成绩远超预期。一辆辆新能源汽车驶入千家万户，折射出绿色消费理念深入人心，映照中国经济社会绿 色转型动能澎湃。 不禁要问，这样的"绿色加速度"，从何而来？ 不久前发布的中国经济年报中，一项数据具有标志性意义：2025年，我国新能源汽车国内新车销售量占 比突破50%。 回看2020年国务院办公厅印发的《新能源汽车产业发展规划（2021—2035年）》，当时设定的目标是： 到2025年，新能源汽车新车销售量达到汽车新车销售总量的20%左右。 山西太原，太钢集团作为传统钢铁企业，高能耗、高排放一度是难以撕掉的标签。企业瞄准高端不锈钢 领域攻关，研发出厚度仅0.02毫米的"手撕钢"，广泛应用于航空航天、精密仪器等高端制造领域。一家 企业的蝶变，彰显发展智慧。 转型故事遍神州。内蒙古草原上风机昼夜旋转，风电装机规模居全国首位。青海高原上光伏板绵延成 海，通过特高压直流工程，持续向外地输送绿电。福建宁德，曾经的"老少边岛贫"地区，"长"出全球最 大的聚合物锂离子电池生产基地。各展所长、协同创新，全球最大最完整的新能源产业链就这样在中国 建成。 除了政府引导、企业创新，绿色转型归根到底还要靠亿万人民用脚投票、用手创造。 有网 ...

The consensus price target for BEPC has remained stable at $36, indicating steady confidence from analysts.Morgan Stanley has set a higher price target of $39 for BEPC, reflecting a positive outlook on the company's future performance.Brookfield Renewable's focus on hydroelectric, wind, and solar power positions it as a key player in the global shift towards sustainable energy.Brookfield Renewable Corporation (NYSE:BEPC) is a prominent entity in the renewable energy sector, focusing on hydroelectric, wind, ...

Year Ended December 31, 2025 CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This Supplemental Information contains forward-looking statements and information, within the meaning of Canadian securities laws and "forward-looking statements" within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, Section 21E of the U.S. Securities Exchange Act of 1934, as amended, "safe harbor" provisions of the United States Private ...

Core Insights - Brookfield Renewable Partners reported record financial results for 2025, highlighting its leadership in providing clean and reliable energy solutions to governments and corporations [2][3] - The company signed a Hydro Framework Agreement with Google to deliver up to 3,000 megawatts of hydro capacity, reflecting strong demand from hyperscalers for clean energy [4][7] Financial Performance - For the twelve months ended December 31, 2025, Brookfield Renewable reported Funds From Operations (FFO) of $1,334 million, or $2.01 per unit, representing a 10% increase year-over-year [3][4] - The net income attributable to unitholders for the same period was a loss of $19 million, compared to a loss of $464 million in 2024 [3][4] Operating Segments - The hydroelectric segment generated $607 million in FFO, up 19% year-over-year, driven by higher revenue and stronger generation in Canada and Colombia [4][7] - The wind and solar segments combined generated $648 million in FFO, benefiting from acquisitions and development activities [4][7] - The distributed energy, storage, and sustainable solutions segments contributed $614 million in FFO, nearly a 90% increase from the previous year [4][7] Strategic Initiatives - The company committed or deployed up to $8.8 billion across strategic technologies in core markets, enhancing its growth potential [5][6] - Brookfield Renewable executed a record ~$4.5 billion in asset recycling, generating expected proceeds that significantly exceeded invested capital [6][7] Capacity Expansion - The company delivered approximately 8,000 megawatts of new capacity globally in 2025, a 20% increase year-over-year, and expects to achieve a run-rate of ~10,000 megawatts per year by 2027 [7][8] - Brookfield Renewable's partnerships with leading corporates and governments are expected to drive further growth in large-scale clean energy solutions [5][7] Liquidity and Capital Structure - As of December 31, 2025, the company maintained $4.6 billion in available liquidity and completed over $37 billion in financings, optimizing its capital structure [9][14] - The company reaffirmed its BBB+ investment grade rating with major rating agencies during 2025 [14] Distribution Declaration - The next quarterly distribution is set at $0.392 per LP unit, reflecting a more than 5% increase, bringing the total annual distribution per unit to $1.568 [10][11]

