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A new round of coal-fired top cattle staged a high debt in power companies
　 High debt has become a difficult situation for the five major power generation companies to get rid of. How to crack so far has no answer. In 2011, a new round of coal-fired power "top cattle" continued to be staged. At the annual work conference of the five major power groups, high debts have become the biggest headache for the heads of enterprises. On January 21, the 2011 work conference of China Datang Corporation (hereinafter referred to as “Datang Groupâ€) was held. At the meeting, the person in charge of Datang Group clearly stated that it would continue to “enhance the capital operation and strive to reduce the asset-liability ratio†as one of the priorities of 2011. Datang Group is only a microcosm of the five major power groups. "From the current situation, the debt ratio of the five major power generation groups has not been effectively controlled compared with 2009, and still shows a small upward trend. Among them, Datang Group's debt ratio is close to 90%." Insiders of the Power Generation Group disclosed to the Financial and Economic Weekly. For a long time, the rising debt ratio of the five major power generation groups has been widely concerned by the outside world. After 2008, the debt ratio of the five major power generation groups exceeded 80% in one fell swoop. The State-owned Assets Supervision and Administration Commission (SASAC) has warned the five major power groups on this, and also included the debt ratio issue into the 2010 annual performance assessment indicators. The warning did not play a substantial role. An internal material of the SERC shows that as of the end of September 2010, the asset-liability ratio of the five major power generation groups was higher than 80%. Each company “has a heavy financial burden and a relatively large financial riskâ€. In addition to the slight drop of China Telecom's debt ratio by 0.2%, the debt ratios of the other four major power companies continued to grow. Unsatisfactory financing "In order to reduce the debt ratio in recent years, we have almost used all the methods to tap the potential." A middle-level of the five major power groups told the "Financial Weekly" that in the view of power giants, listing financing is to reduce the debt ratio. "Life-saving straw." At the end of 2009, Guodian Longyuan Group, a subsidiary of China Guodian Corporation (hereinafter referred to as “Guodian Groupâ€), was listed on the H-shares and became the first new energy company listed by the central government. Guodian Longyuan raised funds of HK$17.136 billion, which reduced the asset-liability ratio of Guodian Group by about 3% in one fell swoop. A simple and fast debt-to-standards door seems to be in sight. In December 2010, Datang New Energy Co., Ltd. (hereinafter referred to as “Datang New Energyâ€) was listed on the main board of the Hong Kong Stock Exchange, but fell below the issue price on the first day of listing. According to the announcement, Datang New Energy received a total of 4.7 billion Hong Kong dollars for the public offering, which is only half of the expected target. Analysts pointed out that Datang Group has high expectations for this listing, and has also made great efforts in cornerstone investors. The seven cornerstone investors selected are strong. However, the market does not buy Datang New Energy, a large part of the reason is that investors are not optimistic about the current domestic electricity market. In the face of Datang New Energy's foresight, Huaneng New Energy, a wholly-owned subsidiary of China Huaneng Group Co., Ltd. (hereinafter referred to as “Huaeng Groupâ€), was expected to postpone the listing plan. “We have indeed considered the factors to reduce the debt ratio, but we are still not optimistic about the response of the market to Datang New Energy. We still choose to avoid this period. After all, the approval we obtained is valid for half a year. An insider of the Huaneng Group said. So far, three of the five major power generation groups have split their new energy assets. However, in the face of the unpredictable capital market, the financing results are in a state of turmoil. “Listing financing can indeed have an immediate effect on the company’s asset-liability ratio in the short term. But this can only be effective for a period of time. If the fundamental problems of the five major power generation groups cannot be solved, after a period of time, the liabilities The rate will still rebound." An insider in the power industry told the Financial and Economic Weekly. The solution to the problem is that the high debt ratio of the five major power generation groups is largely caused by the following thermal power plants. The thermal power plants under the Datang Group have a responsibility rate of 100% to 120%, which is entirely dependent on the Group. The company gave money to live." An official of the Electricity Regulatory Commission told the Financial and Economic Weekly. In some of the power plants surveyed by the SERC, the asset-liability ratio is generally higher than 90%, and some power plants have exceeded 100%. The internal materials of the SERC show that the asset-liability ratio of Guodian Taiyuan No. 1 Thermal Power Plant has reached 137.45%. The liquidity of the power plant is seriously insufficient. It can only borrow from the bank or borrow from the group company. It continues to operate in debt, and the financial expenses have risen sharply, which also increases the cost of power generation. The financial cost of the online power consumption per kWh of the Datang Taiyuan Second Thermal Power Plant reached 3.56 points. Faced with the two sides of "market coal" and "planned