火电商业模式迎来拐点盈利稳定性有望提高

投资快报2025-07-22

“十五五”期间或呈现全国“宽电量”“紧电力”的供需格局从电力供需平衡表来看，“十五五”期间或呈现全国电量(能量)供需宽松，电力(功率)供需偏紧的格局。随着新能源装机维持快速增长、装机占比逐年提升，电力系统备用率(置信容量/最大电力负荷-1)持续下降，电力供需或趋紧;而在惯性机组中，火电选址要求低于水电和核电且建设周期较短，从电力供需平衡的角度出发，我们预计未来一段时间内燃煤发电与燃气发电装机容量...

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