Government Policy & Industry Strategy - Poland is abandoning plans to separate unprofitable coal assets from state-controlled utilities [1] - Poland aims to implement new support measures to maintain the stability of the country's electricity system [1]

Core Insights - The U.S. is facing unprecedented electricity demand challenges driven by the AI revolution and industrial electrification, with electricity demand projected to increase by 50% by 2050, equivalent to the consumption of 180 million new households [1][2] - The Inflation Reduction Act of 2022 has spurred a $33 billion investment boom in clean technology, with solar energy expected to account for over 50% of new utility-scale generation capacity by 2025 [1] - The recently signed "Great American Outdoors Act" is set to terminate most clean energy subsidies, particularly impacting the solar industry, and will impose localization restrictions on battery components, which could exclude Chinese suppliers [2] Industry Trends - The "new electrification" matrix, comprising AI data centers, autonomous driving networks, and smart factories, is consuming electricity at an annual rate of 2% [1] - The OpenAI "Star Gate" project exemplifies this trend, with its data center cluster consuming as much electricity as 8 million American households [1] - The Princeton University REPEAT project model indicates that if policy shifts continue, the U.S. could lose 820 terawatt-hours of new generation capacity by 2035, equating to the total annual output of all nuclear power plants [2] Investment Implications - The clean energy investment landscape is being reshaped by both technological advancements and policy incentives, with solar and wind energy becoming increasingly cost-competitive [1] - However, the rising costs of natural gas and the long construction timelines for nuclear energy present significant challenges for meeting future energy demands [2] - The potential for $50 billion in excess electricity costs for consumers and businesses highlights the economic impact of policy uncertainty and supply chain constraints [2]

Electricity Demand - India's electricity demand decreased by approximately 1.5% year-over-year in the quarter ending in June [1] - The decline is attributed to a cooler summer, which reduced the need for air conditioning and thus energy consumption [1]

Zimbabwe suffered a countrywide electricity outage on Thursday due to a system failure that resulted in loss of generation at its two power stations. https://t.co/luOX1ZhpBQ ...

Core Viewpoint - The EPSO-G energy group is set to enhance its responsibilities in facilitating the green energy transition, improving international interconnections, and ensuring the resilience and flexibility of the electricity system [1]. National Security - The Ministry of Energy emphasizes the importance of resilience in critical infrastructure, with plans to bolster physical and cyber protection against military and hybrid threats [2]. - EPSO-G is involved in the Lithuanian-German artillery factory project, indicating its role in national security and defense industry investments [3]. International Connections and Networks - Key projects include the Harmony Link electricity interconnection with Poland and strengthening interconnections with Latvia, as well as plans for the Baltic Hub offshore interconnection with Germany [4]. - There are expectations to increase gas flows from the Klaipėda LNG terminal to Central Europe and Ukraine, alongside developing a hydrogen network in the Nordic and Baltic regions [5]. Energy Green Transformation and System Flexibility - By 2028, Lithuania aims for at least 8 GW of electricity generation capacity from renewable sources, with EPSO-G expected to lead in integrating renewable energy and managing energy flows [7]. - The Group will assess dynamic transmission tariffs and explore long-term energy storage possibilities [7]. Financial Expectations - EPSO-G's adjusted average return on equity must meet or exceed government benchmarks, and investment returns should align with those of mature Western European economies [9]. - The Group is required to maintain an investment-grade credit rating of no lower than Baa2 and manage net debt to adjusted EBITDA ratios effectively [10]. Operational and Sustainability Principles - EPSO-G must adhere to high standards of transparency, governance, and social responsibility, following best practices as per Lithuanian laws and OECD recommendations [12]. - The Group is committed to achieving net-zero greenhouse gas emissions by 2050 and supporting the United Nations Sustainable Development Goals [13]. Company Structure - The EPSO-G Group comprises the management company EPSO-G and six subsidiaries, with the Ministry of Energy acting as the sole shareholder [14].

Investment Rating - Industry view is rated as In-Line [1] Core Insights - The Japanese government's 7th Strategic Energy Plan was released in February 2025, aiming to increase energy self-sufficiency and reduce greenhouse gas emissions [6][7] - Long-term electricity demand is expected to grow due to the construction of new AI data centers [6] - The government plans to increase the share of electricity generated from renewable and nuclear sources [6] Summary by Relevant Sections Japanese Government's 7th Strategic Energy Plan - Energy self-sufficiency rate is projected to rise from 15.2% in F3/24 to approximately 30-40% by F3/41 [7] - Electricity output is expected to increase from 985.4 billion kWh in F3/24 to approximately 1.1-1.2 trillion kWh by F3/41 [7] - Final energy consumption is forecasted to decrease from 300 million kiloliters in F3/24 to approximately 260-270 million kiloliters by F3/41 [7] - Greenhouse gas emissions are targeted to be reduced by 73% compared to F3/14 by F3/41 [7] Outlook on Energy Supply and Demand - The share of renewables in the energy mix is expected to increase from 22.9% in F3/24 to approximately 40-50% by F3/41 [9] - Nuclear energy's share is projected to rise from 8.5% in F3/24 to around 20% by F3/41 [9] - Thermal energy's share is expected to decrease from 68.6% in F3/24 to approximately 30-40% by F3/41 [9] Projected Electricity Demand - The demand from new data centers is projected to rise significantly, with peak electricity demand expected to increase from 0.5 GW in F3/26 to 6.2 GW by F3/34 [24][28] Power Generation by Energy Source - Total power generation in F3/24 was 987.7 TWh, with coal contributing 280.0 TWh, natural gas 324.8 TWh, and nuclear power 84.1 TWh [29] - Renewable energy generation was 226.1 TWh, with solar power at 96.5 TWh and wind power at 10.5 TWh [29] Status of Nuclear Power Plants - As of March 2025, 33 nuclear plants have a total capacity of 33,083 MW, with 13,245 MW already restarted [31] Renewable Energy Introduction - Cumulative installed capacity for solar power reached 75,129 MW, while wind power reached 16,802 MW as of the end of December 2024 [32]