electricity", the thermal power generating units of the five major power generation groups can only lose more money. However, as a power generation company, because it bears a huge social responsibility, it must bear even if it is compensated again. "I remember that in 2008, coal prices rose in January, and the cost of buying coal accounted for more than 60% of our production costs. There is no way, we can only fight for ourselves to tap the potential." People told the Financial and Economic Weekly. "It can be said that the potential of the enterprise itself has been exhausted, but it still can't keep up with the pace of coal." "The coal-fired top cattle" caused the power companies to lose more power, which will gradually push the power generation group into the expansion process of the horses. “Quality coal resources are limited after all, so in the control of coal sources, the five major groups have invested a lot of money. At the same time, for more coal sources, some coal mines that are difficult to mine are also included in the bag. The power generation company of 'half-way' is likely to bring great security risks," a person familiar with the matter said. At the same time, the five major power generation groups not only focused on upstream control, but also stepped into the downstream industry. In order to make up for the loss on the thermal power by increasing the profit point. Among them, the most striking is the coal chemical industry of Datang Group. According to the data, in the past two years, Datang Group has invested a total of about 100 billion yuan in the coal chemical industry. Correspondingly, Datang Group is currently close to 90% debt ratio. “Although the expansion of the five major groups is more of a helpless move, it is too blind to invest. This blind investment has made the already high debt ratio worse.†A person close to the five major groups revealed that “In terms of coal chemical industry, it is a capital-intensive industry. It requires a lot of capital investment and is also a major consumer of coal resources. This is equivalent to raising the price of coal invisibly.†Not only that, the five major power generation groups are in the industry. The battle for status has also led to a fierce competition among them. The blind competition for the five major groups is a more devastating balance sheet. “The five major power generation groups have high debt ratios. The fundamental problem lies in the 'coal power top cows', but the reason for this increase is the overdraft of capital for various group companies in the expansion.†An expert in the power industry told Financial Weekly. “Assessing†debt ratio In 2008, it was a watershed for the five major power generation groups. Since the beginning of this year, the debt ratio of the five major power generation groups has entered the “post-80s†stage. An analyst pointed out that since electricity is a public utility and credit is higher in financial institutions, the capital for power investment is generally required to be around 20%. Simply put, the power generation group's debt ratio remains below 80%, and its operating risk will be low. Exceeding this number will greatly increase the operational risk. Once the power generation group's debt ratio is close to 90%, the company's operations have entered an extremely dangerous situation. “High debt ratio is not terrible. The terrible thing is that companies do not have the corresponding high growth to support the high debt ratio.†An expert in the power industry said that in dealing with the debt ratio, it should not be easily identified. The high debt ratio is reasonable, and should be combined with the market growth of the five major power generation groups. Nowadays, the reason why the five major power generation groups are deeply mired in high debt ratio is that the growth of their market cannot fully digest the high debt ratio of the group. "This is not to say that the market growth is high, you can not worry about the debt ratio. If the five major power generation groups continue to let the debt ratio go so far, even if it monopolizes the entire market, its business operations are precarious," the above experts stressed. Compared with local power generation companies, the five major power generation groups are far ahead in terms of scale and financial resources. Although local power generation enterprises are also suffering from the "coal power top cattle", local governments will use other forms to "transfusion" of these local power generation enterprises after attracting investment through low electricity prices. Therefore, local power generation companies have lost a lot of worries. In the case that the problem of “coal power top cattle†cannot be effectively solved, capital injection by the state is the most effective and direct way to reduce the debt ratio. According to an insider of China Power Investment Corporation, relevant departments of the State-owned Assets Supervision and Administration Commission in 2010 have studied related matters, and it is said that there will be a conclusion this year. “Although the effect of capital injection by the state is the most obvious, this method is not desirable. The reasons for the high debt ratio are multifaceted. If the method of capital injection is used, it can only cover up the problem, not solve the problem. An insider of a group of five said. In 2011, a new round of coal power “top cow†continued to be staged. At the annual work conference of the five major power groups, high debts have become the biggest headache for the heads of enterprises. In 2011, a new round of coal power “top cow†continued to be staged. At the annual work conference of the five major power groups, high debts have become the biggest headache for the heads of enterprises.