National Electricity Fresh: 99% performance relies on Datang Tuoketuo power Plant Bizarre Trading

Wen/Sinorama reporter Ye Jing March 7, the National electricity Fresh Environmental Technology shares (hereinafter referred to as the National electricity Fresh) successfully, its listing process greatly accelerated.　　From the company's name can be seen, this is a very strong background of the company, in fact, as a private enterprise, the company's 99% performance depends on the state-owned power companies-Datang group.　　At the same time, the national electricity fresh in 2008 can take 720 million yuan from Datang group to acquire the Desulfurization facility assets of Inner Mongolia Datang international Tuoketuo Power Generation Co.　　99% performance relies on Datang national electricity fresh first started in Datang Group's desulfurization business. 2003, the company relies on the Hebei Province Environmental Protection Bureau, the implementation of Datang International Douhe Power Plant Unit 8th Desulfurization Project, after the Datang group in the implementation of the 200MW, 300MW and 600MW project, thus laying its status of Desulfurization Lake.　　As of the end of 2009, the national electricity and fresh cumulative investment volume accounted for the total number of desulfurization equipment 2.45%, in the industry ranked 13. In fact, 2008 years ago, Desulfurization projects were the main source of revenue for the company. However, with the completion of the desulfurization of active units and the slowdown of the investment growth of thermal power industry, national electricity fresh good at the traditional wet construction market into the Warring States Period, both the performance and gross margin, the 2009 national Electricity and fresh desulfurization construction business margin of only 6.72%, 2010 the revenue of this business is less than 2008 years of 1　　/6. In the desulfurization construction performance decline at the same time, Datang Group has become the impetus for the growth of the company, from Datang Group's Desulfurization franchise business to ensure that the state power Yongqing total revenue of the relatively stable.　　2008, the state Electric fresh and Tuoketuo power plant signed the "Inner Mongolia Datang International Tuoketuo Power Generation Co., Ltd., No. 1-8 coal-fired power generation unit flue gas desulfurization concession contract", began the Desulfurization franchise Services, 2010, the concession business accounted for the state power Yongqing main revenue of 79.63%. State electricity fresh prospectus shows that 2010, Tuoketuo power Plant, Tuoketuo second power plant is divided into national electricity fresh first and second largest customers, the third largest customer for Shanxi Datang International Linfen Thermoelectric limited liability company, the fourth largest customer for Datang Taiyuan Second heat plant, four Datang group customers accounted for the total state electricity fresh revenue 98.3　　%。 January 2011, the state electricity and fresh, and Zhejiang Datang Desert Power Generation Co., Ltd., Inner Mongolia Datang international Hohhot Power Generation Co., Ltd., Hebei Datang International Tangshan Thermoelectric Co., Ltd., Shanxi Datang International Yungang Thermoelectric Co., Ltd. and Hebei Datang International Qianan Thermoelectric Co., Ltd. signed 13 Unit of flue gas desulfurization concession contract, desulfurization franchise Unit Capacity total 4,860MW.　　It is not difficult to find that the national electricity fresh follow-up performance depends on the Datang group still. In fact, in addition to Datang Group, Huaneng and other 4 state-owned large power companies have launched franchise business. According to the preliminary statistics of the ITU, as of 2010At the end, the national approved the implementation of the power plant flue gas desulfurization franchise pilot project A total of 23 pilot unit capacity of total 24485MW, but the country's fresh franchise business has not yet entered these companies. An interesting phenomenon is that non-Datang customers, small customers are also lower than the price of large customers. For example, 2008 years, the lowest unit price business for Huaneng Xinhua Power Plant Project, the contract price of 149,300 Yuan/MW, the same period Datang's Tangshan new Area thermoelectric project contract price of 226,000 yuan/mw yuan.　　2010, the National Electricity Fresh Unit price highest item for Taiyuan Second Heat transformation, the unit price is 138,000 yuan/MW, the lowest unit price is the China Resources Power Project, 55,400 Yuan/MW. In this regard, the state electric fresh explained that "because of the design standards of different projects, power plant layout, unit capacity, geological conditions, coal quality, the scope of the contract, there are large differences in the contract price of the construction projects are not completely comparable."　　"But such explanations are clearly far from enough.　　Tuoketuo Power Plant quality assets why surrender? Before franchising in 2008, Tuoketuo Power Plant was the biggest customer of the national electricity Fresh flue gas desulfurization construction project. Tuoketuo Power Plant is known as the Inner Mongolia Datang International Tuoketuo Power Generation Co., Ltd., is China's largest in-service power plant, by Datang International Power Generation Company Limited, Beijing Energy Investment (Group) Co., Ltd and Inner Mongolia Meng Huadian Huaneng Thermoelectric Co., Ltd. three shareholders were set up by 60%, 25% and 15% respectively.　　, its power generation mainly satisfies the demand of Beijing, is the national key construction project.　　At the end of December 2007, Tuoketuo Power Plant applied to the No. 1-8 coal-fired generating unit flue gas desulfurization project as a franchise pilot project, and recommended the national electricity fresh for flue gas desulfurization franchise desulfurization Company. According to the National Development and Reform Commission, Environmental Protection Bureau July 2007 jointly issued the "on the implementation of the power plant flue gas desulfurization franchising pilot Notice" (hereinafter referred to as "notice"): "in the government departments of the organization coordinated, the power plant will be issued by the state of the desulfurization electricity price,　　The benefits derived from the preferential policies of desulfurization are licensed to the specialized desulfurization companies by the special Desulfurization Company, which undertakes the investment, construction, operation, maintenance and daily management of desulfurization facilities, and completes the Desulfurization task stipulated in the contract.　　The purpose of the notice is to solve the problem that the Desulfurization facility invests heavily in the power plant and that the small profit margins cannot guarantee the late operation, but also opened a new way for the construction of the desulfurization facilities in melee. Take this opportunity, the state electricity fresh in 2008 acquisition Tuoketuo power plant desulfurization facility assets, the price 720 million yuan.　　But from the state electricity fresh released data, Tuoketuo in fact is only the golden egg chicken, and there is no need to sell. 2010, Tuoketuo Power Plant 1#-6# Unit operating income 190 million, margin 0. 9.5 billion, the return on assets is as high as 17.36%. Since the Tuoketuo power Plant 1#-6# Generator Set operating period should not be less than 30, that is, franchise periodShould be not less than 30. National electricity fresh made a very good deal, but Tuoketuo power plant why will take the initiative to hand over this rooster, outside of the unknown.