The focus and trend of supervision on investment effectiveness of typical power grid projects

Since the “Twelfth Five-Year Plan”, my country’s power grid construction has experienced a stage of rapid development, and its scale has jumped to the first place in the world. The national grid has been steadily advanced, the regional power grid has been continuously strengthened, the automation level has been gradually improved, and the power quality and power supply reliability have been further improved. The demand for electricity in economic and social development. In 2018, grid investment was 537.3 billion yuan, surpassing power investment for the fifth consecutive year since 2014.

In 2013, the National Energy Administration carried out the supervision of the investment effectiveness of typical power grid projects for the first time, and selected 10 power grid projects for investment effectiveness analysis. In 2014, 10 power grid projects were also selected for evaluation from four aspects: project cost analysis, operation situation analysis, electricity price cost analysis and social benefit analysis. In 2015, the National Energy Administration continued to organize and supervise the investment effectiveness of 8 typical power grid projects including Jinsu DC. In 2017, the National Energy Administration continued to deepen the supervision of the investment effectiveness of power grid projects, and adopted a “double random” method to select a total of 19 supervision projects, including 10 typical power grid projects and 9 “look back” key projects, and released supervision to the public. The report is subject to extensive scrutiny. As a new round of reforms continues, government agencies are becoming a trend of “lighting on approvals and putting more emphasis on supervision”. In the next few years, supervision will only be strengthened rather than weakened.

The implementation of the supervision of the investment effectiveness of typical power grid projects

From 2013 to 2017, the National Energy Administration has carried out four times of supervision on the investment effectiveness of typical power grid projects, including 2013, 2014, and 2015, which are carried out year by year, and once every two years after 2015. The main supervision work includes the implementation of the plan, the actual operation effect, the investment benefit, the utilization of resources and the impact on the ecological environment, etc. In 2017, on the basis of the previous three supervisions, the key project “Looking Back” was added, and some typical power grid projects that were supervised in previous years were selected to track the changes in indicators such as subsequent power transmission and transmission power.

Each supervisory exercise consists of two phases. The first stage is the material submission stage (from May to June of the supervision year), grid companies prepare basic data, fill in relevant information forms for supervision projects according to the requirements of the National Energy Administration, prepare a self-inspection report on the investment effectiveness of power grid projects, and report to the National Energy Administration market Regulatory Division. The second stage is the stage of data collection and analysis and on-site verification (July to September of the regulatory year). Personnel and experts from the National Energy Administration, the General Electric Power Regulation Institute, the China Electricity Council and other units are organized to conduct on-site verification of the supervised power grid project. Power grid enterprises shall cooperate in preparing relevant materials for on-site verification projects. After the completion of the two stages, the Market Supervision Department of the National Energy Administration will compile a report on the supervision of investment effectiveness of typical power grid projects based on the work results, and release it to the public after the compilation is completed.

The names of the projects supervised by the National Energy Administration from 2013 to 2017 are shown in the table. A total of 38 typical power grid projects were selected for the four supervisions, including 16 inter-provincial interconnection projects, 7 power plant transmission projects, and 6 load demand projects. , 9 grid reinforcement projects.


Supervision results of investment effectiveness of typical power grid projects

The supervision report on the investment effectiveness of typical power grid projects checks the supervision projects from project planning, investment decision-making, project implementation, completion and commissioning, and evaluates the operational effectiveness of the project after commissioning. The supervision results are mainly aimed at the following aspects:

The first is the operational effectiveness of the project. Since the supervision work was carried out, the actual operation effect of the power grid project has always been the top priority, and the reasons for not meeting the design expectations have been analyzed. For example, the first regulatory result in 2013 is whether the actual operation effect of the inter-provincial DC transmission project meets the original design expectations.

The second is the issue of project construction management. Including the time sequence, content and management process of engineering feasibility study preparation, approval and construction. The problem mainly focuses on the compliance of engineering construction. Including the timing of approval and construction, whether the process is correct, and whether the scale of construction and approval are consistent. For example, in 2014, after the verification project obtained the approval document, the project scale was adjusted, and the project was not reported to the approval department in time. In 2015 and 2017, the verification projects had problems of starting construction before approval.

The third is the reason why the effect of project investment has not reached the design. Including the grid and power supply, load growth, the coordination of the construction environment and so on. For example, both the 2014 and 2015 regulatory reports proposed that the power grid and power supply should be planned and developed in a unified manner. In 2015, it was mentioned that the power demand at the receiving end of some projects was lower than expected, which led to the insufficient function of the project.

