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Source: Changjiang Business Daily
Xu Liangli, a reporter from Changjiang Business Daily.
Long Source Power (000966)Aiceasiangames2018.SZ) gradually optimize the energy structure.
On May 20, Changyuan Electric Power announced at the performance presentation meeting that the company's investment plan for 2024-2025 is expected to be about 16 billion yuan.Aiceasiangames2018By the end of the 14th five-year Plan period, the company's total installed capacity of new energy will exceed 4 million kilowatts. Changyuan Electric Power said that the company will continue to increase investment in wind power, photovoltaic and other clean and renewable energy, and further expand the proportion of new energy. The proportion of clean energy in the company will exceed 40% by the end of the 15th five-year Plan period.
Since 2022, Changyuan Electric Power has announced that it has invested more than 25 billion yuan in new energy projects. At present, Changyuan Electric Power is promoting the fixed increase, and plans to raise 3 billion yuan for ten photovoltaic power generation projects in Hanchuan, Suizhou, Jingmen and other areas of Hubei Province.
The installed capacity of new energy has reached 1.57 million kilowatts
Changyuan Electric Power is a listed company controlled by the State Energy Investment Group, established in April 1995, mainly engaged in electric power, thermal production and sales, including thermal power, hydropower, new energy power generation and electricity sales. By the end of December 2023, Changyuan power installed capacity accounted for 12.69% of Hubei province's installed power capacity (excluding the three Gorges), the company's thermal power installed capacity accounted for 20.78% of Hubei's thermal power installed capacity, and renewable energy accounted for 20.82%, an increase of 6.98 percentage points over the same period last year.
As a traditional coal and power enterprise, the performance of Changyuan Electric Power fluctuates obviously by factors such as coal price, which can be reflected by the gross profit margin index which reflects the profitability. From 2020 to 2022, Changyuan Power's comprehensive gross profit margin was 13.49%, 1.33% and 4.84%, respectively. To this end, in recent years, the company has accelerated the development of hydropower, wind power, photovoltaic and other new energy industries.
By the end of December 2023, the total controllable installed capacity of Changyuan Electric Power was 10.4947 million kilowatts, of which 8.31 million kilowatts of thermal power units, 1.3136 million kilowatts of photovoltaic units, 585500 kilowatts of hydropower units and 264000 kilowatts of wind turbines still accounted for more than 80 percent of the installed capacity.
From the overall installed structure, the company's new energy installation has reached 1.57 million kilowatts, an increase of 1.381 million kilowatts compared with 2020, and has formed a good situation of rolling succession and coordinated development of "reserve, development and construction".
With regard to the future layout planning of the company's various power generation sectors, Changyuan Electric Power revealed that the company will lead the transformation and development of enterprises with new energy. Due to the changes in the electricity market, the company currently holds a prudent attitude towards the development of coal power projects. In principle, coal power projects will not be developed during the 14th five-year Plan period, except for the 2 × 1 million kilowatt coal power project under construction in Hanchuan Phase IV. In the future, more will be invested in wind power, photovoltaic and other new energy fields.
At the performance presentation meeting of Changyuan Electric Power on May 20, the company revealed that it is expected that the domestic coal market supply and demand will be generally stable in 2024, the Electric Coal medium and long Association will continue to play the role of market "ballast stone", and the spot coal price is expected to narrow. In 2024, the company's purchase of thermal coal is still mainly Changxie coal, and the purchasing cost of thermal coal is relatively stable. At the same time, the company's 2024-2025 investment plan is expected to be about 16 billion yuan; by the end of the 14th five-year Plan period, the company's total installed capacity of new energy will exceed 4 million kilowatts.
Plan to raise funds to increase the size of new energy projects
According to incomplete statistics, from 2022 to the end of 2023, Changyuan Electric Power has announced a cumulative investment of more than 25 billion yuan in new energy projects. The new energy projects that have been put into production have provided support for the company's profits. In addition, the unit price of comprehensive standard coal for thermal power units has declined compared with the same period last year, and Changyuan Power has achieved good results in the first quarter of 2023 and 2024. For the whole of 2023, the company achieved operating income of 14.457 billion yuan, a decrease of 1.4% over the same period last year, and a net profit of 349 million yuan, an increase of 184.07% over the same period last year. In the first quarter of 2024, the company achieved a double increase in revenue and net profit, of which the operating income was about 4.224 billion yuan, an increase of 7.66% over the same period last year, and the return net profit was about 250 million yuan, an increase of 12.95% over the same period last year.
Changyuan Electric Power is pushing forward the fixed increase. In January this year, the company disclosed a prospectus for issuing shares to specific targets, intending to raise 3 billion yuan, of which about 2.523 billion yuan will be used for 10 photovoltaic power generation projects in Hanchuan, Suizhou, Jingmen and other areas of Hubei Province.
Changyuan Electric Power also said that the company's Songzi pumped storage project was approved in September 2022, with a planned installation of 1.2 million kilowatts, and that the feasibility study phase of the project has been completed and relevant investment decision-making procedures are being studied. With regard to the capacity electricity price policy implemented in Hubei Province in May, the company will settle the capacity electricity charge on a monthly basis according to the policy. The company believes that this policy plays a certain role in stabilizing the company's operating performance, in the long run, the capacity electricity price mechanism is conducive to the sustained and healthy development of the coal and power industry.
