Morning Market Report

1. State Grid's scientific and technological innovations have been highly effective

  State Grid's 22 achievements were selected in the fourth batch of the first (sets) of major technical equipment in the energy field list, including high-altitude ultra-high voltage transformers, superconducting cables, etc., to promote the integration of hard science and technology and industry. Meanwhile, State Grid signed a comprehensive deepening cooperation agreement with Xi'an Jiaotong University, focusing on the construction of new power systems and collaborative innovation between industry, academia and research.  

2. Ningxia promotes distributed photovoltaic participation in the electricity spot market

  Ningxia released the Implementing Rules for Distributed Photovoltaic Management, making it clear that large-scale industrial and commercial distributed photovoltaics can participate in the spot market and requiring a self-generation and self-consumption ratio of no less than 50%, providing a new path for new energy consumption.  

3. Inner Mongolia to start wind farm renovation and upgrading

  Inner Mongolia requires wind farms that have been connected to the grid for more than 15 years or have a stand-alone capacity of less than 1.5MW to be remodeled or decommissioned, encourages whole-farm upgrades, promotes the replacement of old equipment and the application of new energy technologies, or drives the demand for transformers.  

Technological Innovation and Major Projects

4. Inauguration of TBEA's India Extra High Voltage (EHV) Base

  TBEA completed the AC 1200 kV and DC ±1000 kV UHV transformer development base in India, accelerating the internationalization layout, and expected to continue to grow overseas revenue. Its transformer in the domestic ultra-high voltage projects in the first bid, 2025 revenue or more than 15 billion yuan.  

5. The world's largest “thermal + molten salt” energy storage project is completed

  The molten salt energy storage project of Anhui Suzhou Power Plant of National Energy Group has entered the commissioning stage, which can enhance the peak-regulating capacity of thermal power and support the demand for flexibility of the new type of power system after commissioning.  

6. China West wins 1.443 billion yuan project of State Grid

  China West Electronics Corporation won the bid for the State Grid's substation equipment procurement project, covering core products such as transformers, circuit breakers, surge arresters, etc., highlighting the industry leading position.  

Industry trends and challenges

7. Global transformer supply and demand conflicts intensify

  International organizations predict that the shortage of transformers will last until the end of 2026, with prices rising 40% from 2019. China, as the world's main production base, the market growth rate is expected to exceed 4% in 2025, with extra-high voltage and intelligent products becoming the growth engine.  

8. Power industry accelerates green transformation

  The National Energy Administration has made it clear that the target of new energy storage in 2025 is more than 60 million kilowatts, Henan is promoting the integration of source network and lotus storage, and Shanxi is piloting virtual power plants to aggregate resources and promote the optimization of energy structure.  

Enterprise Dynamics and International Cooperation

9. Kehua Data and Haichen Energy Storage Signed 15GWh Electric Core Purchase Agreement** (March 17)  

  The two sides deepen cooperation in the field of energy storage to accelerate global low-carbon energy transformation and highlight the synergistic effect of the industrial chain.  

10. India's nuclear power cooperation upgraded

   Russia plans to assist India in upgrading its nuclear reactor technology, promoting international cooperation in clean energy, or indirectly driving demand for power equipment.