Group 1: Business Performance - The company's oil-saving business revenue decreased by 12.71% in 2024, primarily due to stable demand for plasma ignition projects [2] - The environmental protection business declined significantly, influenced by low industry demand and limited investment capacity for environmental upgrades [2] Group 2: Policy Impact - The implementation of the "New Generation Coal Power Upgrade Special Action Implementation Plan" will affect coal power energy-saving renovations, promoting carbon reduction and flexibility improvements [3] - The plan encourages the expansion of coal power energy-saving renovations into smart and digital fields, providing broader business development opportunities for service providers [3] Group 3: Project Updates - The main revenue from the ammonia-mixed combustion business in 2024 came from the 600MW coal-fired boiler project at Guoneng Taishan Power Plant, which achieved partial acceptance [4] - The ammonia-mixed combustion technology is still in the research and engineering verification stage, requiring further optimization in technology, fuel costs, carbon reduction benefits, and national policies [5] Group 4: Growth Factors - The rapid growth of comprehensive energy-saving renovations is driven by the company's strategic alignment with the national goal of building a new power system and active involvement in energy-saving and flexibility renovation projects [6] - The company has implemented China's first large-capacity steam heating molten salt energy storage project, enhancing its position in new energy storage technologies [6] Group 5: Biomass Business - The biomass business is part of the company's strategy under the "dual carbon" goal, focusing on various technical applications, including straw and vine biomass production and co-firing [7]

Core Viewpoint - Shandong Province is implementing the "Eight Major Actions" to enhance the high-level consumption of renewable energy while maintaining the role of coal power as a stabilizing force in the energy system [1] Group 1: Coal Power's Role and Measures - Coal power serves as a "ballast" for ensuring the safe and stable operation of the power system and is crucial for promoting renewable energy consumption [1] - During the 14th Five-Year Plan period, Shandong will introduce action plans for the transformation and upgrading of the coal power industry, including the phased retirement of subcritical units and the enhancement of peak regulation capabilities of coal power plants [1][5] Group 2: New Coal Power Projects - The province is accelerating the planning and construction of clean and efficient coal power units, with new standards for flexibility in operation, requiring new pure condensing and extraction condensing coal power units to have minimum technical outputs of no more than 20% and 30% of rated load, respectively [3] - A total of 8.72 million kilowatts of new coal power capacity is expected to be added through projects like Linyi Hengxin and Huawang Thermal Power [3] Group 3: Upgrading Existing Coal Power Units - The province is fully implementing upgrades for existing large coal power units, with 66 units and 31.895 million kilowatts already modified for flexibility, adding over 7 million kilowatts of regulation capacity [4] - The goal for this year is to complete the "three modifications" for approximately 20 million kilowatts of coal power units [4] Group 4: Support for Thermal-Electric Decoupling - Shandong is promoting thermal-electric decoupling technology, encouraging coal power units to adopt electric boilers and molten salt storage to enhance flexibility [4] - Pilot projects like Jining Huayuan and Datang Linqing Power Plant are being established to improve rapid response capabilities of coal power units [4] Group 5: Future Plans and Standards - The Shandong Energy Bureau will develop implementation plans aligned with national coal power upgrade initiatives, focusing on deep peak regulation, rapid adjustment, strong support, wide load, high resilience, and low emissions [5] - Future coal power projects will be strictly controlled and planned according to new generation coal power standards to enhance peak regulation capabilities and adapt to the needs of the new power system [5]

Core Viewpoint - The coal power industry in China is undergoing significant upgrades to enhance efficiency, flexibility, and environmental standards, driven by the need for energy transition and carbon reduction goals [1][2][4]. Group 1: Current State of Coal Power - Over 80% of coal power units have undergone energy-saving modifications, and over 90% have achieved ultra-low emissions [1]. - Nearly 300 million kilowatts of coal power units have implemented flexibility modifications, effectively reducing coal consumption under rated conditions [1]. Group 2: Challenges and Requirements - The energy transition has increased demands on coal power, requiring it to provide stability while supporting the integration of renewable energy sources [2]. - In 2023, the power sector's carbon emissions accounted for 43% of the national total, necessitating further reductions in coal power emissions [2]. Group 3: New Generation Coal Power Upgrade Action - The new upgrade action aims to transform coal power from a "stable output" model to a "versatile" one, focusing on clean carbon reduction, safety, reliability, and efficient regulation [2][4]. - Key performance indicators for the upgrade include power supply coal consumption, low-load coal consumption increase, deep peak load minimum output, load change rate, primary frequency regulation, and start-stop peak load [3]. Group 4: Implementation Strategies - A multi-faceted approach is required for the upgrade, including policy support, financial mechanisms, and technological innovation [3][4]. - The action emphasizes the need for collaboration among industry, academia, and research to tackle key technologies related to flexibility enhancement, carbon reduction, and intelligent operation [3].

