全球能源格局正经历前所未有的变革。人工智能的飞速发展正推动数据中心电力需求在未来十年 内激增三倍， 如果将数据中心视为一个国家，那么到本世纪30年代，它将成为继中国、美国和 印度之后的第四大电力消费国。 这股强大的需求浪潮，正在重塑我们对电力系统的规划和投资 方式。 在这一背景下，传统电网面临巨大挑战。如何将快速增长的可再生能源、庞大的数据中心负荷以 及复杂的供应链因素有效整合？电网的稳定性如何在新旧能源更替中得到保障？随着中国电力市 场改革的加速，开发商又该如何应对定价机制的市场化所带来的收入不确定性？此外，核电作为 清洁、可调度的电力来源，如今已重回焦点，尤其是在中国，核电建设正引领全球复兴。 彭博新能源财经诚邀您参加将于 9月19日（星期五）下午在上海 举办的线下研讨会，与我们共 同探讨这些关键议题。 我们期待与您相聚在陆家嘴， 共同探讨新型电力系统的构建之道，驾驭变革，把握未来机遇。 议 程 13:30-14:00 签到 电网稳定性的前沿洞察：深入分析构网型技术如何应对可再生能源高渗透率带来的挑战； 数据中心与绿色能源的交汇：展望AI驱动下的全球数据中心用电需求，以及清洁能源在其中 的应用机遇； 中国 ...

Core Viewpoint - The global energy landscape is undergoing unprecedented changes, driven by the rapid development of artificial intelligence, which is expected to triple the electricity demand from data centers over the next decade, positioning data centers as the fourth-largest electricity consumer after China, the US, and India by the 2030s [2]. Group 1: Energy Demand and Supply Challenges - The surge in electricity demand from data centers poses significant challenges for traditional power grids, necessitating effective integration of rapidly growing renewable energy sources and complex supply chain factors [2]. - The stability of the power grid must be ensured amid the transition from old to new energy sources, particularly as China's electricity market reforms accelerate [2]. Group 2: Nuclear Power and Market Reforms - Nuclear power is regaining focus as a clean and dispatchable energy source, with China leading a global revival in nuclear power construction [2]. - The article discusses the implications of market-oriented pricing mechanisms on revenue uncertainty for developers in the context of China's electricity market reforms [2]. Group 3: Event Agenda and Expert Insights - The event will feature discussions on grid stability, the intersection of data centers and green energy, the impact of market reforms on project developers, and the future role of nuclear power in energy transition [5][6]. - Key speakers include experts from Bloomberg New Energy Finance (BNEF) who will provide insights into global data center electricity demand and clean energy applications, as well as strategies for navigating market reforms [7][10].

Investment Rating - The report maintains an "Outperform" rating for the industry [6] Core Insights - The National Energy Administration has initiated the first batch of pilot projects for the construction of a new power system, focusing on seven key directions to enhance the integration and consumption capacity of renewable energy [3][19][20] - Zhejiang Province has released a demand-side management plan for summer peak electricity demand in 2025, aiming to reduce peak load by over 1GW through various measures including time-of-use pricing and encouraging user-side energy storage participation [4][27][28] Summary by Sections Market Review - From June 3 to June 6, the gas and water sectors increased by 1.15% and 0.64% respectively, while the environmental and power sectors decreased by 0.07% and 0.60%, with the Shanghai and Shenzhen 300 Index rising by 0.88% during the same period [12][10] Industry Perspectives - The pilot projects for the new power system will explore new technologies and models, addressing bottlenecks in renewable energy development and enhancing the reliability of power supply [3][19][20] - The pilot focuses on seven areas: grid-structured technology, system-friendly renewable power plants, smart microgrids, collaboration between computing power and electricity, virtual power plants, large-scale high-proportion renewable energy delivery, and new-generation coal power [19][20][24] Investment Recommendations - The report recommends specific companies within various sectors: - For thermal power: Jiangsu Guoxin is recommended, while Sheneng Co. and Zhejiang Energy Power are given cautious recommendations [4] - For nuclear power: China National Nuclear Power and China General Nuclear Power are cautiously recommended [4] - For hydropower: Changjiang Power is recommended, with cautious recommendations for Huaneng Hydropower and Qianyuan Power [4] - For green energy: Attention is suggested for Three Gorges Energy and Jiangsu New Energy, with cautious recommendations for Longyuan Power and Zhejiang New Energy [4] - For environmental protection: Yongxing Co., Huaguang Huaneng, and Xuedilong are recommended, with cautious recommendations for United Water and attention for Fuzhi Environmental Protection and Dayu Water Saving [4]

Core Viewpoint - The National Energy Administration has initiated the first batch of pilot projects for the construction of a new power system, focusing on seven key areas to drive innovation and breakthroughs in technology and operational models [1][2][3]. Group 1: Overall Requirements - The pilot projects will focus on cutting-edge directions related to the new power system, utilizing typical projects for single-direction trials and typical cities for multi-direction comprehensive trials [3][4]. - The seven key areas for initial pilot work include grid-structured technology, system-friendly renewable power plants, smart microgrids, collaboration between computing power and electricity, virtual power plants, large-scale high-proportion renewable energy delivery, and new-generation coal power [3][4]. Group 2: Pilot Directions - **Grid-Structured Technology**: Focus on weak grid areas with high renewable energy integration, applying new energy/grid control technologies to enhance stability and supply security [5]. - **System-Friendly Renewable Power Plants**: New or upgraded renewable power plants will be built in areas with tight supply or high consumption pressure, improving system friendliness and output reliability [6]. - **Smart Microgrids**: Development of smart microgrid projects to enhance self-regulation and balance capabilities, increasing the proportion of self-consumed renewable energy [6]. - **Collaboration Between Computing Power and Electricity**: Planning and layout of computing power and electricity projects in resource-rich areas to increase the proportion of green electricity for data centers [7]. - **Virtual Power Plants**: Establishing various types of virtual power plants to aggregate distributed energy resources and enhance flexibility in power supply [8]. - **Large-Scale High-Proportion Renewable Energy Delivery**: Focus on developing renewable energy bases in northwest and southwest regions, optimizing transmission systems to increase green electricity delivery [9]. - **New-Generation Coal Power**: Promoting pilot projects for existing and new coal power units to meet clean carbon reduction and efficient regulation standards [9]. Group 3: Implementation Organization - **Pilot Application**: Provincial energy authorities or central enterprises will organize the submission of pilot applications, with specific requirements for new-generation coal power projects [10]. - **Pilot Review**: The National Energy Administration will establish a review process to select projects for the first batch of pilots based on feasibility and technical-economic criteria [12]. - **Project Implementation**: Local energy authorities and project units must adhere to the approved pilot plans, with any significant changes requiring approval [13]. - **Support Policies**: Various levels of energy authorities will work to create a favorable policy environment for pilot projects, including financial support for eligible projects [13]. - **Evaluation and Promotion**: The National Energy Administration will conduct comprehensive evaluations of pilot projects and promote successful technologies and models [13].