中国电价半年度展望

receipt, or reading of this report.中国电价半年度展望摘要Abstractclose monitoring include high-temperature impacts and hydroelectric output performance.grow at high rate, and new industries continue to drive the growth of electricity demand.Risks:Energypricechange, Extremeweather向上修复，但高度有限，需关注高温及水电表现。新动能持续拉动电力需求增长。风险因素：能源价格波动，极端天气张默涵Mohan Zhang从业资格号Qualification No：F03097187姚彦旭Yanxu Yao从业资格号Qualification No：F03114817桂晨曦Gui Chenxi从业资格号Qualification No：F3023159CITIC FuturesInternational Service Platform：https://internationalservice.citicsf.com/ Content目录1. Electricity Supply电力供应.................................................32. Electricity Demand电力需求................................................63. Electricity Price Outlook电价展望...........................................7Charts图表图表1：Power Grid Investment...............................................................................................................4电网建设投资完成额...................................................................................................................................4图表2：Total Power Capacity Added.......................................................................................................5发电新增设备容量累计值............................................................................................................................5图表3：Total Electricity Generation.........................................................................................................5全社会发电量..............................................................................................................................................5图表4：Total Electricity Consumption.....................................................................................................7全社会用电量..............................................................................................................................................7图表5：Monthly Average Electricity Purchasing Price CNY/MWh..........................................................8全国各地代理购电价格平均值....................................................................................................................820250317 Introductory Of NDRC New Energy Electricity Price Policy发改委新能源电价政策解读20250318 Impact of New Energy Pricing Policies on PV and ESS Demand新能源电价政策对光伏和储能需求影响20250702 Global EV Market Midyear Outlook 2025年下半年全球新能源车展望20250703 China PV Industry Mid-year Outlook中国光伏行业半年度展望20250715 China Energy Storage Industry Mid-year Outlook中国储能行业年中展望* Click on the hyperlink of report titles to read historical reports 2Related Reports相关报告： 1.Electricity Supply电力供应Power generation construction has slowed down, while grid investment is accelerating.From January to April 2025, the completed investment in power generation construction reached193.2 billion yuan, representing a year-on-year increase of 1.6%, with the growth rate dropping by 5percentage points compared to the same period last year. During the same period, the completedinvestment in grid construction in China reached 140.8 billion yuan, showing a cumulative year-on-year increase of 14.59%.The State Grid and Southern Grid's investments will exceed 825 billionyuan, an increase of220 billion yuan compared to the previous year.The State Grid expects thisyear's grid investment to exceed 650 billion yuan, an approximate year-on-year increase of 8%, andit does not rule out the possibility of strengthening counter-cyclical adjustments mid-year, furtherraising the expectation forgrid investment. The Southern Grid forecasts a grid investment scale of175 billion yuan in 2025.The installed capacity for renewable energy maintains high growth, but the growth ratemay slow down after the rush to install.By April 2025, the nationwide cumulative powergeneration installed capacitywas3.487 billion kilowatts, an increase of 15.9% compared to theprevious year. Among this, the installed capacity for solar power generation is 990 million kilowatts,up by 47.7%; the installed capacity for wind power is 540 million kilowatts, an increase of 18.2%.The combined installed capacity for wind and solar power accounts for 43.8%. From January to April,the newly added power generation installed capacity was 140.51 million kilowatts, representing ayear-on-year growth of 58.21%. The newly added capacities for thermal, hydro, wind, and solarpower were 12.97 million, 2.64 million, 19.96 million, and 104.93 million kilowatts respectively, withyear-on-year growth rates of 41.7%,-2.73%, 18.5%, and 74.57%. Considering the rush to installprojects in the first half of the year, it is anticipated that the growth rate of wind and solar capacitywill slow down in the second half of the year.FromJanuary to April 2025,electricity generation from industrial enterprises above thedesignated size reached2.9812trillionkilowatt-hours, an increase of 1.9% year-on-year. The year-on-year growth rates for thermal, hydro, nuclear, wind, and solar power were-3.8%, 3.1%, 12.8%,18.5%, and 42.5%, respectively. Currently, th