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// POWER & GRID

Power & Grid

Power generation and grid: generation operators, power trading, transmission and distribution, and grid equipment manufacturing.

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  • Power2026-10-20

    Power Sector In-Depth: Revision of the Electricity Retail Company Measures and Wholesale-to-Retail Price Pass-Through — Electricity Retail Companies Shift from Spread Arbitrage to Risk Pricing

    This report focuses on electricity retail companies in the power retail segment. Drawing mainly on the National Development and Reform Commission's consultation draft revising the Measures for the Administration of Electricity Retail Companies and on disclosures by the National Energy Administration, and combining media leads on Jiangsu's retail pricing adjustment, Guangdong's wholesale-retail price inversion and Yunnan's restrictions on related-party transactions (the relevant original documents have not been verified and are placed on the pending-verification list), the report analyzes the multi-layered sources of retail demand, the tiered landscape of electricity retail companies formed by shareholder background, the shift in the revenue quality of retail contracts from market-driven gains to service income, and the capital tie-up and cash flow pressure arising from performance security and next-day limits. The company samples cover generation-affiliated, integrated distribution-retail, regional power supply and integrated energy service provider models. The report argues that in wholesale-price pass-through packages, price volatility below the cap is shifted to users; once the cap clause reported by the media (original document pending verification) is triggered, losses above the cap remain with the electricity retail company; first-payment responsibility upon default shifts to the institutions issuing letters of guarantee and insurance; and independent electricity retail companies lacking generation assets, capital and service capability are under the greatest pressure.

  • Power2026-09-14

    Next-Generation Power Grid Value Chain Deep Dive: Power Integration via UHV VSC-HVDC, Distribution Network Digital Upgrades and Reshaping Profits Under Spot Market Mechanisms

    This report focuses on the structural transformation of the grid value chain under the construction of the new-type power system. Planning-driven grid investment is shifting from traditional scale expansion to technology leadership and mechanism restructuring: upstream UHV VSC-HVDC equipment benefits from the absorption needs of renewable mega-bases, midstream smart distribution networks and power electronics equipment face distribution transformer service area governance and digital upgrading, and downstream provincial spot markets are pushing both the generation and consumption sides into a dynamic game. Value-chain risk is extending from equipment manufacturing to digital O&M and spot trading decisions, and companies holding core algorithms and high-reliability hardware will gain stronger bargaining power.

  • Grid Equipment2026-08-30

    Smart Distribution Grid Equipment: Order Delivery Models and Value-Chain Risk Analysis

    As a core link in the construction of the new-type power system, smart distribution grid equipment is undergoing structural adjustment in its order delivery models and value-chain risk transmission mechanisms. Based on industry developments in week 34 of 2026, this report focuses on the order delivery logic of smart distribution grid equipment and systematically analyzes the four-dimensional relationship of "who pays, who delivers, who bears the risk, who keeps the profit" along the value chain. By reviewing the order structure, customer concentration, cash flow characteristics and risk exposure points of representative companies such as Acrel, Jiangsu Weige Power Technology and Jiangsu Daye Intelligent Electric, it reveals the delivery cycles, profit distribution and risk transmission paths of smart distribution grid equipment during a period of accelerating grid investment. The research finds that order delivery of smart distribution grid equipment is characterized by "central SOE dominance, private-company execution and downward risk transfer", with the core risk points concentrated in raw material price volatility, lengthening project acceptance cycles and the transmission of customer credit risk. The report further proposes directions for optimizing value-chain risk mitigation mechanisms, providing decision-making reference for industry participants.

  • Grid Equipment2026-08-01

    China Grid Equipment Industry H1 2026 Deep Dive: Nearly RMB 400 Billion in Investment by China's Two Major Grid Companies and the Pace of UHV Construction

    In H1 2026, State Grid and China Southern Power Grid continued to step up fixed-asset investment, driving demand for grid equipment. State Grid's fixed-asset investment exceeded RMB 310 billion, and China Southern Power Grid completed RMB 89.262 billion; UHV project construction and equipment tendering continued to advance. The report focuses on variables including investment by the two grid companies, the pace of UHV projects and equipment tendering.