28 January 2026 | 9:13PM EST Equity Research AMERICAS US Power Pipeline: Total capacity additions reached 80% of GSe in 2025 with ~50 GW added The pace and sourcing of US power infrastructure is a front and center area of focus for investors given implications for the pace of AI deployment as a driver of our 2.6% CAGR in US power demand through 2030. In this note, we analyze the generation capacity data from the EIA to track currently planned and added capacity. We believe Parts/People availability are amon ...

Core Insights - Europe is intensifying efforts to reduce reliance on imported energy, achieving partial success through demand destruction due to high prices [1] - Nine European countries plan to construct 100 GW of offshore wind power capacity to enhance local electricity sourcing, reducing dependence on imported natural gas [2] - The U.S. is experiencing severe winter weather, leading to increased electricity generation from oil, highlighting the importance of reliable baseload energy sources [3][5] Group 1: European Energy Strategy - Nine European countries, including the UK, Germany, and France, are collaborating to build large-scale offshore wind projects to generate 100 GW of power [2] - The initiative aims to collectively utilize the electricity produced, thereby decreasing reliance on imported energy commodities [2] - Germany's coal power plants have been ramped up in response to unexpected winter weather, despite the country's limited production of baseload generation fuels [6] Group 2: U.S. Energy Response - New England has seen a significant increase in oil-generated electricity, with reports indicating that oil contributed up to 40% of the region's electricity mix during harsh winter conditions [3] - Texas's grid operator prepared for minimal wind generation due to the storm, anticipating that frigid weather could take offline up to 60% of its 40.6 GW capacity [4] - The situation in the U.S. underscores the critical role of baseload electricity sources like gas, coal, nuclear, and oil during emergencies, contrasting with the intermittent nature of wind and solar energy [5]

Summary of India Power Sector Conference Call Industry Overview - **Industry**: Indian Power Sector - **Key Focus**: The transition from thermal to renewable energy sources, including coal, renewables, and nuclear power, as India aims to electrify its economy similar to China but at a slower pace [1][2][3] Core Insights and Arguments 1. Power Demand Projections - **Demand Growth**: Expected to grow at a range of 0.7x to 1.2x of real GDP growth, with a base case of 5.5% CAGR [2][5] - **Renewable Capacity**: Forecast of 430 GW of renewable energy by 2030, below the government target of 500 GW [5][39] - **Battery Energy Storage Systems (BESS)**: Anticipated addition of 60-70 GW of BESS by 2030 to manage demand and supply effectively [2][5] 2. Supply Mix and Capacity - **Thermal Capacity**: Current thermal capacity expected to reach 346 GW by FY30, with coal demand projected to grow at ~1% CAGR until FY30 [39][51] - **Nuclear and Renewable Energy**: Plans for nuclear energy expansion, but significant additions are not expected until after 2030 [3][6] - **Curtailment Issues**: In a high demand scenario (7% CAGR), curtailment of renewable energy could rise to 8% [2][5] 3. Long-term Perspectives (2040) - **Capacity Needs**: By 2040, a scenario with no new coal additions could require BESS capacity to rise to 390 GW to meet demand [3][82] - **Coal Retirement**: Potential for retiring 10% of coal plants, but this would increase reliance on BESS technology [3][84] - **Cost Considerations**: Levelized cost of energy (LCOE) for renewable energy is projected to be higher if coal is phased out without adequate BESS capacity [3][84] Additional Important Insights 1. Technology Uncertainties - **Sodium-ion Batteries**: Expected to reach cost parity with lithium-ion batteries by 2026, which could enhance renewable energy adoption in India [75][76] - **Small Modular Reactors (SMRs)**: While promising, SMRs are projected to be at least a decade away from commercial viability [66][67] 2. Investment Implications - **Capex Requirements**: Estimated capital expenditure for achieving the 500 GW renewable target could be significantly higher than the base case scenario [57][58] - **Stock Ratings**: Companies like NTPC, Power Grid, ReNew, and Adani Green are rated based on their expected performance against market indices [4][11][97][100] 3. Risks and Challenges - **Project Delays**: Risks include slower-than-expected project capitalization and challenges in battery technology development [101][102] - **Market Dynamics**: The need for a stable regulatory environment and technological advancements to support the transition to renewable energy [102][106] This summary encapsulates the key points discussed in the conference call regarding the future of India's power sector, highlighting the balance between demand growth, supply capacity, and the transition to renewable energy sources.

