(Report produced by Author: Minsheng**, Yan Jiayuan, Zhao Guoli).
1.1 The road is blue, and the local electricity is run by the locality
In the early 90s of last century, with the deepening of reform and opening up, the national economy showed a situation of steady growth, as the forefront of reform and opening up, the pressure of power supply and demand in Shanghai is rising, in order to avoid the lack of electricity to restrict social and economic development, Shanghai opened the prelude to Shanghai electric power investment by raising funds and cooperating with leading investment enterprises. Shenergy Electric Power Development Co., Ltd., the predecessor of Shenergy Co., Ltd., is a power development and energy construction investment company directly led by the Shanghai Municipal Government, established in December 1987, which is mainly responsible for the planning, financing and rolling use of Shanghai fund-raising funds, and managing the investment in power construction, energy development and energy-saving projects in Shanghai. In February 1993, with the approval of Shanghai Municipal People's ** Hu Ji Dispatch (1992) No. 568, Shenergy Power Development Company was restructured into Shenergy Co., Ltd. and listed on the Shanghai ** Stock Exchange in April 1993, becoming the first joint-stock listed company in the national power and energy industry. 20th century.
In the 80s and 90s, the company has invested in the construction and expansion of Shidongkou Power Plant, Shidongkou Second Power Generation, Waigaoqiao Phase I, Wujing Second Power Generation, with the new units put into operation one after another, the tense situation of Shanghai Electric Power has eased slightly.
In July 1985, the company started the construction of Shidongkou Power Plant, which was a project of four 300,000 kilowatt domestic subcritical coal-fired units, the first unit was put into commercial operation in December 1987, and all units were put into commercial operation by the end of 1989. In June 2000, the company valued the assets of Unit 1 of Shidongkou Power Plant at 8RMB 1.2 billion was transferred to Shenergy Group.
In June 1988, the company and Huaneng Group invested equally in the establishment of Shidongkou No. 2 Power Plant, which built two 600,000 kW supercritical coal-fired units, which was the first power plant in China to use supercritical units, and the two units were put into operation in 1992. In 1997, the company will hold 4934% of the equity was transferred to Huaneng International for a consideration of 3.5 billion yuan.
In October 1992, the company started the construction of the first phase of the Waigaoqiao Power Plant, which was composed of four 300,000 kW subcritical coal-fired units. The first unit was put into commercial operation in April 1995, and all units were in commercial operation by the end of 1997. In order to further strengthen the project management, in November 1999, the company and Shanghai Electric Power jointly invested in the establishment of Shanghai Waigaoqiao Power Generation Co., Ltd., with both parties contributing 50%.
In 1996, the company and Shanghai Electric Power invested equally to establish Shanghai Wujing No. 2 Power Plant, which is a project with two 600,000 kW subcritical coal-fired generating units, the first unit was put into operation in July 2000, and the second unit was put into operation in May 2001.
In July 2001, the company, Shanghai Electric Power Company and East China Company of the State Power Corporation started the construction of Waigaoqiao No. 2 Power Plant in accordance with the ratio of 40%:40%:20%, the scale of the project is two 900,000 kilowatt supercritical coal-fired power generation units, and the two units were put into operation in the middle and end of 2004.
After joining the WTO, with the construction of Shanghai Industrial Park and the development of foreign trade and economy, the gap between power generation and electricity consumption in Shanghai has expanded again. At the same time, in order to adjust the energy consumption structure in Shanghai, this round of power construction mainly carries out technical transformation of old power plants, new gas-fired power generation projects, and increases the peak regulation capacity of power supply.
In 2003, the company and Shanghai Electric Power, Singapore Sembcorp Utilities and Shanghai Chemical Industry Park (SCIP) built Caojing Thermal Power (SCP) in accordance with the ratio of 30%:36%:30%:4%, and the scale of the project was two sets of 300,000 kW gas-steam combined cycle generator sets, which were put into operation in August and December 2005.
In April 2005, the company and Huaneng International started the construction of Huaneng Gas Turbine Power Plant supporting the national "West-East Gas Transmission" project in accordance with the ratio of 30%:70%, the scale of the project is three 400,000 kilowatt gas-steam combined cycle units, the first unit was put into operation in mid-2005, and the remaining two units were put into operation in mid-2006.