Core Viewpoint - The National Energy Administration has launched a new generation of coal power upgrade initiative aimed at transforming traditional coal power towards "clean carbon reduction, safe and reliable, efficient regulation, and intelligent operation" [1][3] Summary by Categories Existing Units - The initiative encourages further upgrades based on the "three modifications" principle, promoting low-carbon transformation [1] - For safety and reliability, the required output compliance rate during the supply guarantee period is set at no less than 98%, with unplanned outages not exceeding 0.3 times per unit per year [1] - In terms of efficient regulation, the increase in coal consumption for low-load power generation should be controlled within 25%, and units are encouraged to enhance primary frequency modulation performance and implement start-stop peak regulation modifications [1] - The initiative promotes improvements in intelligent control, operation, and decision-making capabilities [1] New Units - New units are encouraged to meet the indicators set forth in the upgrade initiative, with conditions for low-carbon transformation reserved [2] - The safety and reliability standards mirror those of existing units, requiring a 98% output compliance rate and limiting unplanned outages to 0.3 times per unit per year [2] - For efficient regulation, new coal powder furnace units must achieve a minimum technical output of 25%, with low-load power generation coal consumption increase capped at 20% [2] - The initiative encourages the adoption of advanced intelligent control, operation, and decision-making technologies [2] Pilot Demonstration Units - For pilot demonstration units, carbon emissions per kilowatt-hour should be reduced by 10%-20% compared to similar coal power units in 2024 after implementing carbon reduction measures [2] - The safety and reliability standards are heightened, requiring a 99% output compliance rate during the supply guarantee period [2] - The coal consumption for ultra-supercritical and wet-cooling design conditions should not exceed 270 grams per kilowatt-hour, with adjustments allowed based on actual conditions [2] - Full-load automatic load adjustment control and enhanced intelligent operation and decision-making levels are required [2] Overall Significance - The new generation coal power upgrade initiative is a key measure to explore innovative transformation paths for coal power that align with the development of new power systems, ensuring electricity safety while enhancing coal power's flexible regulation capabilities to promote renewable energy consumption [3]

Core Viewpoint - The "New Generation Coal Power Upgrade Special Action Implementation Plan (2025-2027)" aims to support the dual carbon strategy and enhance the role of coal power in the new power system [1][2]. Group 1: Background and Importance - The plan is a response to the need for a profound transformation in the coal power sector, which is the main source of carbon emissions in China's energy sector [2]. - Coal power currently accounts for less than 40% of installed capacity but provides approximately 60% of electricity generation, 70% of peak capacity, and nearly 80% of regulation capacity [1]. Group 2: Key Objectives and Strategies - The plan emphasizes the need for coal power to reduce carbon emissions while enhancing its flexibility and support capabilities in the evolving power system [2]. - The upgrade focuses on "deep regulation, fast adjustment, strong support, wide load, high resilience, and low emissions" as the main line of development [2]. Group 3: Technical Standards and Requirements - Safety and reliability are fundamental, with existing and new units required to maintain a supply period output compliance rate of no less than 98% and a non-scheduled outage frequency of no more than 0.3 times per unit per year [3]. - High-efficiency regulation is a core goal, expanding traditional efficiency metrics to include six new indicators related to coal consumption and load adjustment [3]. - New units must reserve conditions for low-carbon transformation, with a target of reducing carbon emissions by 10%-20% compared to similar units in 2024 [3]. Group 4: Intelligent Operations - The plan highlights the importance of intelligent operations, focusing on automated load adjustment, intelligent maintenance, and decision-making capabilities to enhance operational efficiency [4]. Group 5: Implementation and Future Work - The next steps include promoting understanding of the plan within the industry, guiding provincial energy departments in developing local implementation plans, and continuously tracking progress to refine technical standards [4].