Guoyuan International released a research report stating that in September, the growth rates of thermal power and wind power accelerated significantly, which is bullish for the profitability improvement of thermal power and wind power operators. On October 15th, China's provincial electricity spot market officially started running, marking a new stage in the construction of a unified national electricity market. It is expected that the scope of market-oriented electricity trading nationwide will further expand, helping to achieve optimal allocation of power resources and greatly promote the integration of new energy. The bank continues to recommend China Huaneng International Power Company (00902), China Resources Power (00836), and China Power International (02380) as key long-term holdings.
The report stated that on October 18th, the National Bureau of Statistics released the energy production situation for September 2024. In September, the production of raw coal, crude oil, natural gas, and electricity in industrial enterprises above a designated size (hereinafter referred to as large-scale industrial enterprises) grew steadily. Regarding electricity production, the production of electricity in large-scale industrial enterprises accelerated slightly. In September, the electricity generation of large-scale industrial enterprises reached 802.4 billion kilowatt-hours, a year-on-year increase of 6.0%, with growth rate 0.2 percentage points faster than August; the daily average electricity generation of large-scale industrial enterprises was 26.75 billion kilowatt-hours. From January to September, the electricity generation of large-scale industrial enterprises reached 7056 billion kilowatt-hours, a year-on-year increase of 5.4%.
By category, in September, the growth rates of thermal power and wind power in large-scale industrial enterprises accelerated, hydropower shifted from growth to decline, nuclear power and solar energy generation growth rates decreased. Specifically, thermal power in large-scale industrial enterprises increased by 8.9% year-on-year, an increase of 5.2 percentage points compared to August; hydropower in large-scale industrial enterprises decreased by 14.6%, whereas in August it grew by 10.7%; nuclear power in large-scale industrial enterprises increased by 2.8%, a decrease of 2.1 percentage points from August; wind power in large-scale industrial enterprises increased by 31.6%, an increase of 25.0 percentage points from August; solar energy generation in large-scale industrial enterprises increased by 12.7%, a decrease of 9.0 percentage points from August.