  • Power2026-07-31

    China Power Industry H1 2026 Deep Dive: New Energy Capacity Passes 40% as the Power Mix Is Reshaped

    In H1 2026, China's power industry saw installed capacity expansion and a reshaping of the generation mix proceed in parallel: wind and solar capacity continued to grow, coal-fired power's share of electricity generation fell below 50% for the first time, and new thermal power capacity diverged from thermal power's share of generation. Across five levels (installed capacity, generation, consumption, the power market and the corporate value chain), the report analyzes the effects of new energy substitution at scale, the capacity value of coal power, electrification of power consumption and market-oriented reform.

  • Grid Equipment2026-06-28

    Grid Equipment Deep Dive: High-Barrier Market Opportunities in VSC-HVDC and the Localization of Converter Valves

    VSC-HVDC has unique value in exporting power from renewable energy bases, evacuating offshore wind and interconnecting urban grids. High-voltage, high-capacity converter valves, control and protection systems, DC circuit breakers and offshore platform equipment together form a high-barrier equipment chain. Inter-provincial and inter-regional transmission, the desert, Gobi and wasteland bases, offshore wind and grid safety and stability policy are driving VSC-HVDC demand. Project approvals and grid planning determine the pace of orders. The VSC-HVDC value chain should be judged on project pipeline, value per converter station, core-equipment gross margin and delivery cycle. Orders are highly volatile and must be assessed together with grid planning.

  • Power2026-06-28

    Power Deep Dive: Green Power Trading and Electricity Spot Markets Reshape Returns on New Energy Projects

    Growth in new energy installed capacity is no longer the only variable. Green power trading, spot electricity prices, absorption constraints and the allocation of ancillary-service costs jointly determine the real rate of return on projects. The companies with an edge in future will not simply be those with the most capacity, but those able to manage power prices, regional exposure, absorption and the cost of capital. Green power trading, renewable energy consumption responsibility weights, spot-market construction and policies on new energy entering the market are jointly driving a change in the revenue model. Policy is shifting from subsidy-driven support toward market-based absorption and price discovery. New energy operators should be assessed on utilization hours, traded power prices, curtailment rates, capital expenditure, cost of debt and cash dividends. Installed capacity alone may mask a decline in project returns.

  • Grid Equipment2026-06-28

    Grid Equipment Deep Dive: Investment Accelerates in Distribution Network Digitalization and Operational Improvements in Distribution Transformer Service Areas

    New energy, EV charging points, distributed solar and commercial and industrial energy storage are pushing grid stress down to distribution networks and distribution transformer service areas. The future investment focus is not only transformers and switchgear, but also sensing, communications, edge computing, automation and data governance. Policies on the new-type power system, distribution network upgrades, charging infrastructure and distributed generation grid access are driving low-voltage-side upgrades. Grid investment will place more emphasis on resilience and digital dispatch. Company valuation should look at share of grid customers, the proportion of software revenue, project delivery capability and collections. Pure-hardware companies face gross margin pressure, while platform companies have more elasticity.

  • Power2026-06-28

    Power Deep Dive: Commercializing Virtual Power Plants and Re-Rating Demand-Side Resources

    Virtual power plants aggregate dispersed loads, energy storage, EV chargers, commercial and industrial (C&I) air conditioning and distributed PV into dispatchable resources. Their value lies not in the concept itself but in the fact that, as spot markets, ancillary services and demand response compensation mechanisms become clearer, demand-side resources can be metered, traded and settled. Power market reform, demand response compensation, ancillary services markets and new-type power system policy are the preconditions for VPP commercialization. Local pilots are moving from demonstration projects to routine operation. VPP valuation cannot look at connected capacity alone; it should look at dispatchable capacity, response reliability, settlement unit prices, customer retention and platform gross margin. One-off hardware revenue and operating revenue-share income should be valued separately.