（来源：上海市电力行业协会） 01 政策速递 国家机关事务管理局： 印发《关于2026年公共机构节约能源资源工作安排的通知》 鼓励开展碳资产交易、虚拟电厂、绿电消纳等前沿领域探索 近日，国家机关事务管理局印发《关于2026年公共机构节约能源资源工作安排的通知》（国管节能〔2026〕28号）。《通知》提出，聚焦碳达峰目标，全 面完善和落实碳排放双控机制。发布《公共机构碳排放核算指南》行业标准，明确公共机构碳排放核算边界范围、因子取值、步骤方法。测算下达"十五 五"公共机构碳排放总量和强度指标，制定公共机构碳排放考核实施具体方案。优化用能结构，推动公共机构终端用能电气化替代，加大太阳能等可再生 能源、绿色低碳技术和产品推广运用力度。加强公共机构碳普惠体系建设经验做法总结提炼和复制推广，鼓励开展碳资产交易、虚拟电厂、绿电消纳等前 沿领域探索。出版2024-2025年度绿色低碳转型课题集，启动新一批课题申报。 点击查看政策详情 02 行业关注 国家能源局： 2026年1月全国可再生能源绿色电力证书核发及交易数据 一、绿证核发情况 2026年1月，国家能源局核发绿证1.96亿个，涉及可再生能源发电项目83.20万个，其 ...

英大证券指出，2025年我国可再生能源发展实现了多项历史性突破，电力供应主体逐渐转变为新能源。 全国可再生能源发电新增装机4.52亿千瓦，同比增长21%，占全国电力新增装机的83%，其中风电、太 阳能发电累计装机占比历史性超过火电。新型电力系统建设持续推进，截至2025年12月末，中国已投运 电力储能项目累计装机规模同比增长54%，其中新型储能累计装机同比增长85%。全国统一电力市场顶 层设计出台，电力市场化改革进入了全国一盘棋、系统化推进的新阶段，政策旨在推动市场规则统一协 同，使电力的多维价值在市场中被"显性化"。 绿色电力ETF（159669）跟踪的是绿色电力指数（399438），该指数从沪深市场中选取覆盖水电、风 电、光伏等清洁能源发电领域，并聚焦于具备低碳属性的电力企业上市公司证券作为指数样本，以反映 清洁能源发电相关上市公司证券的整体表现。该指数具备抗周期性强、现金流充沛的特点，是投资"双 碳"目标的有效工具。 可再生能源实现历史性突破，2月26日，绿电板块上扬，绿色电力ETF国泰（159669）涨超1%。 ...

可再生能源实现历史性突破，2月26日，绿电板块上扬，绿色电力ETF国泰（159669）涨超1%。 绿色电力ETF（159669）跟踪的是绿色电力指数（399438），该指数从沪深市场中选取覆盖水电、风 电、光伏等清洁能源发电领域，并聚焦于具备低碳属性的电力企业上市公司证券作为指数样本，以反映 清洁能源发电相关上市公司证券的整体表现。该指数具备抗周期性强、现金流充沛的特点，是投资"双 碳"目标的有效工具。 （文章来源：每日经济新闻） 英大证券指出，2025年我国可再生能源发展实现了多项历史性突破，电力供应主体逐渐转变为新能源。 全国可再生能源发电新增装机4.52亿千瓦，同比增长21%，占全国电力新增装机的83%，其中风电、太 阳能发电累计装机占比历史性超过火电。新型电力系统建设持续推进，截至2025年12月末，中国已投运 电力储能项目累计装机规模同比增长54%，其中新型储能累计装机同比增长85%。全国统一电力市场顶 层设计出台，电力市场化改革进入了全国一盘棋、系统化推进的新阶段，政策旨在推动市场规则统一协 同，使电力的多维价值在市场中被"显性化"。 ...

