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Supported by preferential policies and governmental funding, the development scale of China’s new energy power generation industry has been improved greatly.As a capital-intensive practice, what is the impact of governmental subsidies on the financial performance of China’s new energy power generation enterprises in recent years? Will technological innovation improve the financial performance of enterprises? These questions are of great significance to the government and enterprises. However, empirical researches on these issues are relatively less. Based on the data of 158 listed new energy power generation companies in China from the past decade, this paper measures the impact of governmental subsidies on financial performance at the microscopic level. In addition, the impact of technological innovation on financial performance is also evaluated. The research results show that: first, governmental subsidies have a negative impact on the short-term financial performance of new energy power generation enterprises, and have a positive impact on their long-term financial performance; second, the technological innovation subsidy has a single threshold effect on the short-term financial performance of new energy power generation enterprises; and third, there are differences between supportive subsidy and technological innovation subsidy on the financial performance of new energy power generation enterprises.
Guoliang Luo; Yingxuan Liu; Liping Zhang; Xuan Xu; Yiwei Guo. Do governmental subsidies improve the financial performance of China’s new energy power generation enterprises? Energy 2021, 227, 120432 .
AMA StyleGuoliang Luo, Yingxuan Liu, Liping Zhang, Xuan Xu, Yiwei Guo. Do governmental subsidies improve the financial performance of China’s new energy power generation enterprises? Energy. 2021; 227 ():120432.
Chicago/Turabian StyleGuoliang Luo; Yingxuan Liu; Liping Zhang; Xuan Xu; Yiwei Guo. 2021. "Do governmental subsidies improve the financial performance of China’s new energy power generation enterprises?" Energy 227, no. : 120432.
In the winter of 2017, Beijing-Tianjin-Hebei (Jing-Jin-Ji) and the peripheral provinces carried out the Coal-to-Gas Program. Meanwhile, the “shortage of natural gas (gas shortage)” became worse. The paper builds an framework to analyze the reason for China's gas shortage from the aspect of the natural gas industrial chain. The oligopoly of the upper, middle and lower stages from exploration, exploitation to pipeline networking, storage and transportation, and distribution of the natural gas industry leads to the absence of the price transmission and incentive system in the industry, severely hindering the improvement of the supply and emergency response capacity of natural gas. The oligopoly of upstream mineral rights leads to insufficient supply of gas storage in China. Lack of social capital lead to a lack of competition for gas supplies. The development of natural gas lacks spot market, futures market and effective regulatory system, Reform of the gas market still has a long way to go in China.
Guoliang Luo; Shanshan Liu; Xiaohui Yan; Yiwei Guo. Institutional constraints to China's low carbon transition: A case study of China's coal-to-gas program. Structural Change and Economic Dynamics 2021, 57, 121 -135.
AMA StyleGuoliang Luo, Shanshan Liu, Xiaohui Yan, Yiwei Guo. Institutional constraints to China's low carbon transition: A case study of China's coal-to-gas program. Structural Change and Economic Dynamics. 2021; 57 ():121-135.
Chicago/Turabian StyleGuoliang Luo; Shanshan Liu; Xiaohui Yan; Yiwei Guo. 2021. "Institutional constraints to China's low carbon transition: A case study of China's coal-to-gas program." Structural Change and Economic Dynamics 57, no. : 121-135.
As much wind power is connected to the power system, the accommodation of the wind power in the power grids becomes a huge challenge to the operation model of China’s power system. Releasing and improving the flexibility of the power system will be necessary and important to enable the accommodation of power generated with renewable energy sources, which is connected to the power grids on a large scale and accounts for a high proportion. The paper, with North Hebei as an example, discusses the relationship between the demand for the flexibility of thermal power units and the accommodation of wind power. This paper further analyzes the demand for peak load regulation in North Hebei at both the present and the future as well as the characteristics of power sources in the power grids of North Hebei and the technical potential of power generation. It also compares the quantity of curtailed power before and after the flexibility-oriented transformation of thermal power units in North Hebei and calculates the minimum technical output of thermal power under different levels of accommodation of wind power. The research shows that the peak load regulating resources in the power grids of North Hebei boast huge potential, but in the long term, to achieve the objective of a 10% curtailment rate of power generated with renewable energy sources, the minimum technical output of condensing units must be lower than the internationally advanced level of 25%. So, it is difficult to fulfill the said objective solely relying on the strengthened transformation of generating units. To reach the level of 5% curtailment rate of power generated with renewable energy sources, the minimum technical output must achieve breakthrough improvement, which requires continuous technological innovation and power flexibility in close coordination.
