District electricity prices, excess capacity consumption, coal-electricity joint ventures, regional strategic development plans of various enterprises and other factors. This round of resource integration pilots will start in 2019 and will take about three years. The goal of the pilot integration is to strive to achieve a significant optimization of the production capacity structure in the pilot area by the end of 2021, the synergy of coal and power continues to increase, and the operational efficiency is steadily increasing. The coal power production capacity has dropped by a quarter to one third, and the average equipment utilization hour has increased significantly. The overall loss reduction exceeded 50%, and the asset-liability ratio dropped significantly.
More than two years ago, another reorganization took place in the power generation industry-in August 2017, Guodian Group merged with Shenhua Group, the world ’s largest coal company, to reorganize into National Energy Investment Group Co., Ltd. At the reorganization meeting, the SASAC stated that the reorganization of the two enterprises will help straighten out the relationship between coal and power, realize the integrated development of coal and power, and improve the overall profitability and operating efficiency of the enterprise.
In recent years, due to the surplus electricity market, high coal price fluctuations and the inability to use the rise of on-grid electricity prices to defuse, the rapid development of new energy sources has squeezed coal power living space, etc. The industry has once again entered a difficult period. The power generation group once wrote that in addition to losses, the power generation group’s asset-liability ratio has been operating at a high level for a long time. Although it has fallen from the peak of 85% in 2008, it is still close to 78% in 2018, and huge financial expenses have eroded the current profits. Coal-fired power companies in Yunguichuan, Northeast, Qinghai, Henan and other regions have suffered losses overall. Some coal-fired power companies are insolvent, relying on group guarantees and commissions to survive, and some have even been shut down or bankrupt. The performance of a few listed power companies is difficult to improve , Facing the risk of being delisted by ST.
Since 2018, there have been frequent cases of bankruptcy and liquidation in the thermal power industry. In terms of different regions, the coal-fired assets of central power generation enterprises are mainly distributed in 30 provinces across the country. Among them, 15 provinces suffered a total loss of coal-fired power businesses in 2018, mainly concentrated in the northeast, southwest, northwest and other regions; the other 15 provinces in 2018 The overall profitability of the business is mainly concentrated in East China, North China and South China.
The scope of regional integration of coal-fired power resources of central enterprises may continue to expand: According to the aforementioned report of China Energy News, some provinces in the northeast and southwest regions will also depend on the first batch of pilots Carry out relevant pilot projects.
From “planned electricity” and “market coal” to “planned electricity” and “long-term coal”, to the formal coal price linkage mechanism and benchmark electricity price mechanism last year Withdrawing from the historical stage, the market-based electricity price mechanism of “base price + floating up and down” came into the market. The performance of the coal power industry in the past ten years has experienced ups and downs, experienced two rounds of large-scale losses, and has repeatedly encountered the embarrassment of “plan and market”. Although it is still not out of the difficult period, since 2018, coalElectricity was launched again showing signs of loosening.
Some scholars in the industry appealed that no matter how new energy is developed in the future, thermal power will play an escort role in the entire energy transformation. The establishment of a capacity market is an urgent need to solve the current problems of coal and electricity. The person believes that the energy transformation process is accelerating, coal power has become a regulating resource, and the number of hours of use has been reduced to support the operation of new energy. Its role lies in capacity, not the amount of electricity generated. Coal power is converted into regulation resources, and the capacity resources it provides are valuable, but there is still a lack of market mechanisms and trading varieties that affirm that thermal power plays a role in the overall balance of electricity and power. External benefits have not been rewarded. “The market mechanism should recognize the contribution rate of each market member to scarce resources. This is the real market. To solve the problem of coal power, we must establish a capacity market, recognize its value, and give its capacity compensation.”