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1、DeutscheBankMarketsResearchAsiaIndustryDateChinaChinaGasUtilities7July2017UtilitiesUtilitiesIndustryUpdateHanyuZhangMichaelTong,CFATakeawaysfromBeijingandHebeiResearchAssociateResearchAnalyst(+852)22036207(+852)22036167gastriphanyu.zhang@db.commichael.tong@db.comThree-day
2、gastripinBeijingandHebeiWeattendedatwo-daytripinHebeiorganizedbyENNEnergy(2688HK,Buy),andvisitedJinhongEnergy(000669CH,Notrated)andJingnengCleanEnergy(579HK,Notrated)inBeijing.Wesummarizethekeytakeawaysbelow.ENN:DistributedenergyprojectsWevisitedtwodistributedenergyprojec
3、tsinLangfangandShijiazhuangintheHebeiprovince.Inboththeprojects,ENNprovidespower,heatingandcoolingtoendusers,withanenergyutilizationrateof>80%.FortheJunlebaoprojectinShijiazhuang(withannualgasconsumptionof28.6mncm),thetotalinvestmentisc.Rmb80mnwithaprojectIRRof>12%.Compar
4、edtothepuregassalesbusiness,ENNcanearnanadditionalprofitvia1)sellinghighvalue-addedproducts(power,heatandcoldwater);2)enhancingenergyutilizationrate;and3)providingoperationalandmaintenanceservices.Accordingtomanagement,ENNplanstoinvestin10distributedenergyprojectseachyear
5、,withanannualcapexbudgetofRmb500mn.ENN:Ruralcoal-to-gasprojectsWevisitedHousunwaVillageinLangfang,whichiswithinthe“no-coal”areasetbytheHebeigovernment.Thevillagehascompletedthecoal-to-gasconversioninOctober2016andtheconnectionfee(100%bornebythelocalgovernment)hasbeenpaidt
6、oENN.Basedonourcheckswiththevillagers,a100-squaremeterhouseusuallyconsumesc.1,500cmgasforwinterheatingpurposeswithacostofc.Rmb4,000/year,whichis>Rmb1,000moreexpensivethanusingcoal.ThegovernmenthaspromisedtosubsidizeuptoRmb1,000/householdforgascost.However,thesubsidyforthe
7、lastwinterhasnotbeenpaidtothevillagersyet.Thevillagersaresatisfiedwiththeconversionas1)gasiscleanerandthereisnoneedforstorage;and2)currentlycoalisnotavailableinthe“nocoal”area.ENNchargesac.Rmb0.7/cmdollarmarginforgassales,butconsideringthehighinvestmentandoperationalcosts
8、,theestimatedprojectIRRisc.13%,belowits>15%IRRforurbanprojects.Accordingtomanagement,ENNwillcont
