Core Viewpoint - The company is responding to investor inquiries regarding the capacity and pricing of its gas-fired power generation units in Guangdong, highlighting the increasing importance of gas power in the region's energy landscape due to its flexibility in peak shaving compared to coal power. Group 1: Company Capacity and Pricing - As of Q3 2025, the company has a total gas-fired installed capacity of 11.847 million kilowatts [1] - Currently, 2.34 million kilowatts of gas-fired capacity is priced at 165 yuan per kilowatt per year, while 9.507 million kilowatts is priced at 264 yuan per kilowatt per year [1] - The company has approximately 2.942 million kilowatts of gas-fired projects under construction, with an expected 970,000 kilowatts to be operational by 2026, also priced at 264 yuan per kilowatt per year [1] Group 2: Regulatory Environment and Uncertainty - The pricing for gas-fired capacity is subject to regulations from Guangdong Province, with different pricing tiers ranging from 165 to 396 yuan per kilowatt per year [1] - The actual commissioning of projects and the corresponding capacity pricing will depend on the investment and construction progress, indicating a level of uncertainty in future capacity pricing [1]

Core Viewpoint - The document emphasizes the acceleration of independent energy storage project construction to enhance power regulation and renewable energy consumption capacity in Hebei Province [4][6]. Group 1: Project Acceleration - Cities are instructed to guide construction units to expedite the remaining module construction for independent energy storage projects listed in the 2022 grid-side project list that have not yet fully connected to the grid [6]. - Ongoing projects must be pushed to ensure completion and grid connection within the approved timelines to better facilitate power regulation and promote renewable energy consumption [6]. - For projects in the planning stage, cities should assist construction units in expediting preliminary work and securing project access permits to enable early commencement and operation [6]. Group 2: Planning and Management - Energy storage facilities with a capacity of 100,000 kW or more that have completed EPC bidding, land procedures, and grid access procedures can apply for management under the independent energy storage project framework [6]. - The application must include various documentation such as project initial design reports, land use certificates, grid access approvals, and procurement contracts, to be submitted by August 29, 2025 [6]. - Future organization of power-side construction and shared storage transitioning to independent storage will not be conducted, and shared storage will not benefit from independent storage pricing policies [6]. Group 3: Project Review - Cities are required to comprehensively review independent energy storage projects approved before December 30, 2024, that have not yet initiated substantial work such as land acquisition, grid access, or construction [7]. - Recommendations for project extensions or cancellations must be submitted to the provincial development and reform commission by August 29, 2025 [7].