Green and low-carbon development still needs multi-party coordination

"The difficulties faced by coal-fired power transformation are abnormal, such as high coal prices, and normal, such as low utilization hours and low electricity prices. These difficulties are consistent with the relationship between quantity, cost, price and profit in the daily management of enterprises." Han Wenxuan, former deputy chief economist of Huaneng Group Energy Research Institute, suggested that the idea of high-quality transformation and development of the coal power industry can be considered from four aspects: adjusting the power supply structure, resource control ability, transformation of scientific and technological input, and improving the ability of management change.

The "Report" also mentioned that the low-carbon transformation path of thermal power listed companies is not the only one, and different companies should combine their own advantages to carry out differentiated transformation.

According to reports, China Power relies on the State Power Investment Corporation to focus on the development of new energy and comprehensive energy, and implement a diversified transformation strategy; Guodian Power operates the high-quality thermal power assets of the National Energy Group, vigorously develops high-efficiency thermal power with advanced technological transformation methods, and implements a specialized strategy. Although the transformation path is very different, but in the "13th Five-Year Plan" low-carbon transformation comprehensive performance are in the upper and middle reaches of the sample companies, and the overall profitability performance is strong, Guodian Power and China Power's return on net assets of 6.30 and 7.16, respectively.

The green development of thermal power enterprises blossoms, in addition, it is worth noting that the green low-carbon transformation still needs enterprise management, government supervision and coordination.

In terms of enterprise management, first, we should pay attention to low-carbon transformation planning and explore low-carbon development mode. "Develop a clear and effective low-carbon transition plan, and increase the intensity of planning research and implementation." The "Report" emphasizes that listed thermal power companies should combine the national low-carbon energy policy and their own development and development positioning, put forward specific implementation goals and action plans for the company's future transformation and development plans, and evaluate the operability of the plan to promote the company's stability and effectiveness. Transformation. In addition, we should strengthen forward-looking research under the premise of our own conditions, take green and low-carbon development as the direction, and accelerate the transformation from thermal power listed companies to new energy listed companies.

The second is to increase investment in green transformation and cultivate diversified innovation models. Promote the application of mature technologies and closely follow cutting-edge technologies. The ''Report'' pointed out that listed thermal power companies should increase technical investment, promote the application of mature energy and low-carbon technologies, continue to promote the expansion and upgrading of thermal power units, and implement heating transformation, energy-saving and carbon-reducing transformation of in-service coal power units to reduce power supply Coal consumption and carbon emission intensity promote thermal power transformation.

When talking about alleviating the contradiction between coal and electricity and increasing technology investment, Zhang Weidong, Director of the Planning Division of the Planning and Finance Department of the China Electricity Council, said: "Coal-electricity joint venture is a long-standing operation and management method in the power industry. In the early days, coal power was our main power source. In the era of national planned economy, we paid great attention to the coordination of industrial chain. For a long time, coal and power enterprises belonged to planned management. Later, the marketization of electricity, coal also engaged in marketization, coal-electricity joint venture has a strong technical advantage, but also as a mode of encouragement."

Zhang Weidong believes that there are two main forms of coal-electricity joint ventures: the first is direct integration in technology and industrial chain. For example, many pithead power plants are built locally and produce as much coal as they generate electricity. In terms of technical production management and economic benefits, this form should be encouraged as long as there are conditions. The second is a unified coal-electricity pool from the asset link. The advantage of this model is that it can coordinate coal production, coal consumption and electricity production, including price management and contract agreements, which is more convenient. In addition, the overall deployment of production plans and marketing plans, can obtain management benefits.

In addition, in terms of government supervision, the ''Report'' recommends that government departments formulate medium and long-term plans for the transformation of the thermal power industry as soon as possible, give policy preference to power generation companies that undertake safety and supply, formulate and implement incentive policies, and improve the financing of transformation activities. At the same time, combined with transformation financial instruments, mandatory information disclosure is adopted for transformation activities and transformation investments.

"The essence of finance is to serve the development of the real economy. As the country attaches importance to the transformation of coal and electricity, the corresponding financial support is being strengthened from both policy and product levels." Financial professionals said.

According to reports, from the perspective of financial policy, in 2021, the People's Bank of China set up a special refinancing tool of 200 billion yuan to support the clean and efficient use of coal, which is used for safe, efficient, green and intelligent mining of coal, clean and efficient processing of coal, and clean and efficient use of coal and electricity. Seven areas. In May 2022, the People's Bank of China added another 100 billion yuan quota for coal development and use and enhancing coal reserve capacity and other related fields.

"From the perspective of financial products, the current market is more concerned about green finance, but from the catalog of relevant standards at home and abroad, green finance does not include support for coal-related emission reduction or transformation projects." The above-mentioned financial professionals pointed out that the concept of transformational finance has basically reached a consensus, and it serves more emission reduction or transformation activities in high-carbon industries, which lays the foundation for the future design of financial products related to coal power transformation. However, judging from the current situation, there is still a gap between the volume and product richness of transformational finance and green finance, which also provides a broader space for the next step of financial support for coal-fired power transformation.