The hottest ultra-low electricity price pushes bac

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The ultra-low electricity price pushes back the restructuring of power enterprises, which is still hampered by the debt and creditor's rights problem. "Ernst Siebert said: the restructuring of central enterprises is not an administrative matchmaking, nor a simple grouping, nor a new monopoly, nor a mass and large-scale reorganization tide

while the national development and Reform Commission is pushing forward the reform of transmission and distribution electricity prices, rumors of mergers and acquisitions in the power industry are hot again. SASAC has stated that the size and number of central enterprises can be rationalized and reduced, and the power industry has been considered by the industry to be expected to have a pattern adjustment. Even according to industry rumors, the five major power generation groups may become three in the future

learned from a large power enterprise: "at present, the work on restructuring has not been conveyed, nor has it been promoted internally."

the person said that restructuring should be the general trend. As the price of electricity is getting lower and lower in competition, the price of coal is getting higher and higher, "power enterprises are under great pressure."

and a variety of restructuring schemes are also circulating in the industry

however, a person from the price department of the national development and Reform Commission did not express his views on the changes in the pattern of power enterprises and the impact of price reform on competition in the future. "I don't know what the future will be like."

restructuring to maximize benefits

on July 26, 2017, Zhang Manying, an inspector of the price department of the national development and Reform Commission, said that all provinces in the country have implemented transmission and distribution reform. The reform includes direct electricity trading, power generation rights trading, trans provincial power transmission trading, etc. Power producers and consumers conduct transactions directly

"now the price of electricity price trading is getting lower and lower." A person from a power generation enterprise in Liaoning told, "the transaction price in the first half of this year was even lower than our cost."

will there be a reduction of bidding entities or price coordination in power enterprises in the future reorganization of power enterprises. A person from the price department of the national development and Reform Commission told that it is difficult to predict the impact of the restructuring on the reform of the power system

during the two sessions this year, Xiao Yaqing, director of the SASAC, said that in 2017, "we should further promote the restructuring of central enterprises". Since then, several combination schemes have been announced, such as Huaneng, Shenhua, state power investment, Datang and Guodian group

not long ago, Wang Binghua, chairman of the State Power Investment Corporation, also said that the restructuring of the State Power Investment Corporation is advancing

on the evening of June 4, China Shenhua and Guodian power issued suspension announcements respectively, and their controlling shareholders planned to plan major events involving the company, which had major uncertainties and still needed to be approved by the relevant competent authorities. This move is considered by the outside world as a signal of the reorganization of central enterprises

at the briefing on the reform of state-owned enterprises held by the SASAC on June 2, Peng Huagang, Deputy Secretary General of the SASAC, revealed that the next step would be to accelerate the pace of in-depth adjustment and reorganization along three major paths, steadily promote the reorganization of central enterprises in coal and electricity, heavy equipment manufacturing, steel and other fields, and strive to adjust the number of central enterprises to less than 100 within the year

Xiao Yaqing also told the reasons for the reorganization of coal-fired power enterprises at the beginning of the year. Xiao Yaqing explained specifically: "From the perspective of the development process of central enterprises, some enterprises have dozens of majors, and some have many state-owned enterprises, especially central enterprises. Therefore, the reason for such failures around the cohesion of power and structure is that the air in the oil pump of the hydraulic universal experimental machine has not been completely eliminated and adjusted. In terms of steel, coal, heavy equipment, thermal power, etc., it is definitely impossible not to reorganize."

previously, there were few reorganization of coal and electricity enterprises. At that time, the coal price was at a low point, and the electricity price in thermal power competition was also at a low level. The benefit assessment of central enterprises was in deep trouble

according to the data, in 2015, the benefits of enterprises under the supervision of the national SASAC system decreased by 6.1% year-on-year, and the sharp decline in the profits of central enterprises was effectively curbed. Throughout the year, the added value increased by 2% year-on-year, the fiscal revenue handed over to the state increased by 4.7% year-on-year, and 99 of 106 central enterprises achieved profits

at that time, a person from a central power enterprise told that when the efficiency of coal enterprises is poor, power generation enterprises will try their best to buy coal from central coal enterprises to help them get out of trouble