In February 2006, the company started the construction of the third power plant in Waigaoqiao with Shanghai Electric Power and Guodian Electric Power in accordance with the ratio of 40%:30%:30%, and the scale of the project was two 1 million kilowatt ultra-supercritical coal-fired generating units, and the two units were put into operation in 2008.
In December 2007, the company and Shanghai Electric Power started the construction of two million kilowatt ultra-supercritical high-efficiency clean coal-fired units in Caojing area according to the ratio of 65%:35%, and the two units were put into operation in December 2010.
In June 2009, the company and Shanghai Electric Power Co., Ltd. started the construction of the first phase of the Lingang gas-fired power plant supporting the Shanghai LNG project in accordance with the ratio of 65%:35%, the scale of the project is 4 sets of 400,000 kilowatt gas-steam combined cycle units, the first unit was put into operation in early 2011, and the fourth unit was put into operation in early 2012, with a total scale of 16460,000 kilowatts.
With the improvement of power supply construction in Shanghai, the company has slowed down the pace of new coal-fired power projects in Shanghai, mainly the construction of gas-fired power generating units, and at the same time vigorously expanded outward, successively laying out coal-fired power projects in Anhui and Ningxia.
In November 2013, the company cooperated with Anhui Energy Electric Power and Anhui Shenyuan Coal Chemical Company in accordance with the ratio of 51%:245%： 24.5% of the joint investment in the construction of Shenwan Power Generation (Pingshan Phase I), which is the second phase of the "Anhui Power Transmission to the East" supporting power point project, the construction and operation of two 660,000 kW ultra-supercritical coal-fired power generation units, the two units were put into operation at the end of 2015 and the first half of 2016 respectively.
In December 2015, the company launched 30.4 billion yuan obtained 95% equity of Wuzhong Thermal Power held by Guodian Power, and two domestic supercritical coal-fired cogeneration generator units of 350,000 kilowatts were put into operation in the second half of 2016.
At the beginning of 2013, the new construction project of Chongming Gas Turbine Power Plant was approved, and the project was responsible for the construction of two 400,000 kW domestic gas-steam combined cycle generating units, and the two units were put into operation in the first half of 2018.
In 2017, Shanghai shut down the cogeneration unit of the company's subsidiary, Xinghuo Power Co., Ltd., and then the company, together with Datang Group, GCL-Poly and Hangzhou Bay Economic Development Co., Ltd., established Shanghai Shenergy Fengxian Thermal Power Co., Ltd. in the ratio of 51%:24%:20%:5%, which was responsible for the construction and operation of two 400,000 kW gas-steam combined cycle thermal power units and supporting facilities and regional heating network, and the two units were put into production in July 2019.
In July 2018, the company started the construction of a 1.35 million kilowatt coal-fired power unit with the largest single installed capacity in China, and officially transferred to commercial operation in April 2022. The Pingshan Phase II 1.35 million kilowatt project is a national demonstration project and is currently the world's largest coal-fired unit with single unit capacity, adopting the world's first high-low layout of the dual-shaft secondary intermediate reheat technology to improve thermal efficiency and unit cost performance, and at the same time, using a series of innovative technologies such as elastic heat recovery, generalized heat recovery and generalized frequency conversion, the design coal consumption for power generation is less than 250 grams of kilowatt hours.
As of the end of 2022, the company held 11.83 million kilowatts of thermal power capacity, including 8.4 million kilowatts of coal-fired power and 3.43 million kilowatts of gas-fired power. The installed capacity of equity thermal power was 10.85 million kilowatts, including 7.08 million kilowatts of coal power and 3.77 million kilowatts of gas-fired power. The company holds 8.46 million kilowatts of thermal power capacity in Shanghai, accounting for 33% of Shanghai's installed thermal power capacity4%；The installed capacity of thermal power in Shanghai is 8.14 million kilowatts, accounting for 32% of the installed thermal power capacity in Shanghai2%。In 2022, the company completed 46.5 billion kWh of thermal power generation, including 40.9 billion kWh of coal power and 5.6 billion kWh of gas-fired power generation. 30.8 billion kWh of electricity was generated by thermal power units in Shanghai, including 25.3 billion kWh of coal-fired power, accounting for 35.5% of Shanghai's thermal power capacity1%, accounting for 320%。
1.2 Coal consumption is leading, and coal power has weathered the crisis
As the first power generation company to reduce coal consumption to less than 300 grams of kilowatt hours for power supply, the company's energy saving level is in the leading position in the industry. The coal-fired power plants in operation controlled by the company basically use high-power high-efficiency advanced units, and only Ningxia Wuzhong Thermal Power uses 350,000 kilowatt cogeneration units. The coal consumption of the two 1 million kilowatt units of the Waigaoqiao No. 3 Power Plant and the two 900,000 kilowatt units of the Waigaoqiao No. 2 Power Plant have long been at the leading level in the country, especially the Waigaoqiao No. 3 Power Plant, which was put into operation in 2008, and is the world's first coal-fired power unit with an actual coal consumption of less than 280 grams and kilowatt hours. In December 2022, the performance test of the company's Pingshan Phase II unit was successfully completed, and the coal consumption of the power supply unit under rated working conditions was 24931 g kWh, the target of a design value of 251 g kWh or less was achieved, setting a new world record.
