Investment opportunities of user side distribution

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Investment opportunities and challenges of user side distribution assets under the incremental distribution reform

since the power reform, especially the development of distributed energy and the promotion of incremental distribution reform, user side distribution has become a high-quality asset in the society

in the survey of the evaluation of the general industrial and commercial electricity price falling by 10% last year, we found an amazing fact: in addition to our country's major power, including the distribution assets owned by the sub power supply entities, there are also user side distribution assets that are larger than electricity assets

these distribution assets are power facilities that do not belong to power assets, and the investment subject is non electric social capital, which is divorced from the management system of the power industry, but exercises the basic functions of the grass-roots electricity business office; Some of these power distribution users are direct power supply users, which are basically large industrial and commercial users. Some are the main body of power transfer. The vast majority of general industry and Commerce belong to the transferred households; There are arbitrary charges of transferring costs to the transferred households of these distribution assets

in short, user side distribution assets are the power infrastructure of the whole society in addition to the power assets of power enterprises. According to our research and evaluation results, the total amount of this part of assets is at least twice that of electric assets, reaching the scale of trillion. These huge assets, however, exist in the hands of power users in the whole society in a decentralized and fragmented manner, forming a sunk cost for the society to obtain power services

user side distribution assets have become a social hidden danger that has to be solved

with the urgent requirements of the real economy for reducing the cost of energy consumption, the government has continuously proposed to reduce the price of electricity and the cost of obtaining electricity year by year. User side distribution assets, especially the main body of power transfer, have become a social hidden danger that cannot be solved without a fundamental change in the situation of relying on imports of a large number of key materials

although the distribution assets on the user side are not the main body of power, they exercise the management function of the grass-roots business office of power. At present, the management tentacles of public power are only outside the user's fence, and some are even limited to the substation bay where the user side is distributed and connected

if power enterprises manage power distribution according to the standards of professional and standardized management, this management will become a runaway horse when it comes to the scope of users. It is impossible to achieve the professional and standardized management of power distribution, let alone the legal settlement of electricity charges to end users. This phenomenon means that China's distribution management system has been in an imperfect, nonstandard and unprofessional state for a long time, which makes it difficult to use power with high quality and reduce energy consumption optimally

at present, from the perspective of the management chain of the entire power industry, the last mile of electricity is actually separated from the management mechanism of the entire power industry, which directly leads to the accumulated non-standard behavior of user side distribution assets. At the same time, new user side distribution assets are still emerging

in March, Premier Keqiang once again called for reducing the cost of access to electricity, not just reducing electricity prices, but also reducing the input and cost of user side distribution assets

it can be seen from the characteristics of distribution assets on the user side that social capital is a real investment in the distribution facilities in the user area. Moreover, due to special reasons, these power facilities are often higher than the actual use capacity of users, which makes most of the user side distribution appear the phenomenon of "big horse pulling small car", which greatly increases the cost of investment in power facilities, and also makes it difficult to reduce the kWh cost of user side distribution

since user side distribution is divorced from the management of the power industry, investors believe that since they have invested in distribution by themselves, it is "natural" to transfer investment costs, operation costs and distribution losses to end users from the perspective of investment recovery

in terms of power operation and electricity price management mechanism, this part of power distribution does not belong to the scope of regulatory business, and it is difficult to be included in the work scope of relevant power regulatory departments. Therefore, the investment mechanism of user side distribution assets lacks supervision and policy basis

as a de facto grass-roots power supply business, the nature of user side distribution has the characteristics of quasi monopoly enterprises. For end users, the property right unit that owns user side power distribution is in the same position with electricity in terms of charging right. Once the end user enters the power supply range of user side distribution, he will be in a weak position, and it is difficult to control the price of electricity

therefore, under this quasi monopoly, the distribution investment subject must charge all the costs and losses that should be amortized from the end users without supervision. Some even charge a number of management fees, which turns user side power distribution into a kind of money making behavior

in the process of cleaning up the high electricity price of general industrial and commercial users, we found that many end users have confused payment methods, such as electricity fees and property fees are difficult to distinguish, electricity consumption and loss are difficult to confirm, shared electricity and self consumption are difficult to distinguish, direct electricity costs and power facility operation and management fees

this makes the kilowatt hour expenditure of a considerable number of end users exceed the national terminal sales catalogue electricity price by more than 30%, which greatly increases the entrepreneurial and production costs of small and medium-sized enterprises

from the process of price inspection and cleaning up unreasonable charges in the general industrial and commercial electricity price decline, it reflects that the supervision of power distribution, especially the prevention of environmental pollution in the production process of chemical fiber itself, has a "dead corner" on the user side distribution assets (in fact, the grass-roots power supply business)

although the energy, economic and information technology, price and energy supervision departments are strengthening the supervision of power enterprises, the management problem of user side distribution assets is highlighted for special reasons this time. Once the clean-up "campaign" is over, this pure administrative behavior, due to the lack of market drive, systematic supervision and policy constraints, can only address the symptoms rather than the root cause

the governance of distribution assets on the user side is in trouble.