Financial Data and Key Metrics Changes - Adjusted EBITDA increased by 31% to INR 74.8 billion for the nine months ending December 31, 2026, with a more than sixfold increase in profit after tax [8][9] - Revenue increased by 48% for the first nine months of the fiscal year compared to the previous year, driven by an increase in megawatts and contributions from the manufacturing business [17] - Headline leverage decreased from 8.2x in December 2024 to 7x debt to EBITDA currently, and is expected to reach 6.7x excluding contributions from joint venture partners [18] Business Line Data and Key Metrics Changes - Operating capacity increased from 10.7 GW to 11.8 GW, a 19% increase after adjusting for the sale of 900 MW of assets [5][17] - The manufacturing business contributed INR 10.8 billion to adjusted EBITDA for the first nine months [9][15] - The company sold 300 MW of solar assets this quarter, bringing total asset sales for the year to 600 MW [19] Market Data and Key Metrics Changes - The financing environment remains favorable, with interest rates on a downward trend, benefiting the company's capital structure [4] - Electricity demand has shown signs of recovery, with expectations for power demand to return to normal levels in fiscal 2027 [5] Company Strategy and Development Direction - The company is shifting focus from wind projects to more battery energy storage systems (BESS) and solar capacity to reduce capital expenditure and execution risk [7][13] - The strategic pivot aims to optimize cash flows and reduce volatility in revenues due to weather patterns [7][13] - The company plans to construct between 1.8 GW and 2.4 GW in the fiscal year ending March 31, 2026, up from previous guidance [27] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about macroeconomic conditions, citing a recent trade deal between India and the U.S. that is expected to benefit the economy [4] - The company is focused on improving balance sheet strength and reducing leverage further, with a target leverage ratio of 5.5x by 2028-2030 [73] Other Important Information - The company received an A grade rating from LSEG and a score of 90.41 out of 100, placing it in the top quartile globally for ESG performance [10][24] - The company has achieved water positive certification for two sites, marking significant progress in sustainability initiatives [10][25] Q&A Session Summary Question: Can you elaborate on the revised strategy towards more solar and BESS projects? - The decision to decrease wind capacity was driven by lower costs of BESS and solar, improved ability to firm up power, and execution challenges associated with wind projects [30][32] Question: What is the update on the take-private strategy? - The company cannot comment on specifics regarding privatization discussions, stating that any necessary disclosures will be made at the appropriate time [36] Question: Are there improvements in transmission project delays and curtailment? - There is increased visibility and discussion within government ministries to address these issues, with recognition that curtailment losses should be shared among stakeholders [40][42] Question: What is the current status of TGNA capacity and associated curtailment? - Approximately 400 MW to 500 MW is currently under TGNA, with some degree of curtailment expected, but compensation is received for projects with permanent GNA [63][65] Question: How is the manufacturing business performing in terms of margins? - Margins have held up well, with a temporary lull during monsoons, but demand appears to be stable currently [44]

Financial Data and Key Metrics Changes - Adjusted EBITDA increased by 31% to INR 74.8 billion for the nine months ending December 31, 2026, with a more than sixfold increase in profit after tax [8][9] - Revenue increased by 48% for the first nine months of the fiscal year compared to the previous year, driven by increased megawatts and contributions from the manufacturing business [17] - Headline leverage decreased from 8.2x in December 2024 to 7x debt to EBITDA currently, with a trailing twelve-month EBITDA leverage of approximately 5.6x [18] Business Line Data and Key Metrics Changes - Operating capacity increased from 10.7 gigawatts to 11.8 gigawatts, a 19% increase after adjusting for the sale of 900 megawatts [5][17] - Manufacturing business contributed INR 10.8 billion to Adjusted EBITDA for the first nine months, with an external order book of 900 MW [15] - The company sold 300 MW of solar assets this quarter, totaling 600 MW for the year, raising $275 million through capital recycling [19] Market Data and Key Metrics Changes - Electricity demand in India rebounded sharply in December 2026, with expectations for power demand to return to normal levels in fiscal 2027 [5] - The financing environment remains favorable, with interest rates on a downward trend, benefiting the overall economic outlook [4] Company Strategy and Development Direction - The company is shifting focus from wind projects to more battery energy storage systems (BESS) and solar capacity to lower execution risk and improve cash flow predictability [7][13] - The strategic pivot aims to reduce capital expenditure and enhance revenue predictability, with a focus on balance sheet strength and reducing leverage [13][26] - The company plans to construct between 1.8 and 2.4 GW in the fiscal year ending March 31, 2026, with increased guidance for Adjusted EBITDA [26] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about India's growth projections remaining above 7% for fiscal 2026 and 2027, aided by a recent trade deal with the U.S. [4][5] - There is recognition of systemic issues in the industry, such as transmission project delays and curtailment, with ongoing discussions with government ministries to address these challenges [39][40] Other Important Information - The company received an A grade rating from LSEG and a score of 90.41 out of 100, placing it in the top quartile globally for ESG performance [10][23] - The company has achieved water positivity certification for two sites, marking significant progress in sustainability initiatives [24] Q&A Session Summary Question: Can you elaborate on the revised strategy towards more solar and BESS projects? - Management explained that the decision to decrease wind capacity was driven by lower costs of BESS and solar, improved execution ease, and historical performance issues with wind [29][30] Question: What is the update on the take-private strategy? - Management stated that they cannot comment on specific topics regarding privatization and will disclose any relevant information as necessary [35] Question: Are there improvements in transmission project delays and curtailment? - Management acknowledged ongoing discussions with government ministries to address these issues, recognizing them as systemic losses that should not solely impact developers [39][40] Question: How is the manufacturing segment performing in terms of margins? - Management indicated that margins have held up well, with a temporary lull during monsoons, but demand has picked up again in the current quarter [43] Question: What is the target leverage ratio and timeline for achieving it? - Management aims to reduce leverage to 5.5x over time, with a target timeframe suggested to be between 2028 and 2030 [71][72]

Core Viewpoint - The rapid growth in the issuance and trading of green certificates in China indicates an increasing level of renewable energy development and utilization in the country [1] Group 1: Green Certificate Issuance - In January 2026, China issued a total of 196 million green certificates, covering 832,000 renewable energy generation projects [1] - Among the issued certificates, 151 million were tradable, accounting for 76.79% of the total [1] Group 2: Trading Situation - In January, a total of 102 million green certificates were traded nationwide, including 33.69 million green power trading certificates [1] - The trading volume reflects the growing market for renewable energy and the increasing adoption of green certificates as a mechanism for promoting sustainable energy practices [1]

