"12th Five-Year" energy investment reached 13.5 trillion

When the National Energy Administration answered a reporter’s question on the “12th Five-Year Plan for Energy Development” (hereinafter referred to as the “Planning”) on January 28, it pointed out: “In the initial calculation, during the “Twelfth Five-Year Plan” period, the total investment in the energy sector in the country is expected to reach 13.5 trillion yuan, and the vast majority of investment in the energy sector is raised by investors through the market."

Correspondingly, the state will broaden the channels for business investment, increase the proportion of direct investment by energy companies, and further relax the restrictions on energy investment investment and promote investment diversification. However, in the eyes of experts, to achieve a breakthrough in investment diversification, we must rely on the rationalization of energy prices.

The relevant person in charge of the National Energy Administration estimated that the construction of energy production capacity during the 12th Five-Year Plan period was 8.5 trillion yuan, and the construction of energy storage and transportation facilities and people's livelihood guarantee projects were 5 trillion yuan, while the focus of investment in the central budget was only on rural grid upgrades. The necessary support will be given to such areas as transformation, power construction in areas without electricity, and independent innovation in energy science and technology.

To this end, the "plan" proposes to strengthen the convergence of credit policy and energy industry policy. Innovative financial products and services facilitate the diversification of energy investments. Broaden business investment channels and increase the proportion of direct energy companies.

In fact, reaching out to banks is no longer the best way for energy companies to solve their financial problems. “According to past practice, the capital of energy projects accounted for 25% to 30%, and the rest were from banks. But as the number of projects of enterprises increases, the scale becomes larger and the single channel It has been difficult to meet the funding needs of the project. From the decade ago, energy companies have begun to try non-performing channels such as bonds and bonds, and are now more active.” Lin Boqiang, Director of China Energy Economic Research Center, Xiamen University, Reference newspaper reporter said.

However, Lin Boqiang frankly stated that the main source of funds for energy companies is still **, and the construction of non-domestic channels really needs to be accelerated. However, Gao Shixian, a researcher at the National Energy Research Institute, believes that in order to embody the concept of the market, it is necessary to diversify the main body of investment.

The call for diversification of energy investment continues, and last year’s three-line project of the West-East Gas Pipeline and the second round of public funding for shale gas tendering gave a substantial breakthrough to the process. “Planning” also highlighted a single section that emphasized energy improvement. Investment management encourages private capital to enter the energy sector that is not explicitly banned by laws and regulations, encourages foreign capital to participate in investment in the energy sector in accordance with laws and regulations and foreign investment industrial policies, and diversifies infrastructure investment such as power grids and oil and gas pipeline networks.

"At this stage, diversification of energy investment is still a problem. 90% to 95% of investment entities are still state-owned enterprises. Only after the issue of price is straightened out, can the people's capital come in. In the future, the transmission mechanism of prices is still not sound. The loss of state-owned enterprises is No problem, there are state subsidies, but private enterprises can not afford to lose.” Lin Boqiang said.

Gao Shixian also believes that although the vast majority of the energy industry is open to the community, the source of funding and investment are actually relatively single. The key to breakthroughs is to make owners feel profitable.