The six coal-fired power plants controlled by the company have all been profitable until 2021, with the exception of Ningxia Wuzhong Thermal Power.
2. The two major power plants in the other three major power plants, even in the years when there are large-scale losses in the thermal power industry, can still achieve a net profit margin of more than 6 percent In the face of the soaring thermal coal in the past two years, although the company's controlling coal power has suffered losses to varying degrees, its performance is still better than that of the coal power in Shanghai, in which it has a stake. In addition, due to the high cost of a single machine, the market is worried about the profitability of Pingshan Phase II, but from the actual operation situation, Pingshan Phase II will complete 60 on-grid electricity in 20226.5 billion kWh, net profit loss of 15.3 billion yuan, the net profit loss of kWh was 253 min kWh; In the first half of 2023, the second phase of Pingshan will complete the on-grid electricity of 266.5 billion kilowatt hours, net profit loss of 2.36 million yuan, and electricity loss of 009 min kWh, has basically achieved breakeven. It is expected that with the further decline of coal prices, the operation and commissioning of the unit will be optimized, and it is expected to achieve normal profitability.
Unlike most other thermal power companies, which are prone to sharp declines in profits or even losses during the period of high coal prices, the profitability of the company's thermal power sector fluctuates less, and the profit margin can be maintained at a reasonable level. According to two calibers: Caliber 1: According to the calculation of the electricity, revenue and cost of the sub-sectors announced by the company, there are large fluctuations because some annual revenues are not included in the capacity electricity fee income of gas-fired power plants. Caliber 2: According to the sum of the operating income of each holding thermal power plant announced by the company, the capacity electricity fee income of the gas-fired power plant is included, so the volatility is small. Due to the company's good thermal power asset structure and operating efficiency, the average annual gross profit of the company's thermal power sector during the "13th Five-Year Plan" period was close to 2 billion yuan, and the average gross profit margin exceeded 20%, which was relatively stable. In the past two years, in the face of industry-wide business difficulties, the company's performance was also under pressure, and the gross profit margin calculated by caliber 2 fell to. 4%。
1.3. Capacity electricity prices and gas sources are supplied, and gas and electricity are "guaranteed in drought and flood".
Previously, the company only had one natural gas power plant in Lingang Gas Turbine, and after Chongming Power Generation and Fengxian Thermal Power were put into operation one after another, the installed capacity of holding gas and power reached 3.43 million kilowatts, all of which were in Shanghai. Since 2012, Shanghai has taken the lead in adopting the two-part feed-in tariff policy for natural gas power generation in the country, which is more than two years ahead of the Notice on Issues Concerning the Management of Feed-in Tariffs for Natural Gas Power Generation (Fagai ** [2014] No. 3009) issued by the state on December 31, 2014. Shanghai's two-part electricity price policy ensures that the investment of gas and power units with low utilization hours can be realized through capacity electricity prices, so the company's gas and power units are generally stable and less affected by fluctuations in utilization hours caused by demand changes. On the cost side, the natural gas power plants purchase natural gas from Shanghai Gas, a wholly-owned subsidiary of the controlling shareholder Shenergy Group, and the pipeline transportation services of Shanghai Gas are provided by the Shanghai Natural Gas Pipeline Network Company, which is controlled by the company. Therefore, the fuel cost of the company's gas and power units is also not prone to large fluctuations.
The company's gas and power segment as a whole has stable revenue and cost, and the cost of gas and electricity and electricity fuel remains at 041 yuan kWh, taking Lingang gas turbine as an example, its net profit margin during the "13th Five-Year Plan" period was controlled at around 11%.