Guoliang Luo; Xin Zhang; Shanshan Liu; Erli Dan; Yiwei Guo. Demand for flexibility improvement of thermal power units and accommodation of wind power under the situation of high-proportion renewable integration—taking North Hebei as an example. Environmental Science and Pollution Research 2019, 26, 7033 -7047.
AMA StyleGuoliang Luo, Xin Zhang, Shanshan Liu, Erli Dan, Yiwei Guo. Demand for flexibility improvement of thermal power units and accommodation of wind power under the situation of high-proportion renewable integration—taking North Hebei as an example. Environmental Science and Pollution Research. 2019; 26 (7):7033-7047.
Chicago/Turabian StyleGuoliang Luo; Xin Zhang; Shanshan Liu; Erli Dan; Yiwei Guo. 2019. "Demand for flexibility improvement of thermal power units and accommodation of wind power under the situation of high-proportion renewable integration—taking North Hebei as an example." Environmental Science and Pollution Research 26, no. 7: 7033-7047.
The total grid-connected installed capacity of wind power in northwest China has grown from 16,260 MW in 2013 to 43,290 MW in 2016; an increase of 88.7% each year. However, this region has suffered from increasingly serious wind curtailment since 2014, and the wind curtailment amount accounts for nearly a half of China’s total. The wind curtailment rate of Gansu Province, Xinjiang Uygur Autonomous Region and Ningxia Hui Autonomous Region in this area has increased and remains high. This paper constructs an analytical model to explore the reasons of the high wind curtailment of these three provinces from the four aspects of the wind power supply capacity, demand, grid transmission capacity, power system flexibility and market mechanism and laws. The results show that the relationship between the wind energy distribution and supply and the local load is incompatible, which is the source causing the high wind curtailment in northwest China. On the one hand, the game between the local government and developers has driven the development of wind power bases. On the other hand, the electricity sector is growing slowly and oversupply of electricity is seen in many areas of China. The wind power grid of northwest China not only faces limit of grid transmission capacity, but also constraint of insufficient flexibility of the electricity system. Presently, China has not set up a market mechanism and subsidy mechanism for the peak load adjustment, thus the thermal power companies lack motivation to voluntarily adjust the peak load. Moreover, the regional segregation and market barriers are also obstacles for the wind power outward transmission.
Guoliang Luo; Erli Dan; Xiaochun Zhang; Yiwei Guo. Why the Wind Curtailment of Northwest China Remains High. Sustainability 2018, 10, 570 .
AMA StyleGuoliang Luo, Erli Dan, Xiaochun Zhang, Yiwei Guo. Why the Wind Curtailment of Northwest China Remains High. Sustainability. 2018; 10 (3):570.
Chicago/Turabian StyleGuoliang Luo; Erli Dan; Xiaochun Zhang; Yiwei Guo. 2018. "Why the Wind Curtailment of Northwest China Remains High." Sustainability 10, no. 3: 570.
Guo-Liang Luo; Yi-Wei Guo. Rural electrification in China: A policy and institutional analysis. Renewable and Sustainable Energy Reviews 2013, 23, 320 -329.
AMA StyleGuo-Liang Luo, Yi-Wei Guo. Rural electrification in China: A policy and institutional analysis. Renewable and Sustainable Energy Reviews. 2013; 23 ():320-329.
Chicago/Turabian StyleGuo-Liang Luo; Yi-Wei Guo. 2013. "Rural electrification in China: A policy and institutional analysis." Renewable and Sustainable Energy Reviews 23, no. : 320-329.