中新社北京2月14日电 (记者 王梦瑶)绿色电力证书(简称"绿证")是中国认定可再生能源电力生产、消费 的唯一凭证。中国国家能源局14日发布的数据显示，2026年1月，国家能源局核发绿证1.96亿个，涉及 可再生能源发电项目83.20万个。其中可交易绿证1.51亿个，占核发总量的76.79%。 2026年1月，全国单独交易绿证6837万个，其中电量生产年为2024年的绿证交易650万个，平均价格每个 1.25元(人民币，下同)；电量生产年为2025年的绿证交易6188万个，平均价格每个5.51元。(完) 国家能源局公布，2026年1月，全国交易绿证1.02亿个，其中绿色电力交易绿证3369万个。 ...

央视网消息：据国家能源局公众号消息，2月14日，国家能源局发布2026年1月全国可再生能源绿色电力证书核发及交易数据。 一、绿证核发情况 单位:万个、元/个 2026年1月，全国交易绿证1.02亿个，其中绿色电力交易绿证3369万个。 | 可再生能源发电类型 | 1月交易绿证数量 | | --- | --- | | 风电 | 4897 | | 太阳能发电 | 4206 | | 生物质发电 | 797 | | 其他可再生能源发电 | 306 | | 总计 | 10206 | 2026年1月，全国单独交易绿证6837万个，其中电量生产年为2024年的绿证交易650万个，平均价格1.25元/个；电量生产年为2025年的绿证交易6188万 个，平均价格5.51元/个。 全国单独交易绿证价格一览表 2026年1月，国家能源局核发绿证1.96亿个，涉及可再生能源发电项目83.20万个，其中可交易绿证1.51亿个，占比76.79%。本期核发2025年12月可再生能 源电量对应绿证1.52亿个，占比77.49%。 $$\bigtriangleup\mathbb{E}\,|_{\mathcal{H}}^{\pm}\,\exis ...

Group 1: Green Certificate Issuance - In January 2026, the National Energy Administration issued 196 million green certificates, covering 832,000 renewable energy generation projects, with 151 million being tradable, accounting for 76.79% of the total [2] - The green certificates issued correspond to renewable energy generation for December 2025, totaling 152 million, which represents 77.49% of the issuance [2] - The breakdown of green certificate issuance by renewable energy type includes: Wind Power (85,450), Solar Power (54,900), Conventional Hydropower (41,580), Biomass Power (13,110), and Other Renewable Energy (980) [4] Group 2: Green Certificate Trading - In January 2026, a total of 102 million green certificates were traded nationwide, with 33.69 million being green electricity trading certificates [5] - The trading volume by renewable energy type includes: Wind Power (48,970), Solar Power (42,060), Biomass Power (7,970), and Other Renewable Energy (3,060) [7] - The separate trading of green certificates in January 2026 reached 68.37 million, with 6.5 million certificates for the production year 2024 traded at an average price of 1.25 yuan per certificate, reflecting a 11.64% increase in price; for the production year 2025, 61.88 million certificates were traded at an average price of 5.51 yuan per certificate, showing a 7.04% price increase [7][9]

Core Insights - The National Energy Administration reported that by 2025, the installed capacity of renewable energy in China will reach 450 million kilowatts, a year-on-year increase of 21%, accounting for 83% of the country's new power installations [1][4] - Renewable energy's share of total installed capacity will exceed 60%, with wind and solar power contributing over 430 million kilowatts of new installations, surpassing thermal power for the first time in history [1][4] Installed Capacity - In 2025, the breakdown of new renewable energy installations includes 12.15 million kilowatts from hydropower, 120 million kilowatts from wind power, 318 million kilowatts from solar power, and 1.51 million kilowatts from biomass [1][4] - By the end of 2025, the total installed capacity of renewable energy will reach 2.34 billion kilowatts, a 24% increase year-on-year, representing approximately 60% of the total installed power capacity in the country [1][4] Power Generation - The renewable energy generation in 2025 is projected to be 3.99 trillion kilowatt-hours, a 15% increase year-on-year, accounting for 38% of total power generation, surpassing the combined electricity consumption of the tertiary industry and urban-rural residents [2][5] - The new renewable energy generation will cover the entire increase in social electricity consumption, which is 516.1 billion kilowatt-hours [2][5] Green Development - The share of green electricity in total electricity consumption is significant, with nearly 4 out of every 10 kilowatt-hours being green energy [2][5] - The cumulative installed capacity of wind and solar power reached 1.84 billion kilowatts by 2025, accounting for 47.3% of total capacity, marking a historic surpass of thermal power [2][6] Future Plans - The National Energy Administration aims to continue promoting the share of non-fossil energy consumption during the 14th Five-Year Plan period, with a focus on maintaining an average annual growth of 200 million kilowatts in wind and solar power [3][6] - Efforts will be made to enhance energy efficiency and expand the use of green electricity in key sectors such as industry, construction, and transportation, while also promoting the utilization of biomass and geothermal energy [3][6]