2.1. The opportunity of the World Expo to lay out new energy
The company is one of the first power generation enterprises to enter the development of wind power and photovoltaic projects in China, and in 2005, the company and the group established Shenergy New Energy Investment Company in accordance with the ratio of 30%:70%. On the occasion of the Shanghai World Expo, Shenergy Group invested in the construction of the China Pavilion and the Theme Pavilion of the World Expo, with a capacity of 3,127 kilowatts, which was the largest photovoltaic building-integrated power generation project in China and even Asia at that time.
After the start of new energy, Shenergy Lingang Solar Power Station, which was invested and constructed by Shenergy New Energy Co., Ltd., was completed in August 2008 and officially connected to the grid for power generation. Changxing Wind Power, a concession bidding project in Shanghai, started construction in August 2009 and was put into operation in January 2011. The second phase of the Lingang offshore wind power project started in November 2015 and was connected to the grid at the end of 2016. In 2015, the company acquired 70% of the equity of Shenergy New Energy held by its controlling shareholder Shenergy Group, and as of the end of 2022, Shenergy New Energy had 23 projects in operation, including 16 wind power and 7 photovoltaic projects, with an installed capacity of 1.47 million kilowatts. In addition to Shenergy New Energy, the company has successively established Shenergy New Energy (Qinghai), Shenergy New Energy (Inner Mongolia), Hainan Shenergy New Energy, Shenergy New Energy (Qinghai): After its establishment in January 2018, it has invested and developed 19 wind and solar power generation projects in the central and western regions, including 10 wind power and 9 photovoltaic power, with a holding installed capacity of 1.49 million. The business scope is distributed in Qinghai, Xinjiang, Guizhou, Henan, Shaanxi and other regions. Shenergy New Energy (Inner Mongolia): Operates 19 wind and solar projects in Mongolia, Hebei, Shanxi, Shaanxi, Hubei, Anhui, Hunan, Jiangxi, Guangxi and other regions, with a capacity of 1.21 million kilowatts. Hainan Shenergy New Energy: Established in April 2022, it is mainly responsible for the development and construction of 1.2 million kilowatts of sea breeze in Danzhou, Hainan.
As of the end of 2022, the installed capacity of wind power and photovoltaic power generation held by the company is respectively. 100,000 kilowatts, with a total installed capacity, ranking fifth among provincial power generation listed companies; Annual power generation. 6.3 billion kWh. Wind and solar accounted for 388%, accounting for 16 percent of the total power generation (excluding the second power plant).3%, has become a part that cannot be ignored.
2.2 The profit contribution of new energy is significant
In 2022, due to the impact of the epidemic, the company will make a total of 20.1 billion yuan, investment in Hainan project 17 billion yuan, with a cumulative investment of 68$2.3 billion; In addition to Hainan New Energy, the three new energy subsidiaries achieved a total net profit of 114.5 billion yuan, calculated according to the cumulative investment amount (excluding investment in Hainan projects), the rate of return reached 172%。Among them, Shanghai Shenergy New Energy, Shenergy New Energy (Qinghai) and Shenergy New Energy (Inner Mongolia) achieved net profits respectively. 0.8 billion yuan, and the annual investment return rate has also been reached. 3%。Considering that the three new energy subsidiaries in Shanghai, Qinghai and Inner Mongolia are all 100% wholly-owned subsidiaries of the company, and the majority of the shareholding ratio of the subordinate project companies is 100%, it can be estimated that the net profit attributable to the parent of the three subsidiaries is also about 11$4.5 billion; In addition, the investment income of the four wind power projects of Huaneng Qidong, Guodian Chengde Paddock, Yuhuan Huadian and Binhai Wisdom is 20.5 billion yuan, and the net profit of the new energy power generation sector in 2022 will be about 135 billion yuan, accounting for 94 percent of the total profit4%；1H23 The company's new energy power generation segment contributed 78 billion yuan, accounting for 337%, which is significant.
