a project pipeline exceeding one gigawatt, with 60 megawatts currently under construction [18] Market Data and Key Metrics Changes - The storage and transportation segment reported improved performance, particularly at Leaf River, which is undergoing a capacity recovery project [21][19] - The company is exploring the development of a fourth cavern at Leaf River, with encouraging interest from a recent nonbinding open season [19] Company Strategy and Development Direction - The company emphasizes disciplined capital deployment, operational excellence, and strategic innovation across all business segments to ensure long-term sustainable growth [9][10] - The focus remains on affordability and reliability, with ongoing investments in utility infrastructure and clean energy initiatives [9][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's positioning against macroeconomic factors, particularly tariffs, noting that most gas supply comes from domestic sources, minimizing exposure [26][28] - The company is well-prepared for potential market dislocations, with a strong balance sheet and liquidity, and does not rely on equity issuances to fund its capital plan [28][29] Other Important Information - The company plans capital expenditures between $1.3 billion and $1.6 billion for fiscal 2025 and 2026, aligning with long-term growth targets [22][23] - The adjusted funds from operations to adjusted debt ratio is projected to be between 19% and 21% for fiscal 2025, maintaining a strong investment-grade credit rating [23] Q&A Session Summary Question: Timing and capital requirements for Leaf River expansion - Management indicated that the total capital costs for the Leaf River expansion are estimated between $175 million and $200 million, with no finite timeline set for advancing the project [33] Question: Cost exposure to tariffs for Clean Energy Ventures - Management acknowledged the fluid situation regarding tariffs but emphasized that existing contractual protections should mitigate risks [36][38] Question: Expected economics of Leaf River compared to existing caverns - Management stated that the decision to build would depend on securing appropriate returns and contracts, with a focus on ensuring safety factors in the investment [46] Question: Regulatory environment and affordability initiatives - Management expressed confidence in the regulatory landscape following the completion of a recent rate case, emphasizing ongoing efforts to maintain affordability for customers [49][51] Question: Customer growth fundamentals - Management highlighted that customer growth is driven by a predominantly residential service territory with attractive demographics, and ongoing energy efficiency programs are helping to save customers money [60][61]

最近一个月来，中国再生能源投资累计跌幅11.93%，今年来累计跌幅11.93%，跑输恒生指数6.77%的涨 幅。 4月15日，截至港股收盘，恒生指数上涨0.23%，报21466.27点。中国再生能源投资（00987.HK）收报 0.103港元/股，上涨7.29%，成交量2.79万股，成交额2697港元，振幅8.33%。 资料显示，中国再生能源投资有限公司于2002年成立,中国再生能源为中国可再生能源行业其中一名外 来投资者兼运营商。作为一个先驱者并拥有超过十年的经验,公司在协助国家减少碳排放及实现非化石 燃料使用目标方面,担当关键角色。中国再生能源贯彻其清晰的投资策略谨慎地投资高质素的可再生能 源项目,并平衡公司业务中经济、社会及环境各方面的因素,以创造股东价值。中国再生能源在筛选方面 更为严格,且不会不惜代价实现增长,故中国再生能源的利用小时较全国平均水平为高,且装机容量的每兆 瓦时产生的现金值居于行业前列。目前,中国再生能源拥有八座风力发电场及一个分布式太阳能项目,总 容量合计为738兆瓦,而权益容量为427兆瓦。其中包括两个位于黑龙江省牡丹江,合共59.5兆瓦风力发电 场(分别占86%权益及86.7%权 ...