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 How do China's recently published economic dispatch policy and the policy opting for large generation units over small ones affect the Company? |
It has been specifically proposed in the outline of China's Eleventh Five-Year Plan that energy consumption per national GDP unit and the aggregate amount of major pollutant emissions will be reduced by around 20% and 10% respectively by 2010 as compared to 2005. To overall enhance energy efficiency and reduce emissions of the power industry, the National Development and Reform Commission has recently published the policy of opting for large generation units over small ones, aiming at shutting down small generation units of total capacity of 50,000 MW throughout the country in the following three years of the Eleventh Five-Year Plan, thereby encouraging all regions and enterprises to shut down small generation units and to focus on building large generation units. The generation units to be shut down are mainly conventional coal-fired power generation units with single-unit capacity of under 50 MW; conventional coal-fired power generation units in operation for 20 years and with single-unit capacity of under 100 MW; and various types of generation units having serviced the full designed life and with single-unit capacity of under 200 MW, and so forth. Power projects proposed by enterprises in accordance with the new policy can be incorporated directly into the national electricity development plan, and priority will be given to the construction of large-unit projects.
The economic dispatch policy aims to improve the dispatch method for power generation based on the composition of existing operating generation units. In line with the principles of energy conservation, environmental protection and economic efficiency, priority will be given to schedule renewal energy projects and high efficiency and pollution-free generation units for power generation; the use of generation units with high energy consumption and serious pollution from power generation will be restricted; and small generation units will be replaced with certain energy-conserving and environment-friendly generation units for power generation by offering economic compensation and a combination of dispatch and economic measures.
The Company is always committed to sustainable development strategies for its business development. In its strategic development, the Company enhances gradually its market competitiveness in the areas of state-of-the-art technology, reduction of energy consumption costs and environmental protection by constructing large, economical and environment-friendly generation units with state-of-the-art technology. The State's promulgation of the new policy opting for large generation units over small ones has exactly created a favourable policy environment for the Company's strategic development. Large generation units with a capacity of 600 MW currently account for more than 60% of the Company's total installed capacity, while small generation units to be replaced or retired in the next few years of the Company's plan only account for around 3%. The Company will fully capitalise on the said policy by accelerating the development of large generation units and speeding up its strategic development and business transformation. Meanwhile, the Company will take an active role in the implementation of the economic dispatch policy by further optimising its internal power generation structure, fully capitalising on the economies of scale of large generation units in service areas like the BTT where both new and conventional generation units are located, thereby raising its power generation standards through reducing energy consumption. The Company will also further increase power generation output and expand market shares in the service areas along the eastern coast where large generation units are located.
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