China Bond Information Network, headed by the Central Government Bond Registration and Settlement Co., Ltd., disclosed the financial statements of State Grid Corporation of China and China Southern Power Grid Co., Ltd. for the first quarter of 2020 on April 30. Affected by the “quantity and price drop” of electricity under the epidemic, the performance of the two major power grid companies fell sharply to varying degrees in the first quarter.
The data shows that the State Grid Corporation of China, which covers 26 provinces, has been hit harder by the epidemic. In the first quarter, operating income fell by 8.85% year-on-year, and net profit fell by 106% year-on-year. There was a net loss of 925.5 million yuan (of which the net profit attributable to the owner of the parent company was -9444 million yuan, and the minority shareholders’ profit and loss was 18.4091 million yuan). In the first quarter of the year, China Southern Power Grid Corporation, which has operations in the five southern provinces, experienced a year-on-year decrease in operating income of approximately 10% and a net profit of 81.3% year-on-year decline to approximately 827 million yuan (including a net profit attributable to owners of the parent company of approximately 452 million yuan).
Both State Grid and China Southern Power Grid were born in 2002 under the “Power Plant Separation” under the power system reform. After the reorganization of the assets owned by the former State Power Corporation, two major power grids were born The company, the five major power generation groups and the four major auxiliary industry groups. State Grid Corporation recorded a loss in the first three months of each year is very rare. Surging news query the company ’s first quarter financial report in the past five years found that from 2015 to 2019, the first quarter net profit of State Grid was approximately 14.99 billion yuan and 17.35 billion respectively. Yuan, 17.20 billion yuan, 17.39 billion yuan, 15.30 billion yuan. In 2019, State Grid Corporation’s net profit was 57.93 billion yuan.
The decline in the first quarter performance of the two major power grids is directly related to the phased profit cuts under the epidemic: “In late February of this year, the National Development and Reform Commission issued a notice to reduce the number of enterprises Electricity cost, support enterprises to resume production and production, and overcome difficulties together. The notice clearly states that from February 1, 2020 to June 30, the general industrial and commercial and other electricity prices are now reduced except for users in high energy-consuming industries. 1. The electricity cost of electricity users of large industrial electricity prices. When calculating the electricity charges of the above electricity users (including users who have participated in market transactions), the grid companies shall settle at 95% of the original electricity price level. Implementation time of the two-part tariff policy. The supportive two-part tariff policy introduced on February 7 will be implemented until June 30.
China Southern Power Grid has successively announced relevant measures, which will reduce the electricity bills of about 59.5 billion yuan for large industrial and general industrial and commercial enterprises. Among them, State Grid said that it will reduce or reduce electricity bills by 48.9 billion yuan in its business areas. Free electricity is “out of their pocket,” such as National Grid, “said political stage reduce electricity costsAll the reduction and exemption of electricity charges involved in the policy will not be transmitted to upstream enterprises such as power generation enterprises, and will not be shared with the government funds collected. ”
In addition to discounting the electricity bills of eligible enterprises, the electricity sales of the power grid in the first quarter are also decreasing. Affected by the epidemic, the electricity consumption of the whole society in the first quarter of this year decreased year-on-year 6.5%, a new quarterly growth rate of electricity consumption in the past 10 years. According to preliminary estimates by the China Electricity Council, the new coronary pneumonia epidemic affects the entire society ’s electricity consumption in the first quarter of about 170 billion kWh.
Peng Huagang, member of the Party Committee and Secretary-General of the State-owned Assets Supervision and Administration Commission of the State Council, said at the press conference on the economic operation of the central enterprises in the first quarter on April 20 that in the process of fighting the epidemic, the central enterprises implemented some policy-based profit reductions. This has led to a significant drop in efficiency. “For example, power grid companies have implemented policies to reduce electricity prices in large industries and general industrial and commercial industries, reducing electricity costs by 3.3 cents per kilowatt hour, and reducing fees to more than 50 million business users by about 20 billion yuan. ”
The environmental protection public team of the National Securities Institute believes that the reason why the two power grids undertake the task of reducing the cost of electricity in stages is mainly due to the settlement function of the power grid , Its cost can be recovered within the period of power transmission and distribution price supervision and review, which only affects its cash recovery time and cycle. Therefore, compared with the characteristics of power generation companies and funds that cannot be increased after the reduction and exemption, it is more suitable for the power grid to undertake price reduction tasks in special periods. Support enterprises to resume production and operation.
The China Electricity Council recently mentioned in the “Analysis and Forecast Report on the National Electricity Supply and Demand Situation in the First Quarter of 2020” released a few days ago, it specifically mentioned the mitigation of the operation of power grid enterprises. Pressure recommendations. The agency said that power companies implement the policy of lowering the general industrial and commercial electricity price by 10% for two consecutive years in 2018 and 2019, and implement a phased policy to reduce electricity costs this year, which will also benefit power users and bring business operations. There is a lot of pressure, and there are currently many provincial power grid enterprises in the country that have suffered losses. Therefore, it is recommended that in the calculation of transmission and distribution prices in the second regulatory cycle, a balanced consideration should be taken into account Net price impact of the implementation of enterprise policy, and more channels to raise in the second cycle of the nuclear regulatory follow-up to the provincial power grid price price of funds, reduce power loss-making enterprises.