During the two sessions, the “home†of thermal power companies’ losses was once again rampant: last year’s five major power generation groups’ thermal power losses amounted to 13.719 billion yuan. Industry experts said that if the coal-electricity linkage mechanism is not reformed, thermal power companies will continue to lose money in the fourth year in 2011. The continuous huge thermal power not only tortured the "coal-electricity linkage mechanism", but also caused the price of electricity to rise to the "rising" edge.
Thermal power or loss for four consecutive years
Recently, Ruan Ruoyu, a member of the National Committee of the Chinese People's Political Consultative Conference and former general manager of China Datang Corporation, said that China's five major power generation groups, represented by Huaneng, Datang, Guodian, Huadian and China Power Investment Corporation, had a total thermal power loss of 13.719 billion yuan last year, including losses per group. 1.2 billion to 3.6 billion yuan. When the news came out, it immediately caused widespread concern.
The overall loss of thermal power companies has been in existence for a long time. Since 2008, the five major power generation groups have accumulated losses of more than 8.5 billion yuan for three consecutive years, with a total loss of 60.257 billion yuan. The loss also caused the asset-liability ratio to deteriorate very much. A recent survey showed that among the top 10 companies with the highest asset-liability ratio of central enterprises, power companies accounted for five.
A person in charge of China Power Investment Corporation told the Nanfang Daily that the company’s thermal power business had a loss of more than 3 billion yuan last year, mainly due to the increase in coal prices. As the entire group of companies consumes 130 million tons of coal, a tens of dollars per ton of coal means a loss of several billion yuan.
Ruo Ruoyu said that the high wages of power companies are generally not the main reason for the loss of enterprises. In fact, the cost of wages only accounts for 6% to 7% of the total cost of enterprises, while the cost of fuel accounts for about 70% of the cost of power generation for all thermal power companies. When fuel costs rise rapidly and feed-in tariffs remain the same, thermal power plants are not profitable.
Coal-electricity linkage: cutting and reconciling
For the phenomenon of three years of huge losses in thermal power enterprises, a topic that can't be avoided is the "coal-electricity linkage" mechanism. In fact, this mechanism, which originally wanted to establish a "bridge" between coal and electricity prices, became more and more incapable of being attacked by power companies and coal companies. On the opening day of the National "Two Sessions", it was reported that the five major power generation groups began to request the coal-electricity joint restart.
In December 2004, the National Development and Reform Commission issued the "Opinions on Establishing a Coal-Electricity Price Linkage Mechanism" to establish a market-oriented coal-electricity price linkage mechanism, and on the basis of liberalizing coal prices, bidding on electricity prices. In fact, due to the lack of “coal-electricity linkage†policy, the compliance rate of thermal coal contracts has been declining. However, the 2010 survey data shows that the key coal-fired contract fulfillment rate of 300,000 tons or more is even less than 50%, which directly affects the economic benefits of the five major power generation groups.
In addition to the rise in coal prices, some analysts believe that the loss of power generation companies is more important because of the excessively high debts of the power generation groups. Jing Tianliang, a member of the National Committee of the Chinese People's Political Consultative Conference and the former general manager of the China Coal Group, believes that even the “linkage†of coal-fired power prices cannot solve the problem of loss of the power generation group. “The high debt ratio of the five major power generation groups is mainly due to the rapid expansion of installed capacity in recent years.â€
Relevant statistics show that as of the end of 2010, the national power generation equipment capacity was 962.19 million kilowatts, and the thermal power installed capacity was 706.63 million kilowatts. The newly built power generation equipment capacity of the national infrastructure was 91.27 million kilowatts, of which 58.78 million kilowatts of thermal power, accounting for 64% of the total.
The rise in electricity prices is subject to CPI constraints
On the one hand, the rising coal cost is rising, and on the other hand, it is about to slip into the edge of losses again. Thermal power companies seem to rely on “price adjustment†to get rid of difficulties. However, the person in charge of the above-mentioned China Power Investment Corporation told this reporter that "the news of adjusting the electricity price has not been heard yet."
It is understood that at present, China's power industry generates about 4 trillion kWh of electricity a year. Each time the price of electricity is raised by 1 cent, it will bring more than 40 billion yuan of profits to the industry, which can fill the loopholes in thermal power losses. The China Electricity Council proposes that in order to make up the difference in thermal power prices, it may be considered to simultaneously increase the on-grid tariff and the sales price by 3 cents/kWh.
Industry experts said that in the case that CPI rose more than 3% last year and the increase in 2011 may reach 4%, the price adjustment "can only be limited by industry balance or meager profit, and the range will not be too large."
It is understood that there are three major factors in determining whether the thermal power industry is profitable: the price of coal to the factory, the price of on-grid electricity and the amount of electricity on the Internet. In the southern region, due to the high on-grid tariffs, thermal power companies are not affected by coal price hikes. In the central and western regions, thermal power companies are in a "swamp" of losses due to low on-grid tariffs and coal price hikes. Therefore, scholars believe that the simultaneous increase in on-grid tariffs and sales tariffs will impose price increases on consumers, while grid companies, which are intermediate links, still maintain high profits.
In fact, power generation companies have become commonplace in the loss of thermal power, and have been making up for this loss with other businesses. At present, among the five major power group businesses, hydropower and wind power are in good profitability. Taking China Power Investment Corporation as an example, the company's overall profit was 3.085 billion yuan, of which the power business lost 157 million yuan (the thermal power loss was 3.062 billion yuan, the hydropower and wind power profit was 2.905 billion yuan), and the non-electricity business profit was 3.215 billion yuan.
