Power consumption load in many regions hits new highs, listed power companies face opportunities and transformation challenges

Recently, due to the persistent high temperatures, coupled with the steady recovery of the industrial economy and the expansion of new electricity consumption patterns, the demand for electricity across the country has continued to rise, with power grid loads in many places setting new historical records. On August 3rd, power grid loads in Shandong, Tianjin, and other regions once again reached new highs, putting increasing pressure on power supply.
Facing the challenge of ensuring power supply during the summer peak season, listed companies in the power industry chain have made comprehensive efforts to maintain supply and stabilize production. Judging from the intensively disclosed semi-annual reports or performance forecasts of listed power companies, a structural differentiation pattern has emerged in the industry. Hydropower, power equipment, and energy storage sectors are experiencing performance dividends, while traditional thermal power is under pressure to transform, and the construction of new power systems continues to accelerate.
Power grid loads in many places have repeatedly broken records
This summer, the widespread and persistent high temperatures in China, coupled with the steady and expanded production in the manufacturing sector, as well as the rapid growth in electricity consumption for new business forms such as data centers and new energy vehicle charging and swapping, have driven the continuous increase in nationwide electricity demand.
According to data from the State Grid, since late July, the load of the two major regions of North China and Northeast China, as well as multiple provincial power grids, has successively reached new highs. As August began, the peak electricity consumption trend continued to intensify. On August 3, the maximum electricity load of the entire Shandong power grid reached 131 million kilowatts, an increase of about 800,000 kilowatts compared to last year's peak, setting a new record; on the same day, the maximum load of the Tianjin power grid climbed to 20.949 million kilowatts, breaking through the 20 million kilowatt mark for the first time, marking an 8.15% year-on-year increase, and the regional electricity load has reached a new level.
"This year, the high temperature weather in East China, Central China, Northwest China, and other regions 'came suddenly'. After the impact of the typhoon subsided in mid-July, electricity load rapidly increased, driving the national load to reach three new historical highs," Liu Mingyang, Deputy Director of the Electricity Department of the National Energy Administration, said at a recent press conference held by the National Energy Administration. "In the next step, if there is widespread and persistent high temperature weather, the maximum electricity load in the country may reach around 1.6 billion kilowatts, an increase of 90 million kilowatts compared to last year. The overall supply and demand of electricity in the country is balanced.".
According to data from the National Energy Administration, in the first half of this year, the total electricity consumption in the society increased by 5.3% year-on-year. Among them, the electricity consumption growth rate of high-tech manufacturing, Internet data services, and charging and swapping services led the entire industry, and the rigid demand for electricity continued to expand.
Currently, the nationwide installed capacity of power generation, installed capacity of wind and solar power generation, and coal reserves in power plants are all at a stable level, laying a solid foundation for ensuring power supply and providing fundamental support for the operating performance of listed power companies.
Performance differentiation in niche markets
Facing the continuously rising electricity load, listed companies across the entire power industry chain have taken multiple measures to strengthen the defense line for supply guarantee, with power sources, power grids, and equipment enterprises collaborating to make concerted efforts. Thermal power enterprises have reserved coal in advance, optimized unit operation and maintenance, and scheduling strategies, ensuring that all units are operational during peak periods and maintaining their role as the ballast for energy supply guarantee. New energy enterprises have strengthened station operation and maintenance, improved power generation efficiency, and made every effort to increase green electricity production, taking multiple measures to ensure stable regional power supply.
It is worth mentioning that strengthening mutual assistance for electricity surplus and deficiency through market-oriented means has become an important part of ensuring supply this summer. Zhang Xing, Deputy Director of the Comprehensive Department of the National Energy Administration, explained that the frequency of electricity market transaction organization has been further increased, enriching the market-oriented mechanism for cross-regional peak shaving and flexible mutual assistance within the region during this year's peak summer demand period. "For example, when the national electricity load reached a record high on July 14th and July 16th, the market mechanism fully played its role, and the maximum cross-regional power transmission simultaneously reached new highs, reaching 152 million kilowatts and 158 million kilowatts respectively," Zhang Xing said by way of example.
