On November 16th, A-share green power concept stocks rose. At the close, Baoxin Energy (000690.SZ) had a daily limit, while Huayin Power (600744.SH), Jiangsu Xinneng (603693.SH), Guangdong Power A(000539.SZ) and other stocks rose.
On the news front, recently, the public platform of the central budget and final accounts issued the Notice of the Ministry of Finance on Issuing the Local Capital Budget of Additional Subsidies for Renewable Energy Electricity Prices in 2023 in advance. The agency said that the Ministry of Finance issued the renewable energy subsidy next year ahead of schedule, and the cash flow of operators is expected to improve significantly, stimulating the release of installed demand and driving the development of the whole industrial chain of wind power, photovoltaic and energy storage. Renewable energy operators will benefit significantly. In addition, Guangdong Energy Bureau and Southern Energy Supervision Bureau jointly issued the Notice on Matters Related to Electricity Market Transactions in 2023 (hereinafter referred to as the Notice). The Notice made arrangements for Guangdong's market transaction scale, market subject access standards, market transaction mode, annual transaction arrangements and requirements, monthly and multi-day transaction arrangements in 2023.
The Notice mentioned that in 2023, the scale of Guangdong's electricity market will be about 550 billion kWh, including electricity directly involved in market transactions and electricity purchased by power grid enterprises. In terms of transaction price, according to the principle of 'benchmark price+fluctuation', the upper and lower limits are set for the average transaction price of each annual contract, in which the benchmark price is 0.463 yuan/kWh, the upper limit is tentatively set at 0.554 yuan/kWh, and the lower limit is tentatively set at 0.372 yuan/kWh. Power sales companies and retail users can charge floating charges for the total electricity in the retail contract, with the upper limit of 0.02 yuan/kWh and the lower limit of 0 yuan/kWh. Analysts pointed out that the Notice is beneficial to Guangdong Regional Energy and Power Company.
Bao New Energy's main business is new energy power generation and financial investment. It benefits from high temperature driving electricity demand, and the large increase in electricity consumption supports revenue performance. Bao New Energy's performance in the third quarter is bright.
According to the research report of changjiang securities, since the third quarter, due to the influence of high temperature and little rain, the demand for refrigeration on the user side has increased rapidly. At the same time, the output of southwest hydropower is generally weak, which poses a higher challenge to the power supply and demand balance in Guangdong Province. Affected by this, the growth rate of thermal power generation in Guangdong Province from July to September was 0.4%, 14.2% and 18.0% respectively, and the thermal power output showed an accelerating upward trend. In addition, the market-oriented transaction price in Guangdong Province continues to maintain a high level. From July to September, the average market-oriented transaction price in Guangdong Province is 498.66 yuan/MWh, 548.97 yuan/MWh and 542 yuan/MWh respectively. In addition, the tight electricity supply and demand keeps the spot market price high. Overall, the year-on-year increase in thermal power and electricity price may form a strong support for the company's revenue, thus driving Baoxin Energy to achieve operating income of 3.183 billion yuan in the third quarter, up by 30.56% year-on-year; Compared with the second quarter, the growth rate is as high as 105.12%.