In the fourth quarter of 2012, CE electricity industry prosperity index was 99.9, which was 0.2 points up compared with the previous quarter; CE electricity industry warning index was 83.3, increased by 4.1 points compared with the previous quarter.
In the fourth quarter, the year-on-year growth rate of power generation began to rebound after a decline in five consecutive quarters, and the income of main business showed a steady growth; the total profits of the industry, total taxes and sales margin showed a certain degree of upward trend; the growth rate of investment in fixed assets turned to increase after a decline in two consecutive quarters, and the labor demand continued to slow. It is expected that the power industry indexes will continue to show a stabilization trend in the first quarter of 2013.
Prosperity index run smoothly
In the fourth quarter of 2012, CE electricity industry prosperity index was 99.9 (take the growth level of 2003 as 100), which was essentially flat with the previous quarter (edged up 0.2 points). This indicates that the power industry began to rise slightly after a stabilized and slow consolidation in the first two quarters.
Among the five indicators constituted the CE electricity industry prosperity index, year-on-year growth rates of the main business income, total profits, total taxes and total investment in fixed assets all showed varying degrees of upward trend compared to the previous quarter, while the year-on-year growth rate of the number of employees continued to fall.
Further eliminated the random factors, CE electricity industry prosperity index was 99.2, with an increase of 0.6 points compared with the previous quarter and a decline of 0.7 points compared with the prosperity index without the random factors been eliminated. This indicates that the steady growth policies and other favorable factors played a certain role in promoting the development of the electricity industry.
The growth rate of power generation began to be stabilized and rebound
After a preliminary seasonal adjustment, the power generation of the power plants in China that are above designated scale in the fourth quarter was 1.18804 trillion kilowatts hours, with a year-on-year growth of 6.0 percent, and the growth rate increased by 3.6 points compared with the previous quarter.
In the fourth quarter, China's economy began to be stabilized, and the increased trend month by month of growth rate in the above-scale industrial added value drove an increase in electricity demand of the society as a whole; in October and November, the total electricity consumption increased by 6.1 percent and 7.6 percent year on year respectively.
The rebound of power generation in the fourth quarter was mainly affected by the rebound in demand for electricity of high energy-consuming industries. The data shows that the electricity consumption of heavy industry increased by 5.8 percent and 6.7 percent respectively in October and November.
The rising trend in price slower on the top
In the fourth quarter, the total level of power ex-factory price rose by 3.0 percent year on year, and the growth rate narrowed by 0.2 points compared with the previous quarter.
The level of power ex-factory price continued the downward trend in the third and fourth quarters after reaching the high point in the second quarter of 2012, but the signal remained to be "yellow light", and the overheated state had been cooled to a certain extent. In 2012, as the growth rate of economy slowed down and the electricity demand of the society as a whole showed a decline trend, although the macroeconomic began to rise stably, the pressure of destocking still exist and there will not be a substantial increase in the demand for electricity; meanwhile, as the level of coal prices continued to decline, the power supply maintained a good level, which made the growth rate of the power ex-factory price level narrowed.
A steady growth in sales
After a preliminary seasonal adjustment, the main business income of the power industry in the fourth quarter was RMB1.172482 trillion yuan, with a year-on-year growth of 9.5 percent, and the growth rate edged up 0.1 points compared with the previous quarter.
Year-on-year growth rate of the main business income of the electricity industry met a weak rebound after a decline in five consecutive quarters, and it was basically consistent with the year-over-year growth trend of electric energy production. The narrowed growth rate of electricity ex-factory price weakened the role of electricity demand growth in boosting the main business income growth, but the steady rise of the growth trend in main business revenues has been initially apparent.
Sharp rise in profits
After a preliminary seasonal adjustment, the total profit of electricity industry reached RMB70.89 billion yuan, with an increase of 1.6 times year on year, and the growth range increased 107.2 points compared with the previous quarter. The increase of the total profits was mainly due to more precipitation and the abundant hydroelectric power reduced the cost of power generation in 2012; meanwhile, in the fourth quarter of 2011, the coal prices remained high so that the total profit of the power industry was relatively low, whereas the coal prices remained low because of the influence of multiple factors in the fourth quarter of 2012, and there was a better supply of thermal coal, which made the year on year growth of total profits in the power industry increase substantially.
Sales profit rate of the electricity industry in the fourth quarter was 6.1 percent, with a slight increase of 0.3 points compared with the previous quarter; and it was lower than the average profit rate on sales of 6.5 percent of the total industrial by 0.4 points.
In 2012, the year-on-year growth rate of the total profits of the power industry showed an upward trend, and the profitability has been enhanced. In the fourth quarter, with the gradual stabilization and recovery of the economy, the year-on-year growth rate of the total profit of the power industry further accelerated, and lamp signal rose to be "yellow light". Thanks to the declining cost of coal prices, the year-on-year growth rate of the total profits of the power industry is faster than that of main business income, making a further increase in profit rate in sales.
Accelerated growth in tax revenue
After a preliminary seasonal adjustment, the total taxes paid by the electricity industry was RMB56.59 billion yuan, with a year-on-year growth of 21.2 percent, and the growth rate saw a 2 points higher year-on-year compared with the previous quarter.
According to estimates, in the fourth quarter, the total taxes paid by China's electricity industry accounted for 4.4 percent in the main business income, which was essentially flat with the previous quarter. The stabilization and recovery of macroeconomic drove the year-on-year growth rate of main business revenue and total profits of the power industry to rise, prompting a rise in year-on-year growth of the total taxes.
Stable cash flow
After a preliminary seasonal adjustment, by the end of the fourth quarter, the accounts receivable of the electricity industry was RMB262.32 billion yuan, with a year-on-year growth of 18.8 percent, and year-on-year growth rate increased by 0.4 points compared with the previous quarter.
In the fourth quarter, the accounts receivable turnover days of the electricity industry were 18.6 days, which was essentially flat with the previous quarter. In the fourth quarter, the year-on-year growth rate of the receivables of power industry slowed down, and the funds operating flexibility of power industry did not change much.
Investment altered from downward to upward
After a preliminary seasonal adjustment, the total investment in fixed assets of the power industry in the fourth quarter was RMB384.62 billion yuan, with a year-on-year growth of 8.9 percent.
CEC data showed that from January to November, the national power engineering construction completed an investment of RMB 620 billion yuan, in which the power source engineering completed an investment of RMB 302.1 billion, which decreased by 2.3 percent compared with the same period of last year, and the grid projects completed an investment of RMB 317.9 billion yuan, which increased by 2.1 percent compared with the same period of last year.
In the completed investment of power sources, thermal power completed an investment of RMB79.4 billion yuan, with a year-on-year decline of 13.2 percent, continuing the declining trend of last year, and the proportion of thermal power completed investment in the completed investment of power sources dropped to 26.3 percent, down 3.3 points compared with the same period of last year; hydropower completed an investment of RMB102.8 billion yuan, with a year-on-year increase of 31.5 percent; nuclear power completed an investment of RMB65 billion yuan, with a year-on-year decline of 1.0 percent; wind power completed an investment of RMB 49.5 billion yuan, with a year-on-year decline of 22.9 percent; the completed investment of hydropower, nuclear power, wind power and other clean energy accounted for 71.9 percent in the completed investment of power sources, which increased significantly compared with the previous year.
