In July 2024, the National Development and Reform Commission, the National Energy Administration, and the National Bureau of Statistics jointly issued the "Action Plan for Accelerating the Construction of a New Type of Power System (2024-2027)". Among them, 9 key special actions are deployed to support the construction of the new power system from the aspects of source network load storage and demand-side.
Zhongtai Securities released a research report that in July 2024, the National Development and Reform Commission, the National Energy Administration, and the National Bureau of Statistics jointly issued the "Action Plan for Accelerating the Construction of a New Type of Power System (2024-2027)". The "Action Plan" proposes guidelines and new requirements for subdivided tracks, emphasizing the optimization and adjustment of new energy system-friendly power plants, power load management systems, distribution networks, intelligent scheduling systems, and virtual power plants to improve their capabilities. It is recommended to pay attention to investment opportunities related to the construction of a new power system and the market-oriented reform of the power industry. Recommended stocks include Nari Technology (600406.SH), State Grid Information & Telecommunication (600131.SH), CSR Zhuzhou Institute Co.(CSRH, 688248.SH) and so on.
Zhongtai Securities' main points are as follows:
Three departments jointly issued the "Action Plan" to accelerate the deployment of a new power system.
In July 2024, the National Development and Reform Commission, the National Energy Administration, and the National Bureau of Statistics jointly issued the "Action Plan for Accelerating the Construction of a New Type of Power System (2024-2027)". The purpose is to focus on key areas, clarify the key tasks from 2024 to 2027, solve "big problems" from "small breakthroughs" with high benefits, potential efficiency, and strong leading effects, and adopt a work method of "prior trial". Among them, 9 key special actions are deployed to support the construction of the new power system from the aspects of source network load storage and demand-side.
Source network load storage side: multi-link system upgrade and transformation, strengthen the construction of intelligent scheduling system.
Source side: Build new energy-friendly power plants, promote the integrated development of smart calculation and new energy. Build new energy system-friendly power stations, coordinate the operation of new energy and energy storage with the intelligent control system; the integrated development of "smart calculation + new energy" has become a necessary requirement for building a new power system, and the implementation of the project that combines computing power and power; promote the construction of a new generation of coal-fired power generation standards, and focus on improving system design and equipment selection standard system.
Grid side: Formulate distribution network standards and strengthen the construction of intelligent scheduling system. Some local areas still need to transform the distribution network, and the scale of distributed new energy access to the distribution network faces challenges. The "Action Plan" will launch a high-quality development campaign for the distribution network, and the intelligent transformation of the distribution network will be accelerated. The overall design of the intelligent scheduling system needs to change from the traditional "source-following-load" to "source-grid-load-storage fusion and interaction".
Load side: New power load management system to help respond capabilities exceed maximum power load. Based on the new power load management system, the typical region's demand-side response capability is ≥5%+ of the maximum power load, and the demand-side response capability of the typical regions with conditions reaches about 10% of the maximum power load.
Storage side: Strengthen the application system construction of storage capacity layout. In 2023, China's newly added installed capacity of new energy storage exceeded 20GW for the first time. From 2024 to 2030, the cumulative installed capacity of energy storage is expected to have a CAGR of more than 30%. The "Action Plan" pointed out that it is necessary to build shared energy storage power stations, strengthen the application system construction of storage capacity layout, and improve the power supply and new energy consumption capacity at the system level.
Demand side: Build a virtual power plant to accelerate the construction of a national unified power market. The "Action Plan" proposes to build a virtual power plant on the demand side to provide important support for accelerating the construction of a new power system. Specifically, it is necessary to improve and improve the technical system of virtual power plants, use market tools to enrich the means of power system regulation, on the one hand, do a good job in the connection between scheduling and the power market, on the other hand, improve the price formation mechanism of demand response and cost guidance model.
Risk reminder: The risk of intensified industry competition; the risk of policy landing falling short of expectations, and the risk that publicly available materials used in research reports may have outdated information or not be updated in a timely manner.