in 2015, Shenhua was one of the few coal enterprises without losses. After Shenhua, China Coal Group directly reported losses

in 2016, the national development and Reform Commission revealed that Shenhua Group and China Coal Group signed medium - and long-term contracts with Huadian Group and state power investment group in Beijing. The two sides locked in the quantity of resources and agreed on the basic price, and the price fluctuation above the basic price was reasonably shared by both parties

data show that in 2016, central enterprises achieved a total profit of 1.2 trillion yuan, an increase of 0.5% year-on-year, with an increase of 9.5 percentage points. Among the 102 central enterprises, 96 were profitable, reversing the decline in both revenue and profits, and achieving the goal of restorative growth of benefits

by the end of 2016, Huaneng ranked first with 165.54 million KW among the five major electric power companies according to their total installed capacity; Huadian Group ranks second with 142.81 million KW; Guodian ranked third with 142.48 million KW; Datang ranks fourth with 130.9 million KW; The national power investment ranks fifth, with 116.63 million KW. In terms of assets, there are 29 listed companies under the five central power enterprises, with total assets of more than 4trillion yuan. If you add the "four small", the total assets will exceed 5trillion yuan

debt and debt constraints

in addition to the earlier rumors of the reorganization of Shenhua and Guodian, "now it is rumored that Guohua Power may be split."

the person said, "maybe there is an opportunity to restructure with Datang."

but the rumors have not been confirmed. Not long ago, insiders of Datang once stated their position to the outside world and did not receive the notice of restructuring

another person familiar with the matter said to the lightweight trend of automobile design: "the general direction and principles of reorganization and merger may have been determined."

"however, no conclusion has been reached on personnel issues, project overlap and many complex issues, so it is difficult to be made public, and the management needs to coordinate for a period of time." The person added

but for this statement, Li Jinxiang, chief researcher of China Enterprise Research Institute, said: "there were rumors about the split of Guohua Power a year ago, but there was no conclusive statement before the official announcement of the news."

according to the above-mentioned cooperation between Shenhua and other central enterprises in 2016, SASAC is more inclined to the cooperation between Shenhua and upstream enterprises

China's coal market has experienced many ups and downs, which have caused damage to upstream and downstream enterprises. Shenhua can establish a safer ecological chain through merger and reorganization

for any merger and reorganization, "debt and creditor's rights are very thorny issues. This also involves the interests of enterprises and employees." Li Jin said

will the market pattern change

if the five power generation groups are restructured, the number of central enterprises will be reduced to three. What changes will the market pattern have

the person in charge of a secondary company of a central enterprise said to, "in fact, at the beginning of the establishment of the five power generation groups, it was to promote market competition."

since 1997, after the continuous and in-depth reform, the abolition of the Ministry of electric power, the establishment of the Electricity Regulatory Commission, and the split and reorganization of the State Grid system, five major power generation groups and two home appliance companies have been formed

in the same period, the oil system formed three giants, and the communication system formed a multi legged situation of China Unicom and telecommunications. What kind of materials can be used in horizontal tensile testing machines? Everything revolved around the problem of preventing monopoly and full market competition

"merger and reorganization is one moment, another moment." Li Jin said, "at present, the restructuring is mainly considered from the structural adjustment and layout of the industry, not from the market-oriented operation."

"on the one hand, we should restructure, on the other hand, we should prevent monopoly, because market-oriented operation and participation in market competition cannot be changed." Li Jin added, "reorganization is the trend, and the formation of monopoly is also possible."

Xiao Yaqing, director of SASAC, recently conducted intensive research on state-owned enterprises. When investigating Huaneng Group, Xiao Yaqing proposed: "we should constantly optimize the industrial organization and layout, actively promote the 'supply side' reform and power system reform, enhance international competitiveness, enhance the collaborative innovation ability of central enterprises, and strengthen and optimize the main business."

Zhang Xiwu, deputy director of the SASAC, once said that the reorganization of central enterprises is not an administrative matchmaking, nor is it a simple grouping, nor is it a new monopoly, nor will there be a mass and large-scale reorganization tide

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