《每日电讯报》7月11日报道，一家由联邦政府所有的电力零售商将其位于新州的 电价上调了15%，这意味着近50万客户的年度账单平均增加了 330澳元。 Snowy Hydro的Red Energy此次涨价的幅度超过了AGL的13.5%，成为所有主要供应 商中最高的。 作为澳洲第4大电力零售商，Red这一举动表明新州在最新一轮电价上涨中受到的冲 击最大。 这次涨价将完全抵消联邦政府在2025-26年提供的150澳元回扣，而这一回扣金额已 从上一财年的300澳元下调。 （图片来源：《每日电讯报》） 对许多人来说，这意味着他们的年度账单将比2021年高出1000澳元。 当时， Anthony Albanese曾承诺到2025年将削减275澳元的电费。 对于那些正在努力维持基本用电的人来说，这将是三重打击，因为Minns政府还悄 然削减了州政府补贴。 例如，低收入家庭回扣将在2025-26年度 降至285澳元，低于此前的350澳元，老年 人和医疗能源回扣也有所减少。 新州能源厅长Penny Sharpe的一名发言人表示，这些回扣已"恢复至之前的水平， 此前在2024-25年度曾增加1亿澳元"。 Snowy Hydro表 ...

从澳洲九号台新闻7月1日报道，今日起，澳洲最大的电力网络和供应商将提高电价，涨幅最高达 13.5%，数百万家庭受到影响，这对超21.5万名本已无力支付电费 的澳人来说更是雪上加霜。 澳洲能源监管机构最新报告显示，今年1月至3月间，欠费人数较上一季度增加了 7%，同比增加了5%。 平均欠费金额升至1415澳元，较上一季度增加20澳元，同比增 加309澳元。 随着能源监管机构和供应商从今日开始抬高价格，这些家庭将继续受到重创。 Canstar Blue的Sally Tindall表示："从今日起，超400万个家庭将受到电费上涨 的影响，对于普通家庭来 说，这可能会使年度电费增加200多澳元。" （图片来源：澳洲九号台新闻） 根据澳洲电力监管机构5月宣布的默认市场价格变化，新州、昆州东南部和南澳的 平均家庭使用默认价 格的年度电费将最高增加228澳元。 Origin在新州、南澳和昆州东南部的市场计划价格分别上涨9.1%、5.5%和3.1%。 同时，AGL在新州、 南澳和昆州东南部的市场计划价格分别大幅上涨13.5%、7.8%和 7.5%。 Origin在维州和首都领地的客户，以及AGL在维州的客户，将在8月1日看到 ...

Summary of the Conference Call for Jingneng Power Company Overview - **Company**: Jingneng Power - **Industry**: Power Generation, specifically focusing on thermal and renewable energy Key Points and Arguments Financial Performance - In Q1 2025, the company reported a total profit increase of 770 million yuan, with the thermal power segment contributing at least 570 million yuan, indicating that thermal power remains the main driver of profit growth [2][10] - The overall revenue from the new energy sector reached nearly 400 million yuan, with profits exceeding 200 million yuan, showing significant year-on-year growth [2][8] - The profit from the new energy segment in Q1 2025 was 200 million yuan, a substantial increase compared to the previous year, primarily due to the performance of newly commissioned wind power projects [2][9] Power Generation and Pricing - The long-term contract electricity volume for 2025 was 75 billion kWh, accounting for less than 80% of total electricity volume, with the settlement price for thermal power increasing year-on-year despite a decrease in utilization hours by approximately 100 hours [2][4] - The average price of standard coal for power generation decreased by 3.9% in 2024, with a more significant decline of over 10% in Q1 2025 [3] - The overall electricity price increased by approximately 5% in Q1 2025, with notable increases in regions such as Inner Mongolia, Shanxi, and Beijing-Tianjin-Tangshan [2][19] New Energy Development - The company added 130,000 kW of solar power capacity in Q1 2025, contributing to a significant increase in overall installed capacity, particularly in the new energy sector [2][7] - Plans for 2025 include adding 1.7167 million kW of new energy capacity, with projects expected to be commissioned within the year, although specific timelines are pending due to preliminary procedures [2][11] Coal Procurement Strategy - The company maintains a coal procurement strategy primarily based on long-term contracts, with approximately 90% of coal sourced through this method in the previous year [2][5][17] - The long-term contract prices vary by region and supplier, but the company has improved its bargaining power due to increased pricing capabilities on the generation side [2][18] Dividend Policy - The company has committed to a dividend payout ratio of no less than 70% of the distributable profits for the years 2023 to 2025, with the actual payout ratio exceeding 70% in 2024 [2][13][14][22] Market Outlook - The future trajectory of coal prices remains uncertain due to the highly market-driven nature of the coal market, although the company aims to manage market fluctuations through long-term contracts [2][16] - The sustainability of the electricity price increase will depend on various factors, including coal market conditions and electricity market policies [2][24] Other Notable Information - The company’s asset-liability ratio was below 65% in 2024 and remains under 65% in Q1 2025, indicating a stable financial position despite ongoing investments in new energy projects [2][25] - The company is currently in the preliminary stages for the expansion of the Zhuozhou Thermal Power Phase II project and the flexibility transformation project in Inner Mongolia, with plans to commence construction soon [2][20]

据国家能源局统计，截至3月，全国累计发电装机容量34.3亿千瓦，YOY+14.6%。 火电：近期煤价急速下跌有望扭转市场对于火电2025年悲观的基本面预期，建议关注市场煤敞口大，且 布局25年年度长协电价下调幅度较小区域的企业。 水核：利率下行周期中，红利属性较强的水电、核电具备长期配置价值，同时核电还具备较高的远期成 长性加持。 国泰海通发布研报称，目前看，越北方，火电电价越好：新能源比例高，火电分时稀缺性体现。同时今 年南方年度长协电价下降也给了南方火电压力，电厂纷纷从追求电量改为追求电价和效益，近期南方现 货电价也开始涨。北方电价见底的可能性已经很大，南方地区差异仍存。未来或将目睹两个历史第一 次：25年现货电价上涨以及26年年度长协上涨。 2025年3月，全社会用电量8282亿度，YOY+4.8%。 日前，中共中央办公厅、国务院办公厅发布关于完善价格治理机制的意见。其中提到，健全促进绿色低 碳转型的能源价格政策。建立健全天然气发电、储能等调节性资源价格机制，更好发挥对构建新型电力 系统的支撑作用。完善新能源就近交易价格政策，优化增量配电网价格机制。综合考虑能耗、环保水平 等因素，完善工业重点领域阶梯电 ...