fgjg [2018] No. 500 and fgjg [2018] No. 787 provide a certain solution for the outlet of distribution assets on the user side (mainly power transfer). However, our research found that the governance of user side distribution assets is in trouble

according to previous habits, it is basically a practice for users, especially enterprise users, to hand over internal power distribution to power companies for free, but this practice makes social capital seriously wasted, and it is difficult to find value when high-quality assets are idle. At the same time, this kind of transfer basically does not transfer the ownership of land. Judging from the perspective of property law, it is actually a "marginal" behavior, and the property right after transfer is difficult to withstand the test of law

Since the power reform, especially the development of distributed energy and the promotion of incremental distribution reform, user side distribution has become a high-quality asset in society. Although these assets are currently non operating assets, for power enterprises and social capital specializing in distribution investment, if these stock distribution assets can be restructured from non operating assets to operating assets, they can acquire, lease and trust the power business of power transfer enterprises

for power transfer users, the original backlog of funds can be revitalized, the original assets that could not be operated can be operated legally, and the original power business that lacked professional management can be standardized management, which is undoubtedly more attractive than free transfer to power

according to the instructions of national documents, power enterprises should try to install meters to households. However, at present, electricity metering points are basically divided by property rights, which leads to the hidden danger of loss of non electricity assets and unclear property rights in operation, even if electricity enterprises install metering devices for end users on the user side at no cost. This also makes it difficult for power enterprises to have the motivation to carry out the work of installing meters to households

according to document No. 500, user side distribution in some industrial parks can be restructured into incremental distribution, which is also a difficult choice for user side distribution investors who lack professional power management for a long time

first, there is a lack of established management team to do a good job in the safe operation of incremental power distribution; Second, a large number of assets are in unreasonable use of fly ash in plastics. Experimental matching and long service life require re optimization and technical transformation; Third, the lack of financial policy support for the upgrading of non operating assets has led to a vicious rise in the operating costs of user side distribution assets

due to the above reasons, although the goal of reducing the general industrial and commercial electricity price by 10% last year was achieved, the problem of distribution assets on the user side has not been substantially solved

as long as investors believe that the investment cannot be recovered, the measurement cannot be accurate, the transformation is difficult to succeed, and the electricity charge is difficult to make up for the cost expenditure of enterprises, resulting in the deterioration of the business environment of enterprises, the phenomenon of arbitrary charging will inevitably return, which is difficult to eradicate. In particular, the general industrial and commercial electricity price will continue to be reduced by 10% this year. Although there are tax reduction factors, it still puts a lot of pressure on the user side distribution. If the administrative behavior is excessive, it will even have vicious effects such as cracking down on social capital investment and delaying local economic development

what is more worrying is that while we are cleaning up the mess of user side distribution assets, the new user side distribution assets are still expanding and extending based on the current power distribution management system

due to the differences in electricity investment system and local economic development, the government and enterprises are facing the situation of "far hydrolysis can not be close to thirst". They can only meet the requirements of project production by building their own capillaries of power distribution, so as to repeat the vicious cycle again and again

the distribution assets on the user side are facing a reshuffle.

the premier's government work report this year once again requires that the general industrial and commercial electricity price be reduced by 10%, and requires power enterprises to use all the tax cut profits to reduce the general industrial and commercial electricity price. This once again puts huge pressure on the investors of user side distribution assets. In this case, the distribution assets on the user side are bound to face a reshuffle

from the perspective of professional management requirements, user side power distribution must be incorporated into a unified power management system. Since the distribution assets on the user side are not included in the power management system, both the technical standards and the operation management system belong to the spontaneous behavior of users. This has made such a huge asset under unprofessional management. This is not in line with the requirements of professional and standardized management of social development, so it is imperative to bring the user side distribution into a unified power management system

according to the requirements of social division of labor, it is a general trend for local governments to host the distribution assets on the user side. From the perspective of asset distribution, although the distribution assets on the user side are huge, most of them are still controlled by the severe oil leakage in the oil pipeline system of governments at all levels. It is important to check whether the oil pipeline is broken and in the hands of state-owned enterprises. These assets have precipitated a large amount of social capital in the past 40 years of reform and opening up

in terms of social division of labor, local governments are gradually managing user side distribution assets through energy investment platforms. Therefore, the management mode of centralized holding of user side distribution assets is in line with the general trend of local economic development

starting from the integration of resources, the broken user side distribution will inevitably develop towards regional overall management. According to foreign experience, many countries have granted franchise rights to distribution areas for professional management of user side distribution, which enables the integration of broken user side distribution, thus greatly improving the load rate of power facilities and the utilization efficiency of social capital. Combined with the reform of incremental power distribution, endow

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