Increased electricity prices in 16 provinces across the country partially relieve pressure on rising coal prices

From the overall rise in electricity prices across the country, 16 provinces increased the average on-grid tariff by about 1.2 cents/degree. However, judging from the increase in power stocks last week, the electricity price adjustment has been basically fulfilled.

In order to avoid impact on the CPI, the terminal sales price will remain unchanged for the time being, but it does not rule out the possibility of taking action during the year. According to estimates, an average adjustment of 1.2 cents/kWh will ease the cost pressure of power plant-to-plant standard coal price increase by 36 yuan/ton, and power plant losses will shrink, but most power plants will still be at a loss or partial loss during the year.

Partially ease the pressure of rising coal prices

On the whole, 16 provinces increased the on-grid tariff by an average of 1.2 cents/degree. However, this can only alleviate part of the cost pressure on the power plant. According to calculations, an average adjustment of 1.2 cents/kWh can only ease the cost pressure of 36 yuan/ton for the unit price of the standard coal from the power plant to the plant, and the fuel cost accounts for about 70% of the cost of thermal power generation.

Despite the fact that the coal price in the market was basically the same since the beginning of this year (Qinhuangdao 5500 kcal/ton Shanxi excellent mix price remained at 790 yuan/ton or so), but coal prices rose too fast in 2010, causing huge pressure on thermal power companies again. Compared with similar coal prices on April 1, 2010, the price of coal in the market rose by about RMB 110/ton. The CEC stated that from October to December in December 2010, the unit price of the five major power generating groups was higher than 100 yuan per ton, making the top five power generation groups lose more than 10 billion yuan.

Regional adjustment is imperative

Why is this partial adjustment? This precisely reflects the severe imbalance in the on-grid tariffs of thermal power companies, and regional adjustment is imperative. From the situation in the first 11 months of last year, the situation of profit and loss in various regions is very uneven. The profits of thermal power companies are mainly concentrated in the eastern region, but the losses of thermal power plants in Shandong and Tianjin are also nearly 50%, the losses in the six central provinces are more than 50%, and the losses in Yunnan, Shaanxi, Sichuan, Chongqing, and Gansu thermal power plants in the west exceed 50%. Sichuan and Yunnan lost their profits for the first time last year, and all three provinces in northeast China suffered losses.

The reporter learned from CEC that as of the end of October last year, 260 thermal power plants belonging to the five largest power generation groups had lost 260, with a loss of 58.2%. The asset-liability ratios of thermal power companies in Qinghai, Shandong, and Hainan exceeded 90%, and Shanxi, Hunan, Guangxi, Guizhou, Shaanxi, Hubei, Yunnan, and Sichuan all exceeded 80%.

It is worth noting that the phenomenon of “inequality between the rich and the poor” in thermal power plants is more serious. Taking Guangdong as an example, the profits of thermal power plants from January to May last year reached more than 6 billion yuan, accounting for nearly 40% of the national total, because the on-grid tariff is not balanced. For most provinces, due to historical reasons, the on-grid tariffs have been on the low side. For example, Shanxi thermal power plants have always been the worst-hit regions for losses, mainly because Shanxi's thermal power on-grid tariffs were originally approved in accordance with the “low coal price and low electricity price” model. The on-grid tariffs are determined by thermal power in pits. However, after the opening of thermal coal prices, the prices of coal in and out of the province were levelled out, and a large amount of coal came out of the province. This caused Shanxi's power companies to fall into the predicament of “high coal prices and low electricity prices”.

Liu Tie-nan, deputy director of the National Development and Reform Commission and director of the National Energy Administration, recently conducted an intensive investigation on the power industry, and the first station of local investigation was set in Shanxi. It is understood that a number of power plants in central and southern Shanxi Province suffered huge losses for three consecutive years. They could not afford to buy coal and could not afford electricity. The operation was unsustainable. The 11 power generation enterprises in Shaoshan, Shanxi Province, suffered a cumulative loss of 9.709 billion yuan for three years.

The fundamental reason lies in the fact that the on-grid tariffs are not balanced: the average on-grid tariffs in northern and central China are significantly lower than those in Guangdong and the southeastern coastal areas.

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