Reporters from China Securities Journal noticed that with the intensive disclosure of the 2026 semi-annual report or the pre-announcement of the semi-annual report results, the structural differentiation characteristics of the power industry chain have become prominent. The hydropower sector has become the biggest winner by virtue of the abundant water dividend. Guiguan Power has seen a significant increase in power generation and net profit in the first half of the year, with abundant cash flow and stable dividends. The performance of several hydropower listed companies such as Dian Tou Hydropower and Guizhou Source Power has also risen sharply simultaneously.
On the evening of July 30th, the semi-annual report released by Guiguan Electric Power showed that the company achieved an operating revenue of 5.716 billion yuan in the first half of the year, representing a year-on-year increase of 37.59%; net profit attributable to shareholders of listed companies was 1.759 billion yuan, up 48.09% year-on-year; and earnings per share increased from 0.1467 yuan in the same period last year to 0.2198 yuan.
"In the first half of the year, the company's directly-owned and controlled power plants completed a total of 23.951 billion kWh of electricity generation, with a year-on-year increase of 47.67%. Among them, the hydropower sector contributed 21.327 billion kWh, an increase of 57.72% year-on-year." According to the semi-annual report of Guiguan Power, the water inflow in the Hongshui River basin was 50% higher than that of the same period last year, and the main hydropower stations had sufficient water storage, creating natural conditions for electricity generation.
The power equipment and energy storage sectors have benefited from the hundreds of billions of investment in the power grid and the concentrated implementation of ultra-high voltage projects, resulting in abundant orders and thriving production and sales. Jinbei Electric has seen steady growth in revenue and profits. CATL and EVE Energy have rapidly expanded their energy storage businesses, and material enterprises upstream in the industry chain have significantly recovered their profits.
The semi-annual report recently disclosed by CATL (Contemporary Amperex Technology) shows that the company achieved an operating revenue of RMB 276.92 billion in the first half of the year, representing a year-on-year increase of 54.8%; and a net profit attributable to shareholders of RMB 43.28 billion, up 41.98% year-on-year. In addition to maintaining its strong momentum in the power battery business, CATL's revenue from energy storage battery systems in the first half of the year amounted to RMB 53.261 billion, marking a significant year-on-year growth of 87.54%. The proportion of this revenue in total revenue increased from 14.74% in 2025 to 19.23%.
Tinci Materials expects its net profit attributable to shareholders for the first half of the year to reach RMB 2.7 billion to RMB 3 billion, representing a year-on-year increase of 907.84% to 1019.82%. The market demand for electrolyte and lithium hexafluorophosphate products continues to be robust, and capacity utilization is steadily increasing.
Electric power enterprises accelerate their green transformation
In contrast, traditional thermal power and regional power generation enterprises are under significant pressure. The installed capacity of new energy continues to squeeze the space for thermal power generation. Coupled with intensified market-based electricity price competition and rigid increases in fixed costs, some listed thermal power companies have seen a year-on-year decline in performance, highlighting the pains of transformation.
The China Electricity Council predicts that the total installed capacity of solar power generation is expected to officially surpass that of coal power in the third quarter of this year. The transformation of thermal power from a traditional base-load power source to a regulating power source has become a long-term trend, and the decline in utilization hours may become a normal industry phenomenon.
Against this backdrop, listed power companies have adjusted their development strategies, anchoring their focus on the main line of green and low-carbon transformation. Traditional power generation enterprises continue to optimize their industrial structure, reduce inefficient thermal power capacity, and fully deploy clean energy projects such as hydropower, wind power, photovoltaics, and energy storage, in order to increase the proportion of new energy installed capacity.
Meanwhile, relying on the empowerment of the capital market, deepening industry-finance synergy, and deploying in high-quality sectors such as ultra-high voltage, integrated source-grid-load-storage, and overseas clean energy, traditional power generation enterprises are gradually transforming into integrated energy service providers. Industry insiders indicate that the normalization of high temperature and high load will continue to promote the survival of the fittest in the power industry. The long-term growth logic of clean energy, new power equipment, and energy storage sectors is clear, and they will continue to lead the high-quality development of the industry.