Software and service: policies are issued to ensure efficient consumption of new energy, and investment opportunities on the grid side are optimistic
Event description
On May 28, the National Energy Administration issued the Notice on Doing a Good Job in New Energy Consumption to Ensure the High Quality Development of New Energy (hereinafter referred to as the "Notice"), which made requirements and plans for grid focus issues such as coordinated development of grid sources, improvement of regulatory capacity, strengthening grid resource allocation, and optimization of new energy utilization targets.
Event comments
Under the dual carbon background, the policy reform has stepped into the deepwater area, and the grid construction under the efficient consumption has become the core. According to the interpretation of relevant policies, the Notice proposes four major tasks: 1) accelerate the construction of new energy supporting grid projects. Put forward improvement requirements for the construction and management of supporting power grid projects above 500 kV and below, including opening up "green channels" for key projects such as large-scale wind power photovoltaic bases and river basin water scenery integration bases laid out by the country, accelerating the construction progress, optimizing the grid connection process and improving efficiency; 2) Actively promote the improvement of system regulation capability and the coordinated development of grid sources, and require the provincial energy competent department to carry out the demand analysis of power system regulation capability in accordance with the growth scale and utilization rate target of new energy together with relevant departments, and formulate plans according to local conditions. 3) Give full play to the role of power grid resource allocation platform, and require power grid enterprises to further increase the proportion of new energy transmitted through trans provincial and trans regional transmission channels, strengthen inter provincial mutual aid, improve the observable, measurable, adjustable and controllable capacity of the distribution network, and build an intelligent dispatching system. 4) Scientifically optimize the target of new energy utilization rate. It is required to determine the target of utilization rate in all regions as a whole. It can be appropriately relaxed for some regions with good resource conditions, and in principle it should not be less than 90%.
In addition to relevant measures on the grid side, the Notice emphasizes on strengthening the synergy between the grid and the marketization mechanism of the power generation end and the power sale end, so as to jointly help the high-quality consumption of new energy. At the power generation end, the Notice requires power generation enterprises to explore and apply new technologies to improve the accuracy of new energy power prediction and active support capability. At the power sale and consumption end, the Notice requires that the role of grid resource allocation platform should be fully combined with the power market mechanism, and the barriers between provinces should be broken to further promote new energy to participate in the power market.
New energy consumption is imperative, and power grid construction is expected to accelerate. The continuous increase in the proportion of installed capacity of new energy power generation has brought greater demand for consumption. The grid side plays a connecting role, linking the power generation side and the power consumption side. The power grid is the core link of the entire power industry chain because of the power generation and use attribute. The new energy era: 1) The structure of power supply has changed greatly. The northwest, northeast and some coastal areas with rich solar and wind resources are gradually emerging, and the new demand for trans regional dispatching is increasing; 2) The improvement of upstream and downstream dispersion and randomness of power consumption leads to further improvement of requirements for power regulation agility, and the demand for grid dispatching and digitalization is highlighted. In the short term, the power grid informatization construction is determined by the planning cycle of the State Grid. The 24th and 25th years are the last two years of the 14th Five Year Plan, and the power grid digitalization construction is expected to accelerate. From the data, it has been reflected that the investment in domestic power grid investment projects from January to April 2024 has increased by 24.9% year on year, the growth rate is the highest since March 22.
The policy is intensively launched, and it is suggested to focus on the investment opportunities on the grid side. In May, the Measures for the Supervision of the Power Market and the Action Plan for Energy Conservation and Carbon Reduction 2024-2025 were launched successively, the top-level mechanism of the energy IT industry was constantly improved, and the reform of the power system was continuously promoted. The Notice focuses on the efficient consumption of new energy, which is expected to accelerate the construction of power grids. It is suggested to focus on investment opportunities in relevant fields of various business links of power grids: power transmission and distribution (grid digitization, distribution network automation), power trading, and auxiliary energy services.
Risk warning
1. The policy promotion is not as expected;
2. Power grid investment is less than expected.
