Summary of the report:
The local electric power enterprises with the integrated operation of power generation, transmission, distribution and sale have the advantage of the integration of power plant and grid. State Grid is the largest shareholder. At present, it has four directly affiliated hydroelectric power plants, one directly affiliated regulation reservoir, two holding hydroelectric power plants, one holding photovoltaic power station, one holding hydroelectric power plant under construction, one wholly-owned power engineering design company and one wholly-owned power installation company, with a total installed capacity of 145200 kilowatts.
Under the influence of objective policy regulation and regional economic environment, the company's business performance is at risk of decline. First, the company's sales electricity prices continue to be under pressure, and the state policy has repeatedly lowered the sales electricity prices of large industries and general industry and commerce, and cleaned up and cancelled some of the fee items, which continues to have a significant impact on the company's business performance. Second, under the influence of environmental protection policy, the seasonal load in the network is basically shut down, and the increment of other power load is also far lower than the average level in the province. Third, affected by the leakage of ecological flow policy, the output of self-owned and grid-connected small hydropower generation is insufficient, the contradiction between abundance and scarcity is more serious, there is a sharp increase in the amount of electricity purchased from the large grid compared with the same period last year, affecting the rise in the cost of power purchase.
Speed up the development and construction of Gu Zeng Hydropower Station and enhance the company's core competitiveness. Gu Zeng Hydropower Station is the largest installed hydropower development project among the hydropower development rights obtained by the company in Liangshan Prefecture. After completion, it will be the only self-owned power station of the company with annual regulation capacity. Muli County Guzeng Hydropower Development Co., Ltd. ("Gu Zeng Company"), the company's holding subsidiary, is responsible for the development of Guzeng Hydropower Station project. The design installed capacity of the hydropower station is 172000 kilowatts, and the total investment of the project is estimated to be about 2.1 billion yuan. The capital of the project is 20% of the total investment of the project, which is about 430 million yuan. Up to now, the company holds 64% of the shares of Gu Zeng Company, which is the controlling shareholder.
Risk hints: the risk of power system reform; the single power structure, the power generation capacity is greatly affected by the weather and water regime; and the financial risk caused by large-scale capital expenditure.