2.3 The "14th Five-Year Plan" is ambitious, and the sea breeze may become a bright spot
The company's "14th Five-Year Plan" development plan clearly states that by the end of the "14th Five-Year Plan", the holding installed capacity will strive to reach 22 million to 26 million kilowatts, of which 8 million to 10 million kilowatts of non-hydro renewable energy installed capacity, that is, an average annual increase of 1.6 million to 2 million kilowatts of wind power and photovoltaic power. In the first two years of the "14th Five-Year Plan", the company added 88 kilowatts of wind power and 1.15 million kilowatts of photovoltaic power, totaling 2.03 million kilowatts, so the company's installed capacity of non-hydro renewable energy still needs to increase by about 6 million to 8 million kilowatts in the next three years. At present, the company has built two offshore wind power projects in Shanghai Lingang and Jiangsu Rudong, with an installed capacity of 2128, 350,000 kilowatts. In October 2022, the company's 1.2 million kW sea wind project in Danzhou, Hainan Province was approved. In order to cooperate with the approval and construction of the project, in January 2022, Shenergy Group and Shanghai Electric Wind Power Group jointly invested in the construction of Hainan Shenergy Electric Wind Power, with a total investment of 1 billion yuan in the first phase of the project, to build a process production line of 8 to 15 MW offshore wind turbines, forming an annual production capacity of 150 to 200 sets of offshore wind turbines, which can meet the installed capacity of about 2.5 million kilowatts. The second phase of the project will build a first-class chain of wind turbines, such as blades, gearboxes, motors, offshore wind power construction and operation and maintenance home port bases, etc., with an investment of about 4 billion yuan in fixed assets. In January 2023, Shenergy Wind Power's first offshore wind power host rolled off the production line.
According to the Hainan Provincial Offshore Wind Power Special Plan, Hainan plans to build 11 sites with a total development capacity of 12.3 million kilowatts during the 14th Five-Year Plan period. Among them, there are 3 demonstration projects with a total of 4.2 million kilowatts, and 8.1 million kilowatts of resources for other projects are allocated to various development enterprises through investment promotion (competitive allocation). Relying on the supporting offshore wind power industry resources established in Hainan, the company is expected to obtain more development indicators.
In March 2023, the consortium led by the company won the competitive allocation and construction indicators of the fourth phase of the Shanghai Fengxian Offshore Wind Farm and the third phase of the Donghai Daqiao Offshore Wind Farm project, with a total installed capacity of 350,000 kilowatts. According to the "14th Five-Year Plan for Energy Development in Shanghai" issued by Shanghai in May 2022, during the "14th Five-Year Plan" period, offshore wind power will focus on promoting the development of wind power in the three major sea areas of Fengxian, Nanhui and Jinshan, and explore the implementation of wind power demonstration pilot projects in deep sea areas, and strive to increase the scale by 1.8 million kilowatts. This time, the company participated in Shanghai's sea breeze development plan through the competition of two sea breeze projects, laying the foundation for subsequent project resource acquisition.
3.1. Energy storage + microgrid, expand the new energy chain
Similar to the pilot development of photovoltaic and wind power projects launched at the end of the 11th Five-Year Plan, the company also took the lead in the industry to explore a number of potential new energy technology routes in the future. In order to cope with the challenges brought by the large-scale grid connection of new energy to the safety and stability of the power system, the company has forward-looking layout of distributed power supply, energy storage and other businesses. The combination of microgrid and energy storage technology is the two key points of smart grid, and its main workflow can be roughly divided into two steps: one is to use chemical or physical methods to store secondary energy sources to realize the time and space transfer of energy; The second is to digest and balance distributed energy resources on the spot, and at the same time, it can also exchange energy with the large power grid to achieve user demand-side management and maximize the use of existing energy and resources.
In 2018, the company successfully piloted the "photovoltaic + microgrid + energy storage" project in Qingpu Thermal Power (Shanghai Gas Group, a wholly-owned subsidiary transferred to the controlling shareholder in 2019), mainly building a set of 300kW 450kWh energy storage system and 168kWp photovoltaic power generation system.
In December 2018, the company announced that the name of its holding subsidiary, Shanghai Shenergy Xinghuo Electric Power, was changed to Shanghai Shenergy New Power Energy Storage R&D, and its business scope was simultaneously changed to: R&D of energy storage device system and its power station control system, engineering design, integrated manufacturing, construction, operation, power supply, energy services, production and sales of electricity and its ancillary products. At the same time, the reliability of the company's core energy storage technology has been verified, and the energy storage business will serve more application scenarios in more fields through the establishment of an energy storage professional company.
