On the one hand, the power shortage spread, and on the other hand, the enthusiasm for the start-up of power companies continued to be bleak. "In Central China, many small and medium-sized power plants are stopping power generation because they have no money to buy coal or can not afford to lose money, which will make the power situation this summer even more severe." A person from the State Grid Hunan Electric Power Company told reporters. In the face of such a ruin, on June 13, Xu Yongsheng, Director of the Power Department of the National Energy Administration, said: "The state is formulating a way to solve the problem of capital investment in power companies by injecting capital. At the same time, it promotes the use of electricity by a number of power projects. At the peak, it will be put into production, so as to protect China's electricity demand. According to Xu Yongsheng, there are currently 180 million kilowatts of power plants under construction in the country. In his view, the speed of such a scale is normal, but due to the tightening of the previous bank's monetary roots and the poor financial situation of the power companies, the project progress is slow. Thermal power plant capital chain dilemma Long-term huge losses, thermal power companies with asset-liability ratios exceeding 100% are not in the minority. In the case of widespread losses in power plants, how to make electricity companies have the financial resources to launch new projects is becoming a problem. According to the statistics from China Electricity Council, due to the continuous high coal price, the profits of thermal power companies continued to drop sharply year-on-year. The thermal power enterprises in the central and northeastern provinces continued to lose money. In the first four months of this year, the thermal power production losses of Huaneng, Datang, Huadian, Guodian and China Power Investment Corporation were 10.57 billion yuan, a year-on-year increase of 7.29 billion yuan, and a loss of 1.6 billion yuan from the loss in January-March. "Long-term losses have caused the asset-liability ratio of thermal power companies to continue to rise. Some small and medium-sized thermal power plants are on the verge of breaking the capital chain," said Xue Jing, director of the statistics department of China Electricity and Electricity. According to the statistics of China Electricity Council, from January to November 2010, the asset-liability ratio of thermal power enterprises nationwide was 74.3%. Among them, the thermal power asset-liability ratio of the five major power generation groups exceeded 80%. There are also a few thermal power companies with long-term huge losses and asset-liability ratios exceeding 100%. "In the medium and long term, the long-term loss of thermal power has already reduced the enthusiasm for investment. After three to five years, there may be a risk of a renewed tension in the supply and demand situation due to the decline in new thermal power installations." Xue Jing said that due to the long-term operational difficulties of thermal power companies, In particular, affected by the long-term sustained losses of most thermal power plants in some provinces and cities, the confidence of all parties in investing in new thermal power enterprises has been seriously weakened. Foreign and private enterprises have basically not invested in new thermal power enterprises. The scale of thermal power construction in the country has declined. trend. According to the statistics of China Electricity Council, at the end of 2010, the scale of thermal power construction in 2011 was 77 million kilowatts, a decrease of 7 million kilowatts. "Especially, the adjustment of monetary policy has had a great impact on thermal power enterprises this year." Xue Jing said that since 2010, the three central bank interest rate hikes are expected to increase the financial cost of thermal power enterprises by about 15 billion yuan. In addition, the tight supply of loans has further increased the financing difficulties of thermal power companies. The operation of some thermal power companies with tight capital chains can be said to be a lifeline. In addition to capital injection, it will also promote the support of financial institutions to power companies. “We are taking measures to solve the reasonable capital needs of enterprises, thus promoting the commissioning of a number of projects.†Xu Yongsheng said. Although the method has not yet been introduced, he told reporters about the directional policy of the approach. There are two major policies, one is to inject capital into the power industry; the other is that financial institutions provide support to power companies on the premise of complying with regulations. Xu Yongsheng said that under these policies, the financial situation of the power industry will certainly improve, and the funds can meet the needs of project development. In fact, it is not the first time that the state has injected capital into power companies. In February 2009, the State-owned Assets Supervision and Administration Commission announced that it would inject 12.67 billion yuan into power central enterprises. However, the 12.67 billion yuan of the State Grid Corporation and China Southern Power Grid respectively received 8.73 billion yuan and 3.34 billion yuan, among the top five power groups, only Huadian Group was injected 250 million yuan, Huaneng Group won 250 million yuan and Datang Group was injected 100 million yuan. yuan. "In 2009, the state's capital injection into power companies is more symbolic than substantive. From the actual situation, the operating efficiency of power grid enterprises is much better than that of power generation companies. I believe that the capital injection of this SASAC will have more practical effects." A person from Huaneng Group told reporters. "Because of the large investment in thermal power projects, and now the bank credit is tightening, the profit prospects of thermal power projects under the current coal-fired power system are bleak, and few banks are willing to lend, even central enterprises are very difficult." The above said that the country The supporting measures to be introduced for power companies include promoting the support of financial institutions to power companies, and we hope to have practical results as soon as possible. Competing for “refinancing†In the face of high asset-liability ratio, refinancing has become the main means of the five major power companies. In fact, due to the continuous interest rate hike by banks, the interest burden of the power group is also becoming increasingly heavy. Yao Sheng, an analyst at BOC International, said, “The interest rate hike has a great impact on power companies with high debt ratios. Taking Huaneng Power International (5.64, 0.00, 0.00%) (600011.SH) as an example, the 2011 net debt ratio is expected to be 2010. 212% rose to 248%.†Faced with high asset-liability ratios, the five major power generation groups have targeted the capital market as a financing platform. In December last year, Huaneng Power passed the additional issuance. The total amount of funds raised by A shares was 8.355 billion yuan, the funds raised by H shares were 2.365 billion Hong Kong dollars, and the total amount of A+H shares raised was 10.387 billion yuan. Also in December last year, Guodian Power (2.99, 0.00, 0.00%) (600795.SH) also raised 9.57 billion yuan through public issuance to purchase 20% of Jiangsu company owned by China Guodian and self-built power generation. project. On May 23, Huadian International (3.52, 0.00, 0.00%) (600027.SH) also disclosed the private placement plan. The company plans to issue no more than 600 million A shares at a price of 3.69 yuan per share. Not more than 2.1 billion yuan. In addition, CLP Power (5.56, 0.00, 0.00%) (000767.SZ), a subsidiary of CPI, also announced last week that the company was suspended for refinancing. "From the perspective of fundraising, the main reason is to optimize the company's power supply structure, but we also plan to use part of the raised funds to repay bank loans to reduce the company's asset-liability ratio." The Huaneng Group said.
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