The person in charge of China Power Investment Corporation told this reporter that in the face of the loss of thermal power, China Power Investment Corporation began to seek to transform into “comprehensive energyâ€. Power companies gradually intervened in the fields of coal, natural gas and new energy, and the intervention of coal was precisely to seek the pricing of upstream energy. right".
Thermal power or loss for four consecutive years
Recently, Ruan Ruoyu, a member of the National Committee of the Chinese People's Political Consultative Conference and former general manager of China Datang Corporation, said that China's five major power generation groups, represented by Huaneng, Datang, Guodian, Huadian and China Power Investment Corporation, had a total thermal power loss of 13.719 billion yuan last year, including losses per group. 1.2 billion to 3.6 billion yuan. When the news came out, it immediately caused widespread concern.
The overall loss of thermal power companies has been in existence for a long time. Since 2008, the five major power generation groups have accumulated losses of more than 8.5 billion yuan for three consecutive years, with a total loss of 60.257 billion yuan. The loss also caused the asset-liability ratio to deteriorate very much. A recent survey showed that among the top 10 companies with the highest asset-liability ratio of central enterprises, power companies accounted for five.
A person in charge of China Power Investment Corporation told the Nanfang Daily that the company’s thermal power business had a loss of more than 3 billion yuan last year, mainly due to the increase in coal prices. As the entire group of companies consumes 130 million tons of coal, a tens of dollars per ton of coal means a loss of several billion yuan.
Ruo Ruoyu said that the high wages of power companies are generally not the main reason for the loss of enterprises. In fact, the cost of wages only accounts for 6% to 7% of the total cost of enterprises, while the cost of fuel accounts for about 70% of the cost of power generation for all thermal power companies. When fuel costs rise rapidly and feed-in tariffs remain the same, thermal power plants are not profitable.
Coal-electricity linkage: cutting and reconciling
For the phenomenon of three years of huge losses in thermal power enterprises, a topic that can't be avoided is the "coal-electricity linkage" mechanism. In fact, this mechanism, which originally wanted to establish a "bridge" between coal and electricity prices, became more and more incapable of being attacked by power companies and coal companies. On the opening day of the National "Two Sessions", it was reported that the five major power generation groups began to request the coal-electricity joint restart.
In December 2004, the National Development and Reform Commission issued the "Opinions on Establishing a Coal-Electricity Price Linkage Mechanism" to establish a market-oriented coal-electricity price linkage mechanism, and on the basis of liberalizing coal prices, bidding on electricity prices. In fact, due to the lack of “coal-electricity linkage†policy, the compliance rate of thermal coal contracts has been declining. However, the 2010 survey data shows that the key coal-fired contract fulfillment rate of 300,000 tons or more is even less than 50%, which directly affects the economic benefits of the five major power generation groups.
In addition to the rise in coal prices, some analysts believe that the loss of power generation companies is more important because of the excessively high debts of the power generation groups. Jing Tianliang, a member of the National Committee of the Chinese People's Political Consultative Conference and the former general manager of the China Coal Group, believes that even the “linkage†of coal-fired power prices cannot solve the problem of loss of the power generation group. “The high debt ratio of the five major power generation groups is mainly due to the rapid expansion of installed capacity in recent years.â€
Relevant statistics show that as of the end of 2010, the national power generation equipment capacity was 962.19 million kilowatts, and the thermal power installed capacity was 706.63 million kilowatts. The newly built power generation equipment capacity of the national infrastructure was 91.27 million kilowatts, of which 58.78 million kilowatts of thermal power, accounting for 64% of the total.
The rise in electricity prices is subject to CPI constraints
On the one hand, the rising coal cost is rising, and on the other hand, it is about to slip into the edge of losses again. Thermal power companies seem to rely on “price adjustment†to get rid of difficulties. However, the person in charge of the above-mentioned China Power Investment Corporation told this reporter that "the news of adjusting the electricity price has not been heard yet."
It is understood that at present, China's power industry generates about 4 trillion kWh of electricity a year. Each time the price of electricity is raised by 1 cent, it will bring more than 40 billion yuan of profits to the industry, which can fill the loopholes in thermal power losses. The China Electricity Council proposes that in order to make up the difference in thermal power prices, it may be considered to simultaneously increase the on-grid tariff and the sales price by 3 cents/kWh.
Industry experts said that in the case that CPI rose more than 3% last year and the increase in 2011 may reach 4%, the price adjustment "can only be limited by industry balance or meager profit, and the range will not be too large."
It is understood that there are three major factors in determining whether the thermal power industry is profitable: the price of coal to the factory, the price of on-grid electricity and the amount of electricity on the Internet. In the southern region, due to the high on-grid tariffs, thermal power companies are not affected by coal price hikes. In the central and western regions, thermal power companies are in a "swamp" of losses due to low on-grid tariffs and coal price hikes. Therefore, scholars believe that the simultaneous increase in on-grid tariffs and sales tariffs will impose price increases on consumers, while grid companies, which are intermediate links, still maintain high profits.
In fact, power generation companies have become commonplace in the loss of thermal power, and have been making up for this loss with other businesses. At present, among the five major power group businesses, hydropower and wind power are in good profitability. Taking China Power Investment Corporation as an example, the company's overall profit was 3.085 billion yuan, of which the power business lost 157 million yuan (the thermal power loss was 3.062 billion yuan, the hydropower and wind power profit was 2.905 billion yuan), and the non-electricity business profit was 3.215 billion yuan.
The person in charge of China Power Investment Corporation told this reporter that in the face of the loss of thermal power, China Power Investment Corporation began to seek to transform into “comprehensive energyâ€. Power companies gradually intervened in the fields of coal, natural gas and new energy, and the intervention of coal was precisely to seek the pricing of upstream energy. right".
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