In December 2020, the first phase of the thermal storage combined operation project of the Outer Three Power Plants successfully completed a 168-hour trial operation, which met the formal operating conditions, becoming the first thermal power unit coupled electric energy storage joint operation case in East China. By the end of 2022, the company's distributed power supply projects have been put into operation for a total of 10980,000 kilowatts; We will further promote the key technology research of the "new power system", successfully develop energy storage controllers and cloud platforms, and realize the digital management of "wind, solar and storage". According to the company's "14th Five-Year Plan", the new installed capacity of electrochemical energy storage will reach 2 million kilowatt-hours (2GWh) by 2025, and the company's future promotion of new energy storage is worth looking forward to.
3.2 "Three vertical and three horizontal" layout, Shenergy Group is a leading explorer in the hydrogen energy industry
In the context of "dual carbon", hydrogen energy has gradually become one of the important energy carriers to cope with climate change and achieve sustainable development due to its clean, low-carbon, efficient and renewable advantages. As a comprehensive energy enterprise group with business in the fields of electricity, gas, hydrogen energy, and environmental protection, hydrogen energy is an important part of Shenergy Group's layout of strategic emerging industries. In the group's hydrogen energy planning, Shanghai Shenergy Energy Development Co., Ltd., as the main body, deeply participates in the strategic implementation of the group's "three vertical and three horizontal" hydrogen energy planning, and builds the whole hydrogen energy industry chain with Shenergy characteristics. Shenergy Group's "three vertical and three horizontal" hydrogen energy strategy, three verticals, that is, the three vertical strategy of product manufacturing; Three horizontal, that is, the three horizontal strategy of application scenario construction.
In the process of improving the industrial layout, Shenergy actively promotes the implementation of hydrogen energy projects.
In March 2022, Shenergy signed an investment agreement with Air Liquide and Shanghai Chemical Industry Park Investment Industry Co., Ltd. to establish a tripartite joint venture company to build the largest gas and liquid hydrogen filling center in Shanghai in phases. In July 2022, Shell and Shenergy signed an agreement to establish a joint venture "Shanghai Shenergy Shell New Energy*** The two parties will invest in the construction of a hydrogen refueling station network in Shanghai through the joint venture, which will become Shell's first hydrogen refueling station network in Asia. According to the agreement, the joint venture plans to build 6-10 hydrogen refueling stations in Shanghai and the Yangtze River Delta region over the next five years. In January 2023, Plastic Omnium Group and Zhejiang Lanneng, a subsidiary of Shenergy Group, jointly announced the establishment of a joint venture company in Shanghai (50% each), which will produce and supply high-pressure hydrogen storage cylinders and hydrogen storage systems for China's commercial vehicle market. In January 2023, Shanghai Lingang Shenergy Energy Innovation China-Japan Industrial Park officially launched the Hydrogen Energy Demonstration Project (Phase I), which is the first green electricity hydrogen production demonstration project in Shanghai, with an installed capacity of 2MW.
Aiming at Shanxi's potential as a low-cost coal-to-hydrogen source, Shenergy Energy explores the application scenarios of heavy trucks. In Lvliang, Shenergy Group signed a strategic cooperation agreement with the city to cooperate in promoting the development of Changzhi's hydrogen energy industry. In Changzhi, Shenergy Nengchuang established a joint venture with Lubao Group, a leading local coal chemical company, to establish Shanxi Changshen to carry out hydrogen production, hydrogen refueling station construction and operation, vehicle operation and other businesses. In Yuncheng, Kunhua Technology and Shanxi Universiade signed an order for more than 100 hydrogen energy heavy trucks, and the first batch of engines is expected to be delivered in the first half of this year. In Inner Mongolia, Shenergy Energy, together with Baotou Local Government, Vision Energy and Baotou Iron and Steel Group, plans to build a large-scale green electricity hydrogen production project on the spot, explore the business model of green hydrogen production and wind-solar-hydrogen storage linkage, and combine renewable energy and hydrogen industry through vehicle operation and hydrogen energy storage demonstration application projects to form an industrial closed loop. In August 2023, Hainan Shenergy New Energy released a tender for the Yangpu Green Power Hydrogen and Ammonia Production Project, combining the company's Haifeng project under construction in the local area and the Group's Shenergy Nengchuang's layout in the field of hydrogen energy, and the cooperation between the two parties has broad prospects.
This article is for informational purposes only and does not represent any investment advice from us. To use the information, please refer to the original report. ）
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