In 2022, the State Grid plans to invest 579.5 billion yuan in total, of which 501.2 billion yuan will be invested in the power grid, and the annual grid investment plan will exceed 500 billion yuan for the first time.
Data show that during the "14th Five-Year Plan" period, the total investment in my country's power grid is close to 3 trillion yuan, which is higher than the 2.57 trillion yuan and 2 trillion yuan of national grid investment during the "13th Five-Year Plan" and "12th Five-Year Plan" period.
With the continuous advancement of carbon neutralization related work, the investment and construction of new power systems are accelerated, and the investment in power grids will continue to grow rapidly.
Speed up investment in power grid construction
Energy power plays a pivotal role in my country's carbon peaking and carbon neutral strategy. The "14th Five-Year Plan" is a critical period and a window period for carbon peaking. The focus is on building a new power system with new energy as the main body.
First, carbon peaking and carbon neutrality will gradually promote investment in power grid construction.
The grid connects power production and consumption, and is the central link of energy transformation and the basic platform of a new power system.
With the introduction of the top-level design of carbon neutrality in my country at the end of 2021, the detailed rules for key areas and key industries will be released in 2022, the carbon neutralization work of peak carbon will gradually deepen, the investment and construction of new power systems will be accelerated, and investment in power grids will continue to be rapid. increase.
Second, the rapid growth of electricity demand promotes investment in power grid construction.
At present, my country has entered a stage of high-quality development, but my country is still in the stage of post-industrialization. The degree of dependence of economic growth on energy input has declined, but it has not yet been decoupled. growth stage.
In addition, carbon peaking in industries, transportation, construction and other fields is mainly achieved through electrification, and the electricity consumption of the whole society will continue to maintain rapid growth.
According to the report of the my country Electricity Council, during the "14th Five-Year Plan" period, the average annual growth rate of electricity consumption in China's whole society exceeds 4.8%, and the electricity consumption in the whole society in 2025 will be 9.5 trillion kWh.
Data from the State Grid Energy Research Institute shows that in 2050, the electricity consumption of the whole society in my country is expected to exceed 14 trillion kilowatt-hours, which is about twice the current level, which is equivalent to rebuilding a new power system.
The third is the rapid development of new energy sources such as wind and solar to promote investment in power grid construction.
my country's hydropower is mainly concentrated in southwestern regions such as Yunnan and Sichuan, the scenery is mainly concentrated in the three north areas, and the load center of gravity is mainly concentrated in the eastern coastal areas.
The implementation of carbon neutralization of carbon peak must be realized through inter-provincial and inter-regional adjustment to achieve a wider range of renewable energy allocation and coordinated consumption, and further promote the construction of UHV.
In addition, a large number of accesses such as distributed power sources, energy storage, and electric vehicles on the load side will promote the upgrading and transformation of the distribution network.
The focus of investment on the grid side is clear
At present, the focus of investment on the grid side of the new power system includes:
First, the pace of UHV construction has been accelerated.
As of June 2021, my country has built 12 UHV AC lines and 17 DC UHV lines, with a line length of more than 30,000 kilometers and a transmission capacity of nearly 140GW.
During the "14th Five-Year Plan" period, the development of renewable energy bases is still the focus. According to the National Energy Administration, during the "14th Five-Year Plan" period, the construction of the upper reaches of the Yellow River, the Hexi Corridor, the Jizibend of the Yellow River, northern Hebei, Songliao, Xinjiang, The new energy bases on seven continents including the lower reaches of the Yellow River will coordinately promote the development and construction of two major water and wind power bases in Sichuan, Yunnan, Guizhou and Guizhou, and southeastern Tibet, focusing on the construction of five offshore wind power base clusters in Shandong Peninsula, Yangtze River Delta, southern Fujian, eastern Guangdong and Beibu Gulf.
At present, my country has launched two batches of large-scale wind power photovoltaic base projects, and the first batch of installed capacity of about 100 million kilowatts has been started in an orderly manner in the near future.
It is expected that most projects will start construction within this year and be connected to the grid before 2023. The second batch is being actively applied for, and construction is required to start in 2022, and in principle, it will be completed and connected to the grid in 2023.
According to relevant reports, during the "14th Five-Year Plan" period, the State Grid plans to construct UHV projects with a total investment of 380 billion yuan.
Second, the construction of intelligent distribution network is still the focus.
With the rapid growth of the tertiary industry and residential electricity load, distributed energy, electric vehicle charging piles, energy storage, etc. are connected in large numbers, large power grids and various power grid forms coexist, and a large number of power generation and consumption integrated prosumers emerge. , which has a significant impact on the operation mechanism and balance mode of the power system.
Recently, the National Energy Administration issued the "Implementation Opinions on Deepening the Reform of "Delegating Regulations, Delegating Regulations, Service" and Optimizing the Business Environment in the Energy Field, and proposed that power grid companies should do a good job in projects such as new energy, distributed energy, new energy storage, microgrid and incremental distribution network. Access to the grid and grid interconnection services.
During the "14th Five-Year Plan" period, the distribution network mainly faces expansion and upgrading, integration of primary and secondary equipment, and intelligent construction.
The State Grid proposed that the investment in the construction of the distribution network during the "14th Five-Year Plan" period exceeded 1.2 trillion yuan, accounting for more than 60% of the total investment in power grid construction.
China Southern Power Grid has made it clear that the construction of distribution network is included in the "14th Five-Year Plan" work focus, and the planned investment will reach 320 billion yuan, which is close to 50% of the investment in the power grid.
During the "14th Five-Year Plan" period, the total investment in the distribution network of the two networks will reach 1.5 trillion yuan, and the distribution network will usher in a huge development opportunity.
Play the role of capital market
The power grid is the key link of the new power system, but the construction of a new power system is a long-term systematic project. The investment needs involve many fields, a wide coverage and a long time span. It is necessary to give full play to the role of the capital market to enable the construction of a new power system.
First, scientific and technological innovation is an important engine to promote the transformation and development of energy and power. Some technologies in the construction of new power systems are still in the stage of technical research or in the early stage of industrialization, and there are prominent problems such as low rate of return.
It is necessary to give full play to the role of the capital markets at all levels, such as the Science and Technology Innovation Board, the ChiNext Board, and the Beijing Stock Exchange, to expand the direct financing entrance, provide direct financing services for more "specialized, new and special" small and medium-sized enterprises, reduce the green premium, and help the new power system technology Innovation.
The second is that my country's green investment is developing rapidly under the carbon neutralization environment. It is necessary to actively explore the innovative application of financial instruments such as green bonds, green REITs, green ABS, and green asset management plans, and increase support for new power system projects.
At present, my country has launched two batches of infrastructure public offering REITs pilot projects, which can further promote the application of new energy power generation, pumped storage, regional integrated energy, regulated power supply and other fields, and explore effective ways and paths for green securities to help the construction of new power systems.
The third is to further promote the construction of my country's carbon financial system and mechanism.
The capital market can further promote the pilot of carbon financial derivatives innovation, promote the pilot of over-the-counter carbon financial services of financial institutions, and facilitate the construction of new power systems through the innovation of carbon emission rights financing methods.
(Zang Ningning, Deputy Director of Yingda Securities Research Institute)