In order to further ensure the normal supply of coal, the National Development and Reform Commission issued another document to control coal mines from the transport capacity level. However, the five major power companies that have lost confidence in the prospect of thermal power are already seeking other profitable outlets. Recently, a person in the power system told the Huaxia Times reporter that after the five major power companies experienced a round of thermal power losses, they did not expect the profit rate of the thermal power sector in 2011, and they already invested in other business segments. More energy to increase the profitability of the entire group and make up for the downturn in the thermal power sector.
The "redemption rate" problem of coal contracts
In order to stabilize the price of coal and electricity, the NDRC has been very well-intentioned.
The Development and Reform Commission issued a document in early December 2010 that the key coal power contracts in 2011 cannot be increased. The National Development and Reform Commission fixed coal prices, which eased the pressure on thermal power companies to worry about rising costs due to the fact that electricity prices have been locked in. However, the rate of key coal coal companies has become a heart issue for power companies.
It is learned from the Big Five Power Group that at present, the proportion of key coal power purchases for power systems and coal mines is approximately 50%. Under the current situation that the market coal price keeps soaring, it is very important for the power company to ensure that the 50% of key coal power contract volume is. Otherwise, the lower the liquidity rate of the contract means that the power company needs to purchase more from the market. The amount of high-priced coal.
“But the biggest worry now is that with the continued rise in coal prices in the market, the extent to which coal mines are profit-driven and that they can deliver on the key coal powers is very small. The probability of complete fulfillment is very small. % is not bad, so that the huge loss of thermal power companies can ease the situation." A top five power group executives believe.
However, in order to ensure the contract redemption rate, the NDRC, in addition to planning to restart the coal ordering model and personally monitoring the signing of the thermal coal contract, also tried to promote the contractual cashing rate of key coal by controlling and allocating capacity.
Thermal power company's losses worsened
And forcing the National Development and Reform Commission to devote its efforts to promoting the marketization of coal-to-electricity negotiations, on the one hand, the CPI index continues to innovate high, and on the other, huge losses of thermal power companies.
According to the State Electricity Regulatory Commission, in the first three quarters of 2010, the thermal power business of five major power generation groups such as Huaneng, Datang, Huadian, Guodian and China Power Investment suffered a total loss, with losses ranging from RMB 500 million to RMB 3 billion. The debt-to-asset ratios of the five groups are also generally high, all over 80%; financial costs are heavily burdened, with five companies totaling RMB 51.842 billion, an increase of 13.51% year-on-year.
"In the fourth quarter, thermal power companies suffered a loss of at least 60%. The most worrying thing is that some of the high-quality thermal power companies have started to lose money. Henan, Shanxi, and Jiangsu and Zhejiang have suffered a total loss." A person in charge told the reporter.
Another learned from an electric power source that CR Power's coal-fired power plants have long been known for their high quality of assets. They have experienced several increases in coal prices, and the huge loss in the thermal power industry has not caused any losses. This time, they have not been spared difficulties. Many of its power plants have also fallen into a loss quagmire.
"The loss of thermal power plants, on the one hand, is that the excessive increase in coal prices has brought too much pressure on power companies. On the other hand, the frequent shortage of coal in power plants has also made the company's operations worse." A person from Shanxi Electric Power Company told the reporters In Shanxi Province, for example, the largest electricity load in the province since the beginning of winter has reached 17.32 million kilowatts; at the same time, the province's electricity supply is obviously insufficient, and the maximum power shortage has reached more than 3.2 million kilowatts. It is estimated that the power supply gap will reach 5 million to 600 by the end of the year. Million kilowatts, the gap accounted for 20% to 25% of the total electricity demand. "The lack of electricity is mainly caused by coal shortage," the source said.
Collectively seeking a way out of non-electricity business
Faced with the loss of the entire industry, power generation companies are fighting for key coal contracts while also seeking another way out.
It is understood that the current profitability of hydropower and wind power in the business of the five major power groups is relatively good. The main players supporting the profitability of power companies are upstream and downstream non-power businesses such as coal, electrolytic aluminum, and finance. Taking CLP Group as an example, the company's overall profit was 3.058 billion yuan, including a loss of 157 million yuan in power business (a loss of 3.026 billion yuan in thermal power, 2.905 billion yuan in hydropower and wind power), and a profit of 3.215 billion yuan in non-power business.
“The era of relying on the profit of thermal power has passed. Five major power groups are now expanding their non-electric business. Since 2007, relying on non-electric business to make up for thermal power losses has become a major trend in the business development of the five major power generation groups.†Told reporters.
It has been observed that the mergers, acquisitions, reorganizations, and business expansion activities of the Big Five Power Group in recent years are mainly based on mergers and acquisitions and investment in coal, hydropower, thermal power, new energy, and financial industries.
