Electricity: A good situation in the future or the volume of price-raising

■ Joaquin Securities

Carbon neutrality basic top-level design settled: Recently, the CPC Central Committee and the State Council issued the "Opinions on The Complete, Accurate and Comprehensive Implementation of the New Development Concept to Do a Good Job in Carbon Peak carbon neutrality", marking the settlement of the basic top-level design of China's carbon neutrality "1 + N" policy system, laying the foundation for the introduction of subsequent series of policies.

Delineate short-term and long-term goals and implement a comprehensive conservation strategy: 5 major goals and three important time nodes constitute the target system of the Opinions: 1) By 2025: the green and low-carbon circular development economic system has initially taken shape; the energy efficiency of key industries has been greatly improved. 2) By 2030: the transformation of the green and low-carbon circular development economic system has achieved remarkable results; the energy efficiency of key industries has reached the international advanced level; and the total amount of carbon emissions in the country has peaked. 3) By 2060: the economic system of green and low-carbon circular development and the clean, low-carbon, safe and efficient energy system will be fully established; energy efficiency will reach the international advanced level; and the proportion of non-fossil energy consumption will reach more than 80%.

At the same time, the document delineates the bottom line of the principle of "national overall planning, saving priority, two-wheel drive, internal and external smoothness, and risk prevention" for carbon neutrality. Emphasize the priority of saving energy resources and implement a comprehensive conservation strategy. It is proposed to build a "new national system", jointly strengthen scientific and technological and institutional innovation with the two hands of the government market, and deepen reforms in the fields of energy. At the same time, preventing overreaction and ensuring safe carbon reduction were also reiterated.

Coordinate the construction requirements of industry, energy, transportation, construction and other fields: 1) Energy: strengthen the dual control management of energy consumption intensity and total amount, and greatly improve the energy utilization efficiency in the fields of industry, construction, transportation, and public institutions; control fossils and reduce coal; vigorously develop wind and solar energy, develop hydropower according to local conditions, actively develop nuclear power in a safe and orderly manner, and accelerate the application of energy storage; comprehensively promote the reform of electricity marketization and promote the reform of the power grid system. Accelerate the formation of a new power installation development mechanism supported by energy storage and peak regulation capabilities。 2) Transportation: Optimize the transportation structure. Increase the proportion of railways and waterways; promote energy-saving and low-carbon vehicles. 3) Building: low-carbon transformation of construction management mode; vigorously develop energy-saving and low-carbon buildings; optimize the structure of building energy, electrification of energy use, carry out building roof photovoltaics, waste heat heating, etc.

Investment recommendations: 1) Under the background of carbon neutrality, with the advancement of electricity reform with the reform of the electricity price formation mechanism as the core, the upward trend of electricity prices will continue to be clear. In the future, thermal power companies may usher in a good situation in which feed-in tariffs and power generation rise together, and the performance valuation is expected to double davis. 2) As the benchmark for new energy electricity prices, the coal power benchmark will also lay a solid foundation for the long-term rise of green electricity prices. At the same time, due to the flexibility of new energy in the assessment of total energy consumption in various provinces, the demand for green electricity will continue to be strong, and the valuation will also be boosted by the overall power sector boom. Recommend the national team south grid energy management with both distributed photovoltaic and building energy saving, and recommend management to incentivize the first echelon operator of garbage power generation, Grand Blue Environment.

This article originated from the Financial Circle Network