July 23, 2025 08:39 AM GMT China – Power | Asia Pacific June: Solar installation slump; power consumption growth gradually picked up Key Takeaways In 1H25, national power consumption rose 3.7% yoy vs 8.1% in 1H24, primarily due to a notable growth slowdown in secondary (industrial) industry (up 2.4% yoy in 1H25 vs. 6.9% yoy in 1H24). Primary/tertiary/residential was up 8.7%/7.1%/4.9% in 1H25. We note residential demand growth continued to pick up in Jun at 10.8%, vs. 5%/7%/10% in Mar/Apr/May and -4% in Jan- ...

The biggest US grid has no spare supply for new data centers, meaning project developers will need to build their own power plants, according to the system’s independent watchdog https://t.co/XJOIR7bFtv ...

From @WSJopinion: The best way to make the U.S. power grid reliable again is to let supply and demand work in energy markets without the distortions of mandates and subsidies. The GOP budget bill takes a step in that direction that should be welcomed. https://t.co/3tBSmiTLs7 ...

The EU's climate chief expects some of the bloc’s biggest pension funds to help modernize the region's power grids https://t.co/vD5CG3Kx44 ...

Preliminary findings of an investigation into a wide-ranging blackout in Spain earlier this year show that European power grids need to improve resilience https://t.co/t06ga2cGgp ...

Core Viewpoint - The completion of 10 key power supply projects by State Grid Sichuan Electric Power significantly enhances the electricity supply capacity during the World University Games, supporting the high-quality economic development of the region [1][3]. Group 1: Project Overview - State Grid Sichuan Electric Power constructed 10 key power supply projects to meet the high electricity demand of the event, including 1 project at 500 kV, 7 projects at 220 kV, and 2 projects at 110 kV [3]. - The new projects include a total line length of 320 kilometers and an additional transformer capacity of 3.36 million kVA, improving the grid's carrying capacity and power supply quality in key areas such as Tianfu New Area and Chengdu East New Area [3][5]. Group 2: Implementation and Technology - The company utilized a collaborative mechanism between municipal and district levels, enhancing government-enterprise interaction to expedite the construction of the power supply projects [3]. - Advanced technologies such as drones for line laying, intelligent tension control, and mechanized crossing frameworks were introduced to improve construction efficiency and reduce safety risks [3]. Group 3: Emergency Preparedness - The company upgraded its intelligent power supply management platform, including 35 key venues in the power supply guarantee scope, and implemented focused monitoring for 104 substations and 232 power distribution lines [5]. - Multiple rounds of practical emergency drills were conducted to test and enhance emergency response capabilities [5].

Company Expansion - CoreWeave is expanding a data center near Dallas [1] Energy & Infrastructure - Expansion places new demands on the US power grid [1] - Expansion raises concerns about reliability of the US power grid [1]

Investment Rating - The report assigns an "Overweight" (OW) rating to Tenaga Nasional Berhad (TNB) and several Chinese power equipment players, indicating a positive outlook for these entities within the ASEAN Power Grid initiative [4]. Core Insights - The ASEAN Power Grid (APG) initiative is expected to gain momentum over the next 5-10 years, primarily driven by Singapore's goal to import approximately 6GW of electricity by 2035, positioning TNB as a key beneficiary [2][6]. - The report anticipates that annual grid capital expenditures (capex) will double from around $10 billion to $20 billion in the coming years, with projections of over $43 billion by 2050 [6][28]. - The APG aims to enhance energy security and efficiency across ASEAN countries by facilitating cross-border electricity trade and optimizing energy resource utilization [18][19]. Summary by Sections Investment Ratings for Thematic Stocks - TNB MK: OW, Price Target (PT) 16, Upside 12% - SG Gencos: SCI SP: OW, PT 7.6, Upside 11%; YTLP MK: UW, PT 3.0, Downside 23%; MER PM: OW, PT 620, Upside 16% - ASEAN Renewables: ADRO IJ: UW, PT 2000, Upside 12% - China Power Equipment: Sieyuan: OW, PT 86, Upside 19%; Huaming Equipment: OW, PT 19, Upside 14%; Orient Cables: OW, PT 68, Upside 35% [4]. Current Status and Future Projections - Currently, only about 3GW of the identified 25GW regional interconnections are operational, but pilot projects indicate renewed momentum for the APG [6][20]. - The report outlines that the APG could require a minimum investment of $100 billion in transmission lines by 2045 to fully integrate the power grids of Southeast Asian countries [19]. Country-Specific Grid Investment Targets - Malaysia: $9.5 billion capex from 2025-2027, with an annual grid capex of $3.2 billion [30]. - Thailand: $11.4 billion capex from 2024-2030, with an annual grid capex of $1.6 billion [30]. - Vietnam: $18.1 billion capex from 2026-2030, with an annual grid capex of $3.6 billion [30]. - Indonesia: $36 billion capex from 2025-2034, with an annual grid capex of $3.6 billion [30]. - Philippines: $19.3 billion capex from 2025-2034, with an annual grid capex of $1.9 billion [30]. Key Drivers for APG Development - Singapore's electricity import demand is a significant driver for the APG, with the country aiming to import low-carbon electricity despite high transmission costs [6][36]. - The report highlights that the APG could facilitate a transition to renewable energy sources, reducing reliance on fossil fuels and potentially lowering electricity costs [60]. Challenges to APG Implementation - The report identifies differing regulatory frameworks and market structures across ASEAN countries as major hurdles to the APG's success [73][80]. - Lack of grid infrastructure standardization and harmonization is also noted as a challenge, necessitating consistent investment in grid infrastructure to facilitate seamless cross-border power trading [80].

⚡️ INSIGHT: Russian police busted a KamAZ truck rigged with 95 crypto miners stealing power from the grid.It’s the 6th case in Buryatia this year. https://t.co/OvVtPCoKvg ...

Power Infrastructure - China's power infrastructure has benefited from years of heavy investment [1] - The country's grid is unlikely to be tested even with a very hot summer [1]