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Recently, the phenomenon of “lack of electricity†has continued to spread. In order to solve the urgency of “coal†and reverse the current predicament of widespread losses, power companies have accelerated the construction of coal-electricity integration projects. Guodian Power (3.44, 0.03, 0.88%) (600795), which has just been approved by the National Development and Reform Commission, and the Inner Mongolia Shanghai Temple Coal and Power Project, and Huaneng Power International (6.79, 0.32, 4.95%) (600011) indirectly controlled by Inner Mongolia Huadian (9.99, 0.00, 0.00%) (600863) Inner Mongolia Weijiatun coal-electricity integration project has been started. A recent research report by the fuel branch of the China Electricity Council shows that although the five major power generation groups have accumulated losses of more than 60 billion yuan for three consecutive years, in 2010, the five major power coal business sectors generally benefited. Among them, Huaneng Group's coal sector revenue last year. 8 billion yuan, CLP invested 6.5 billion yuan, Guodian Group was 3 billion, and Datang and Huadian's revenues were nearly 2 billion yuan. The report pointed out that under the background that electric enterprises are subject to widespread losses in high coal prices, "coal-electricity integration" has been raised as a national strategy in policy, and the future will become an important pillar for electric enterprises to achieve profitability. Leading companies first tasted "sweetness" As early as 2008, the State-owned Assets Supervision and Administration Commission issued a document to allow power companies such as Guodian and Datang to increase the "primary energy development such as coal related to electricity" on the basis of homepages such as power production. business. At the same time, you can enjoy various tax and fee reduction policies for the coal industry. In October last year, the State Council issued the "Several Opinions on Accelerating the Merger and Reorganization of Coal Mine Enterprises", which explicitly proposed to encourage the integrated operation of coal, electricity and transportation, and the integration of coal and electricity was thus upgraded to the national strategic level. Under the support of the policy, some leading domestic enterprises have begun to deploy resources to expand upstream. According to relevant statistics, in 2010, Huaneng Holdings' coal production reached 48.86 million tons, Guodian coal production reached 47 million tons, Datang coal production reached 11.35 million tons, and Huadian was 9.31 million tons. The China Power Investment Corporation has a production capacity of 54.1 million tons and a production capacity of 72.75 million tons per year. It has become the third largest coal enterprise in China after Shenhua and China Coal. According to the plan formulated by each group, by the end of the “Twelfth Five-Year Planâ€, the self-sufficiency rate of coal will reach more than 30%. The CLP has set the target at “100 million tons per year and 50% self-sufficiency rateâ€. The chairman of the China Electricity Union Fuel Branch, Jie Juchen, told reporters that the “direct integration of coal and electricity†has the most direct benefit to power companies because of the investment savings and corresponding reductions in operating costs such as depreciation and repair costs. And some companies have tasted the "sweetness" from the coal-electricity joint venture. The 2010 annual report released by Guodian Power pointed out that despite the difficulties in operating the thermal power business, the company still strengthened the coal-fired power transmission integrated control company in Inner Mongolia and other regions in 2010 to increase the unit price of the integrated standard coal less than the market average. Business risk is difficult to ignore The relevant analysis pointed out that compared with electricity, the coal industry is highly professional, with high safety risks, and the initial investment is large, and the recycling cycle is slow, which will increase the risk of electricity operation to a certain extent. This has also become the industry's biggest concern about the integrated operation of coal and electricity. In the report, controlling coal resources has brought a lot of capital occupation risks. Huadian Power International (4.26, 0.12, 2.90%) invested more than RMB 2 billion in the second half of 2009 to acquire local coal mine equity, resulting in an average return on assets of -20.89%. The net cash flow from Huadian International’s operating activities for the year was 17.3 billion yuan, an increase of 73.8% year-on-year. In this regard, Jie Juchen believes that in the future, electric power enterprises should strengthen cooperation with coal enterprises in the form of coal-electricity integration. In the form of shareholdings, they should be mainly responsible for the operation and management of later power plants, and take advantage of their respective industries, so as to reduce operational risks and ensure project integration. Maximize benefits. Liu Zhenqiu, deputy director of the Price Department of the National Development and Reform Commission, recently wrote in the media that the size of the enterprise exceeds the reasonable boundary, which will cause the internal cost to be greater than the market transaction cost and reduce the economic benefits. Therefore, in the future, power companies should be guided to select some coal enterprises with relatively single product varieties, implement vertical integration, or select some low-cost coal resources with power generation coal for direct exploration, development and production to reduce social transaction costs.