Core Insights - In December, the production of raw coal and crude oil in large-scale industries remained stable, while natural gas production showed steady growth and electricity production continued to increase [1] Group 1: Electricity Production - In December, the electricity generation of large-scale industries reached 858.6 billion kWh, representing a year-on-year growth of 0.1%, with an average daily generation of 27.7 billion kWh [1] - For the entire year of 2023, the total electricity generation was 9715.9 billion kWh, reflecting a year-on-year increase of 2.2% [1] Group 2: Breakdown by Energy Source - In December, the decline in thermal power generation narrowed, while the growth rates of hydropower, nuclear power, wind power, and solar power slowed down [1] - Specifically, thermal power generation decreased by 3.2% year-on-year, with the decline narrowing by 1.0 percentage point compared to November [1] - Hydropower generation increased by 4.1%, but the growth rate slowed by 13.0 percentage points from November [1] - Nuclear power generation grew by 3.1%, with a slowdown of 1.6 percentage points compared to November [1] - Wind power generation saw an increase of 8.9%, with a deceleration of 13.1 percentage points from November [1] - Solar power generation rose by 18.2%, but the growth rate decreased by 5.2 percentage points compared to November [1]

本报讯（西海新闻记者 范程程）近日，由青海省市场监督管理局支持建设的高原光伏海南藏族自治州 检验检测站揭牌成立，标志着首个专注于高海拔极端环境下光伏、风电、储能全链条检测的权威平台落 地运行，填补了高海拔地区新能源设备专业检测的技术空白，为清洁能源高质量发展按下"加速键"。 青藏高原平均海拔高、太阳辐射强、昼夜温差大、气候多变，既是发展光伏产业的"天然试验场"，也是 设备稳定运行的"极限考场"。长期以来，因缺乏本地化、系统化的检测能力，新能源项目设备多需外送 至低海拔地区检测，周期长、成本高、适配性差，严重制约产业提质增效。如今，这座家门口的检测 站，将彻底改变这一局面。 检测站配备巡检无人机、移动检测车、红外热成像仪等先进设备，设立光伏组件性能、储能安全、风电 适应性等6大核心检测室，构建起"收样—检测—数据分析—报告出具—样品留存"全流程闭环服务体 系。从一块光伏板的衰减率，到一座储能电站的热失控风险，都能在这里得到精准"体检"和科学评估， 真正实现"一次检测、全域通行"。 "这不仅是建了一个实验室，更是为高原新能源产业立下了一把'尺子'。"技术负责人表示，检测站将围 绕高海拔环境下的设备耐候性、发电效率 ...

Core Insights - The core viewpoint of the news is that Guangxi's renewable energy capacity is set to exceed 60 million kilowatts by the end of 2025, making it the largest power source in the region, with a significant contribution from wind and solar energy [1] Group 1: Renewable Energy Growth - By the end of 2025, Guangxi's installed renewable energy capacity will surpass 60 million kilowatts, accounting for over 49.6% of the total power generation [1] - During the 14th Five-Year Plan period, Guangxi's wind power and photovoltaic capacity have seen substantial growth, increasing from 6.532 million kilowatts and 2.047 million kilowatts to 24.61 million kilowatts and 32.73 million kilowatts, respectively [1] - The annual growth rate for the newly added capacity of both wind and solar energy has exceeded 30% [1]