The fourth is power grid cost management and recovery. All previous supervisions have mentioned the issue of grid operating costs. For example, in 2013, it was mentioned that scientific statistics on operating costs lay a solid foundation for the reasonable determination of electricity prices, which not only ensures the enthusiasm of sending electricity to connect to the Internet, but also meets the requirements of power grid project investment recovery and repayment of principal and interest. In 2014, it was mentioned to establish a reasonable electricity price adjustment mechanism to ensure the recovery of project investment and the interests of all market players. In 2015, it was mentioned to standardize cost accounting and management methods to ensure accurate assessment of transmission and distribution prices. In 2017, it was mentioned that some projects incur unreasonable costs, which need to be further regulated.

Analysis on the key points of supervision work on investment effectiveness of typical power grid projects

By comparing and analyzing the progress of the supervision of the investment effectiveness of typical power grid projects over the years, the data reported by the supervision and the supervision opinions, the key points of the supervision of the investment effectiveness of the typical power grid projects of the National Energy Administration are as follows.

First, the supervision work covers various power transmission and transformation projects, which correspond to the types of investment and construction of power grid projects, which ensures the continuity of tracking and analysis, and helps to classify and analyze the problems existing in the planning, early stage, and implementation of different types of projects. It is conducive to classifying policies and improving the accuracy and pertinence of investment.

The second is to support the new round of power transmission and distribution reform. The three regulatory opinions from 2014 to 2017 all involved the cost accounting mechanism of electricity price. In particular, the 2016 regulatory report mentioned adjusting the cost accounting method to meet the requirements of the reform of transmission and distribution prices. According to the principle of “reasonable income”, the cost of transmission and distribution should be consolidated and approved by voltage level and by project to meet the requirements of transmission and distribution cost accounting.

The third is to pay attention to the coordinated development of the energy industry across fields, especially to coordinate and solve the problems between power sources, power grids and other types of energy entities. For example, the regulatory reports in 2014 and 2015 emphasized that the grid and power supply should be planned and developed in a unified manner. The 2017 regulatory report mentioned that it should do a good job of coordinating with the local government and the oil and gas industry.

Analysis on the trend of supervision work on investment effectiveness of typical power grid projects

A comprehensive comparison of the four typical power grid project investment results supervision work carried out from 2013 to 2017 shows the following trends in the industry supervision of the National Energy Administration:

First, pay more attention to the effect of the actual role of power grid engineering on the implementation of planning and feasibility studies. In the 2017 regulatory work requirements, the implementation of the plan is listed as the first item of the regulatory work content, and the planning documents, feasibility study report and approval, preliminary design and approval are included in the list of information provided, and the self-examination report also provides information on the plan. The requirements for the content of the implementation situation fully reflect the change in the focus of supervision work. It is expected that future regulatory work will maintain this trend, reflecting that energy regulatory authorities have well-documented management of grid investment.

The second is to pay more attention to the efficiency and effectiveness of project operation. In 2017, the supervision content clearly replaced the original operation analysis with the actual operation effect. Compare the key indicators after the project is put into production with the expectations to determine whether the expectations are met. It is not just that the regulatory requirements in 2013 and 2014 are just to analyze the project cost, but to analyze the income such as the power transmission after the project is put into operation. In addition, with the advancement of supervision work, the content of supervision has become more detailed, and the requirements for supporting materials such as attachments to be provided are further refined.

The third is to continue to track the investment benefits of key projects. A list of “look back” items was added to the 2017 regulation. Select typical power grid projects that have been inspected in previous years, and continue to track changes in benefits. By “looking back”, the operation of typical power grid projects in the next few years can be continuously tracked to further determine the investment benefits.

Suggestions on improving the investment effect of power grid engineering

The first is to strengthen the overall coordination of power grids and improve the utilization efficiency of power grid projects. Based on the grid structure where the project is located, coordinate the dispatching agency to optimize the operation mode, perform safety checks, and improve the utilization rate of power grid projects. Innovate transaction methods, fully tap the temporal and spatial value of the power grid, promote the reduction of terminal electricity costs, and improve the utilization efficiency of transmission channels.

The second is to optimize the investment structure of the power grid and change the growth mode of the power grid. The power grid is an important foundation to support the development of the national economy. In the past, for a long period of time, the demand for electricity has grown rapidly, and the investment in the power grid has paid more attention to new power transmission and transformation projects. At present, the power grid has entered a stage of high-quality development, which is changing from meeting basic electricity demand to highly reliable and high-quality services. The growth of investment in new power transmission and transformation projects has slowed down, investment in power grid technical transformation has gradually increased, and new businesses such as electric energy storage and energy Internet have , Continuous innovation of new business formats. It is urgent to optimize the power grid investment structure from the perspective of improving operational efficiency and improve the operational efficiency of existing power grids.

The third is to deepen the construction of the electricity spot market and improve the level of orderly electricity consumption. Establish a power market dominated by medium and long-term transactions and supplemented by spot transactions, improve the market-oriented power balance mechanism and price formation mechanism, use flexible market price signals to guide power production and consumption, maximize power optimization space, and improve power grid operation efficiency.

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