The Electric Power Department of the National Energy Administration recently said that in order to strengthen the power system's ability to absorb new energy, it is accelerating the construction of new energy supporting power grid projects. In 2024, it will focus on promoting the completion and commissioning of 33 key projects such as the Sichuan-Chongqing UHV AC project and the Qinghai Hongqi 750 kV power transmission and transformation project, and accelerate the construction of 37 important projects such as the Shaanxi-Anhui UHVDC project and the Gansu-Zhejiang UHVDC project, which will lay a solid foundation for new energy consumption.
With the continuous release of relevant policies and bidding information for UHV projects, industry institutions predict that this round of UHV investment and construction may last for more than five years, and the industry is expected to usher in a broad market development space.
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UHV industry chain
The industrial chain of UHV transmission project includes three main links: upstream raw material supply, midstream UHV equipment manufacturing and downstream power grid construction.
The raw materials in the upstream link are mainly composed of metal materials and electronic components, which are the basis for the manufacture of UHV equipment.
Midstream UHV equipment manufacturing is the core part of UHV transmission engineering, and it is a key link to ensure the safe and stable operation of UHV transmission system. The manufacturing process of UHV includes a number of key equipment, which can be further subdivided into AC and DC UHV equipment, cables and brackets, power control equipment, insulation devices and smart grid related equipment.
The construction of the downstream power grid of the industrial chain includes the configuration of distribution network equipment and the transmission network, which integrates the midstream UHV equipment into the power grid, so as to complete the construction of the entire UHV transmission project.
Diagram of UHV industry chain:
Source: Xingxingcha
Converter valves
The core equipment of UHVDC converter station includes converter transformer, converter valve, DC control and protection system, etc., and is also equipped with GIS combination electrical appliances, switches and other switch field equipment. Among them, converter transformers and converter valves have the highest value.
As the key equipment of the DC transmission project, the converter valve mainly realizes the mutual conversion of AC and DC power, converts AC power into DC power at the power transmission end, and converts DC power back to AC power at the power receiving end.
According to the different core power devices, converter valves can be divided into two types: normal straight converter valves and flexible straight converter valves. The normal straight converter valve is based on semi-controlled power electronic components such as thyristors, and the flexible straight converter valve mainly uses fully controlled power electronic components such as IGBT.
In general, the value of a flexible converter valve is usually 3-4 times that of a normal straight converter valve. Taking the Kunliulong project as an example, the Kunbei station at the power transmission end adopts the normal straight technology, and the Liubei station and Longmen station at the power receiving end adopt the soft straight technology.
From the perspective of market structure, in the domestic constant direct converter valve system market, Guodian NARI, Xu Ji Electric, China Xidian and Beijing ABB Power System are the four largest manufacturers in terms of market share. In the mainland flexible converter valve market, NARI also ranks first, its subsidiaries NARI Jibao, CLP Purui are the core suppliers, UHV flexible straight market share of more than 30%, other major suppliers include Xu Ji Electric, Rongxin Huike, etc.
Converter valve market share graph:
Converter transformers
The core function of the transformer in the transmission and distribution network is to ensure that the power can be efficiently transmitted from the power station to the end user by adjusting the voltage level.
In the ultra-high voltage direct current transmission project, the converter transformer is the key component, and it is also the core equipment of the AC and DC conversion interface.
The converter transformer connects the converter bridge and the AC system, and mainly plays an important role in the conversion and transmission of electric energy. In a DC transmission system, a converter transformer transfers electrical energy from the AC system to the converter bridge, or vice versa from the converter bridge to the AC system.
Under the combined influence of AC and DC electric fields and magnetic fields, converter transformers are technically difficult, and have very high requirements for the production environment and process.
From the perspective of converter transformer market, it is mainly occupied by four companies: TBEA, China Xidian, Baobian Electric and Shandong Electric Power Equipment.
DC control protection system
The secondary system of the converter station includes key components such as DC control, DC protection and AC control protection.
Among them, the DC control and protection system plays an important role in the DC transmission project, which is equivalent to the "brain" of the entire UHV project, responsible for commanding and regulating the operation of the project.
The DC control and protection system is mainly responsible for the precise control and necessary protection of the primary equipment inside the converter station, such as circuit breakers, valves, converter transformers and tap-changers. This ensures the safe and reliable operation of the DC transmission system.
The DC control protection system is usually composed of two parts: the control system and the protection system.
DC control and protection equipment has attracted much attention from the market due to its high technology content and product added value.
Due to the high technical difficulty of R&D and production of DC control and protection equipment, the market is highly concentrated, and it is mainly occupied by several leading manufacturers, such as Guodian NARI, Xu Ji Electric and Sifang Co., Ltd.
Diagram of DC control and protection system:
DC control and protection systemIn the UHVDC transmission system, it provides a key guarantee for the safe and stable operation of the power system through precise control and effective protection of the DC transmission system.
Overall, the market for UHVDC converter valves and DC control and protection systems is highly concentrated.
GIS combination electrical appliances
The core equipment of UHV AC substation includes transformers, GIS combined appliances and reactors. In the equipment cost of substation, 1000kV transformer, 1000kV GIS combined electrical appliances and 1000kV reactor together account for more than 80% of the total investment. Among them, the equipment with the highest value is the 1000kV GIS combination electrical appliance.
The full name of GIS combined electrical appliances is gas-insulated metal-enclosed combined electrical appliances, which can greatly reduce the volume of substations and realize the miniaturization of equipment.
The initial investment of GIS combined appliances is relatively high, but considering its small footprint, stable operation and many other advantages, it can effectively reduce operating costs and improve economic benefits in the long run.
In terms of market structure, the main 1000kV GIS equipment suppliers in mainland China include several manufacturers such as Pinggao Electric, China Xidian and New Northeast Electric. #特高压##电力##科技##财经##长文创作激励计划#
Cables and towers
In the UHV grid industry chain, the cable and tower market accounts for about one-third of the total UHV investment. However, gross margins in these two areas remain relatively low, between 10% and 15%. Unlike the situation where equipment suppliers are mainly composed of listed companies, there are a large number of suppliers of cables, towers, insulators, fittings and other materials, so the competition pattern of the entire market is relatively scattered, and the industry concentration is significantly low.
The leading companies in the cable link include Qingdao Han Cable, Zhongtian Technology, Hengtong Optoelectronics, TBEA and Smart Energy. Most of the suppliers in the tower market are unlisted companies, with companies affiliated with State Grid accounting for about 25% of the market share. In addition, Oriental Tower, Huijin Tong and Fengfan are the main manufacturers of related layouts.
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