对于执行工商业电价的电动汽车充换电设施来说，优化政策从整体上降低了其充电成本。执行工商业电 价的电动汽车充换电设施运营商，可灵活选择是否执行分时电价。选择执行工商业分时电价的网约车、 出租车等电动汽车用户，可通过"晚间谷段充电、午间谷段补电"的方式，进一步增加低谷时段的充电时 长，进一步降低充电成本。本次政策优化，不涉及执行居民电价的电动汽车充换电设施。 本次优化工商业分时电价结构，将工商业分时电价执行范围扩大到除国家有专门规定的电气化铁路牵引 用电外的执行工商业电价的电力用户。此次新纳入分时电价执行范围的工商业用户和既往已出台政策中 暂不执行分时电价的工商业用户，可以自愿选择是否执行分时电价。 优化工商业用户分时时段设置，增设午间谷时段。在夏、冬两季（每年6-8月、12月-次年2月）11:00- 13:00（2个小时）和春、秋两季（每年3-5月、9-11月）10:00-14:00（4个小时）执行谷段电价，促进用 户主动增加新能源大发时段的用电负荷，实现用户降低用电成本和增加绿色用能的双重目标。为扶持中 小微工业企业和促进消费，允许此次新纳入分时电价执行范围的全体商业用户和100千伏安以下的工业 用户，可选择 ...

Summary of Global Energy Review 2025 Industry Overview - The report focuses on the global energy sector, analyzing trends in oil, gas, coal, renewables, and nuclear power, as well as energy-related carbon dioxide (CO2) emissions [2][3][8]. Key Findings - **Energy Demand Growth**: Global energy demand increased by 2.2% in 2024, surpassing the average growth rate of 1.3% from 2013 to 2023. Electricity demand surged by 4.3%, driven by extreme temperatures, electrification, and digitalization [14][19][20]. - **Renewables Dominance**: Renewables accounted for 38% of the growth in global energy supply, followed by natural gas (28%), coal (15%), oil (11%), and nuclear (8%) [14][21]. - **Regional Contributions**: Emerging and developing economies contributed over 80% of global energy demand growth, with China and India leading in absolute terms. China's energy demand growth slowed to under 3%, while India saw significant increases [14][28][31]. Sector-Specific Insights - **Oil Demand**: Global oil demand growth slowed to 0.8% in 2024, down from 1.9% in 2023. Oil's share of total energy demand fell below 30% for the first time, reflecting a shift towards electric vehicles and alternative energy sources [14][46][49]. - **Natural Gas**: Natural gas demand grew by 2.7%, reaching a new all-time high, with significant contributions from emerging markets in Asia. The demand was primarily driven by industrial use and electricity generation [62][65][66]. - **Coal Consumption**: Global coal demand rose by 1%, primarily due to increased electricity consumption driven by high temperatures. China remained the largest coal consumer, accounting for 58% of global coal use [16][35]. - **Electricity Generation**: Electricity consumption increased by nearly 1,100 terawatt-hours (TWh) in 2024, with renewables and nuclear power providing 80% of the growth in global electricity generation [16][20]. Environmental Impact - **CO2 Emissions**: Energy-related CO2 emissions increased by 0.8% in 2024, influenced by extreme weather conditions. The deployment of clean energy technologies has prevented an estimated 2.6 billion tonnes of CO2 emissions annually [10][18][24]. - **Energy Intensity**: Improvements in energy intensity slowed to 1% in 2024, down from an average of 2% annually between 2010 and 2019. This slowdown is attributed to high energy demand and less efficient fuel consumption [41][42]. Additional Observations - **Impact of Weather**: Extreme temperatures contributed approximately 15% to the overall increase in global energy demand, significantly affecting electricity and natural gas consumption [37][38]. - **Electric Vehicle Growth**: Global sales of electric cars rose by over 25%, surpassing 17 million units, indicating a significant shift towards electrification in the transport sector [16][20]. This comprehensive analysis highlights the evolving dynamics of the global energy sector, emphasizing the transition towards renewable energy sources and the implications for future energy policies and investments.