华电新能源集团股份有限公司 以自筹资金预先投入募集资金投资项目 情况鉴证报告 华电新能源集团股份有限公司 目 录 页 次 报告 安永华明（2025）专字第 70069628_A08号 司 华电新能源集团股份有限公 保证其内容真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏是华电新 能 源集团股份有限公司管理层的责任。我们的责任是在执行鉴证工作的基础上对自筹 资 金预先投入募投项目报告独立发表鉴证意见。 我们按照《中国注册会计师其他鉴证业务准则第3101号——历史财务信息审计或 审阅以外的鉴证业务》的规定执行了鉴证业务。该准则要求我们计划和执行鉴证工 作，以对自筹资金预先投入募投项目报告是否不存在重大错报获取合理保证。在鉴 证 过程中，我们实施了包括了解、抽 查 、 核对 以及我们认为必要的其他程序。我 管指引第1号——规范运作》及相关格式指南编制，如实反映了2025年7月18日华电 能源集团股份有限公司以自筹资金预先投入募集资金投资项目情况。 本报告仅供华电新能源集团股份有限公司以募集资金置换预先投入募集资金投资 项目的自筹资金使用，不适用于其他用途。 A member firm of Ernst & ...

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the national unified electricity market reform in China, focusing on cross-regional trading to optimize resource allocation and address renewable energy consumption issues in the northwest region [1][3][5]. Core Insights and Arguments - The unified electricity market aims to facilitate the transfer of surplus electricity from regions like the northwest to demand-heavy areas such as East China and Guangdong, although short-term impacts are limited due to channel capacity constraints [1][5]. - Inter-provincial electricity trading is categorized into medium to long-term and spot market segments, with various trading forms including bilateral negotiations, listing trades, and centralized bidding [1][8]. - Recent trends show a decrease in inter-provincial electricity trading prices, primarily due to falling coal prices, with inter-provincial prices generally being slightly lower than intra-provincial prices [7]. - The State Grid and Southern Grid have achieved interconnectivity in medium to long-term trading, but current full capacity limits restrict immediate impacts [9]. - The development of ultra-high voltage (UHV) direct current lines is crucial for transmitting renewable energy from large wind and solar bases, although approval processes are lagging [10][12]. Challenges and Considerations - The "14th Five-Year Plan" for large wind and solar bases faces multiple challenges, including land acquisition, environmental assessments, and price negotiations, which may slow down project timelines [12][14]. - The volatility of wind and solar power generation necessitates backup from thermal power, complicating acceptance by receiving provinces and leading to disputes among provinces regarding renewable energy transmission [15]. - The lack of systematic rules for pricing in UHV transmission relies heavily on negotiations between provinces, which can lead to variability in pricing outcomes [16][17]. Future Projections - By 2030, wind power capacity is expected to double to approximately 1 billion kilowatts, with solar power reaching 2 billion kilowatts, while coal power is projected to increase to 1.35 billion kilowatts [4][22][23]. - The upcoming review cycle for pumped storage capacity and transmission pricing will significantly influence future investment decisions and operational costs [18][20]. - The rapid growth of renewable energy, particularly solar, is expected to alleviate daytime electricity supply shortages, especially during peak hours [34][37]. Additional Important Points - The inter-provincial trading mechanism is still in a pilot phase, and full implementation will take time due to the need for coordination among various local interests and technical limitations [6][9]. - The current electricity supply-demand balance in East China has improved compared to previous years, although summer demand pressures remain [32][33]. - Extreme weather events can disrupt supply-demand balance, but the likelihood of nationwide extreme heat is currently low, allowing for inter-regional support [36]. This summary encapsulates the key points discussed in the conference call, highlighting the ongoing developments and challenges within China's electricity market reform and the implications for future energy supply and demand dynamics.