Download Report

Opportunities of
Renewable Energy
Development in China and
Hong Kong
Civic ExchangeEnergy Forum 20: Renewables and Electricity
Market Reform. Hong Kong, May 11 2015
Joseph Jacobelli – Senior Analyst
gjacobelli@bloomberg.net
Bloomberg Intelligence
The BLOOMBERG PROFESSIONAL® service and BLOOMBERG Data (the “Services”) are owned and distributed by
Bloomberg Finance L.P. (“BFLP”) in all jurisdictions other than Argentina, Bermuda, China, India, Japan, and Korea (the
“BLP Countries”). BFLP is a wholly owned subsidiary of Bloomberg L.P. (“BLP”). BLP provides BFLP with global marketing
and operational support and service for the Services and distributes the Services either directly or through a non-BFLP
subsidiary in the BLP Countries. Certain functionalities distributed via the Services are available only to sophisticated
institutional investors and only where the necessary legal clearance has been obtained. BFLP, BLP and their affiliates do
not guarantee the accuracy of prices or information in the Services. Nothing in the Services shall constitute or be
construed as an offering of financial instruments by BFLP, BLP or their affiliates, or as investment advice or
recommendations by BFLP, BLP or their affiliates of “an investment strategy or whether or not to “buy”, “sell” or “hold” an
investment. Information available via the Services should not be considered as information sufficient upon which to base
an investment decision. BLOOMBERG, BLOOMBERG PROFESSIONAL, BLOOMBERG MARKETS, BLOOMBERG
NEWS, BLOOMBERG ANYWHERE, BLOOMBERG TRADEBOOK, BLOOMBERG TELEVISION, BLOOMBERG RADIO,
BLOOMBERG PRESS and BLOOMBERG.COM are trademarks and service marks of BFLP, a Delaware limited
partnership, or its subsidiaries.
Bloomberg Intelligence is a service provided by Bloomberg Finance L.P. and its affiliates. Bloomberg Intelligence shall not
constitute, nor be construed as, investment advice or investment recommendations (i.e., recommendations as to whether
or not to “buy”, “sell”, “hold”, or to enter or not to enter into any other transaction involving any specific interest) or a
recommendation as to an investment or other strategy. No aspect of the Bloomberg Intelligence function is based on the
consideration of a customer's individual circumstances. Bloomberg Intelligence should not be considered as information
sufficient upon which to base an investment decision. You should determine on your own whether you agree with
Bloomberg Intelligence.
Bloomberg Intelligence is offered where the necessary legal clearances have been obtained. Bloomberg Intelligence
should not be construed as tax or accounting advice or as a service designed to facilitate any Bloomberg Intelligence
subscriber's compliance with its tax, accounting, or other legal obligations. Employees involved in Bloomberg Intelligence
may hold positions in the securities analyzed or discussed on Bloomberg Intelligence.
Bloomberg Intelligence
BI and Asia energy coverage
Bloomberg Intelligence, consisting of 200+
research analysts, provides in-depth
analysis, ideas, and data sets on
industries, companies, and credit,
government, ESG, and litigation factors
that impact decision-making. Coverage
spans 130+ industries and 4,000
companies across the globe.
BI analysis ranges from the macro picture
to company-level operating, financial and
valuation information – all backed by data
from Bloomberg and 300+ third-party data
contributors. Bloomberg analysts,
averaging 20 years of buy- and sell-side
research experience, offer powerful
thinking on key performance factors,
thematic issues, and profitability and
valuation drivers with insights on how
different events in Washington and credit
affect their industries and companies.
 Analysis
 Data Library
 Monitor



Grace Lee - Analyst
Oil & Gas
Joseph Jacobelli - Senior Analyst
Utilities & Infrastructure
Lu Wang - Analyst
Oil & Gas, Infrastructure
OPPORTUNITIES OF RENEWABLE
ENERGY DEVELOPMENT IN
CHINA AND HONG KONG
China’s Efforts to Combat Emissions
 Reducing pollution top government priority
 Shift away from coal-fired generation over-dependence
 Largest utilities raising cleaner energy investments
 Fuel mix change may face headwinds with deregulation
 Coal generators may eventually face lower returns
 Gas, nuclear and renewables are poised for growth
China’s Efforts to Combat Emissions
Coal Plants Spend More to Cut Emissions
China’s Efforts to Combat Emissions
Utilities’ Strategies: Cut Coal in Fuel Mix
Challenge #1
Grid Acceptance
国家电网公司发布促进新能源发展白皮书。
发布时间：2015-04-08.
4月2日，《国家电网公司促进新能源发展白皮书》在京发布。《白皮书》介绍了我国
新能源发展的现状和国家电网公司促进新能源发展，在电网建设、调度运行、分
布式光伏并网、技术创新等方面采取的措施及取得的显著成效，并就实现我国新
能源大规模开发和高效利用提出了可行性举措，公布了行动计划和倡议。
Source: State Grid Corporation of China; Bloomberg Intelligence, Bloomberg LP
Challenge #2
Reliability of Supply
Source: Bloomberg LP
Challenge #3
Competing Energy: Oil & Thermal Coal
Source: Bloomberg LP
Challenge #4
Liberalized Electricity Markets & RE
“Looking to the emergence of a huge new
market, a series of non-power companies—
including automobile manufacturers and
telecommunications service providers—have
announced their plans to enter the electricity
retail business. While it is expected that greater
competition will lead to better services at lower
prices, there are lingering concerns over the
possible consequences of liberalization because
of the unique nature of electricity and its need to
serve the public interest.”
Source: “Challenges in Japan's Electricity Utility Reform: Preventing a rise in power rates and supply shortage ” Hiroshi
OHASHI, June 26, 2014. (http://www.rieti.go.jp/en/papers/contribution/ohashi/08.html)
Bloomberg Intelligence
Thank You!
谢谢
謝謝