The relevant person in charge of the CEC also believes that relying on non-power business profitability is the trend in the past three to four years. Since 2007, the price of thermal coal has risen sharply, thermal power has been lost, the scale of green power generation is still small, and power generation groups have developed non-electric business to make up for losses. With the transformation of the five major groups into integrated energy groups, this profit model will continue in the future.
The "redemption rate" problem of coal contracts
In order to stabilize the price of coal and electricity, the NDRC has been very well-intentioned.
The Development and Reform Commission issued a document in early December 2010 that the key coal power contracts in 2011 cannot be increased. The National Development and Reform Commission fixed coal prices, which eased the pressure on thermal power companies to worry about rising costs due to the fact that electricity prices have been locked in. However, the rate of key coal coal companies has become a heart issue for power companies.
It is learned from the Big Five Power Group that at present, the proportion of key coal power purchases for power systems and coal mines is approximately 50%. Under the current situation that the market coal price keeps soaring, it is very important for the power company to ensure that the 50% of key coal power contract volume is. Otherwise, the lower the liquidity rate of the contract means that the power company needs to purchase more from the market. The amount of high-priced coal.
“But the biggest worry now is that with the continued rise in coal prices in the market, the extent to which coal mines are profit-driven and that they can deliver on the key coal powers is very small. The probability of complete fulfillment is very small. % is not bad, so that the huge loss of thermal power companies can ease the situation." A top five power group executives believe.
However, in order to ensure the contract redemption rate, the NDRC, in addition to planning to restart the coal ordering model and personally monitoring the signing of the thermal coal contract, also tried to promote the contractual cashing rate of key coal by controlling and allocating capacity.
Thermal power company's losses worsened
And forcing the National Development and Reform Commission to devote its efforts to promoting the marketization of coal-to-electricity negotiations, on the one hand, the CPI index continues to innovate high, and on the other, huge losses of thermal power companies.
According to the State Electricity Regulatory Commission, in the first three quarters of 2010, the thermal power business of five major power generation groups such as Huaneng, Datang, Huadian, Guodian and China Power Investment suffered a total loss, with losses ranging from RMB 500 million to RMB 3 billion. The debt-to-asset ratios of the five groups are also generally high, all over 80%; financial costs are heavily burdened, with five companies totaling RMB 51.842 billion, an increase of 13.51% year-on-year.
"In the fourth quarter, thermal power companies suffered a loss of at least 60%. The most worrying thing is that some of the high-quality thermal power companies have started to lose money. Henan, Shanxi, and Jiangsu and Zhejiang have suffered a total loss." A person in charge told the reporter.
Another learned from an electric power source that CR Power's coal-fired power plants have long been known for their high quality of assets. They have experienced several increases in coal prices, and the huge loss in the thermal power industry has not caused any losses. This time, they have not been spared difficulties. Many of its power plants have also fallen into a loss quagmire.
"The loss of thermal power plants, on the one hand, is that the excessive increase in coal prices has brought too much pressure on power companies. On the other hand, the frequent shortage of coal in power plants has also made the company's operations worse." A person from Shanxi Electric Power Company told the reporters In Shanxi Province, for example, the largest electricity load in the province since the beginning of winter has reached 17.32 million kilowatts; at the same time, the province's electricity supply is obviously insufficient, and the maximum power shortage has reached more than 3.2 million kilowatts. It is estimated that the power supply gap will reach 5 million to 600 by the end of the year. Million kilowatts, the gap accounted for 20% to 25% of the total electricity demand. "The lack of electricity is mainly caused by coal shortage," the source said.
Collectively seeking a way out of non-electricity business
Faced with the loss of the entire industry, power generation companies are fighting for key coal contracts while also seeking another way out.
It is understood that the current profitability of hydropower and wind power in the business of the five major power groups is relatively good. The main players supporting the profitability of power companies are upstream and downstream non-power businesses such as coal, electrolytic aluminum, and finance. Taking CLP Group as an example, the company's overall profit was 3.058 billion yuan, including a loss of 157 million yuan in power business (a loss of 3.026 billion yuan in thermal power, 2.905 billion yuan in hydropower and wind power), and a profit of 3.215 billion yuan in non-power business.
“The era of relying on the profit of thermal power has passed. Five major power groups are now expanding their non-electric business. Since 2007, relying on non-electric business to make up for thermal power losses has become a major trend in the business development of the five major power generation groups.†Told reporters.
It has been observed that the mergers, acquisitions, reorganizations, and business expansion activities of the Big Five Power Group in recent years are mainly based on mergers and acquisitions and investment in coal, hydropower, thermal power, new energy, and financial industries.
The relevant person in charge of the CEC also believes that relying on non-power business profitability is the trend in the past three to four years. Since 2007, the price of thermal coal has risen sharply, thermal power has been lost, the scale of green power generation is still small, and power generation groups have developed non-electric business to make up for losses. With the transformation of the five major groups into integrated energy groups, this profit model will continue in the future.
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