China Electric Power News: SEP's Installed Capacity Exceeds 10 GW

SEP's controlling installed capacity has exceeded 10 GW, which is the latest performance report card submitted by the company as a subsidiary of SPIC, marking that the company has become the third subsidiary of SPIC after China Power International Development Limited and Huanghe Hydropower Development Co., Ltd. whose installed capacity has broken the level of 10 GW. It also indicated that SEP, as a century-old power generation enterprise, has entered a brand new development stage.

 

With a history of 135 years, SEP was once a conventional electricity enterprise mainly relying on coal-fired power generation. In recent years, the company has been centering on the harmonious coexistence between green energy and environment, common progress between energy technology and smart city, and shared development between enterprise and customers, with outstanding achievements gained on the road of transforming from a conventional electricity enterprise to a new-type energy enterprise.

 

The efficient and quality development of an enterprise depends on the guidance of strategic objective. In face of the new situation and new task, SEP made timely improvement on the former "1234" development strategy system, identified the target orientation of building an innovative and international modern energy enterprise, stressed the insistence on the dual drive of innovation and talent, and aimed to be excellent in Shanghai, superior in China and strong in the world. Meanwhile, the company put forward the "four further transformations", which are, further transformation to a clean, high-efficient, diversified, green and low-carbon enterprise, further transformation to a listed company with stronger value creation capability, further transformation to an innovative, pioneering and customer-oriented integrated smart energy supplier and service provider, and further transformation to a multinational enterprise with global competitiveness.

 

In the meantime, SEP fully leveraged its geographical advantage, followed the related strategic deployment such as the construction of "Four Centers" and scientific and technological innovation center with global competitiveness in Shanghai, adhered to the positioning as a multinational operation enterprise "based in Shanghai, strong in China and excellent overseas", and strived to become a pioneer in constructing SPIC into an innovative and international integrated energy group and modern SOE.

 

By the end of August 2017, SEP's controlling installed capacity exceeded 10 GW, which almost doubled from that in the end of 2010, when the company's controlling installed capacity was just more than 5,000 MW, with all coal-fired power generation except for Caojing Cogeneration, indicating a fairly single power mix. Confronted with such situation, SEP responded to the development trend of clean energy home and abroad at that time, adjusted its development concept and direction timely, and accelerated its transformation to clean energy development.

 

By the end of the 12th Five-Year Plan period (2011-2015), SEP's controlling installed capacity had increased from 6,010 MW to 9,360 MW, with renewable energy installed capacity growing from zero to 813.9 MW and the proportion of clean energy rising to 30.79 percent. Its total assets soared by 62 percent, with total profit and net profit reaching new highs.

 

In line with the need for China's supply-side structural reform, SEP has been carrying out sustainable energy development in nearly 20 provinces and municipalities extensively, including Zhejiang, Jiangsu, Shandong, Hebei, Anhui, Hubei and Xinjiang. So far, the company's clean energy proportion has increased to 33.5 percent, with the emission indicators of coal-fired units mostly reaching or exceeding those of gas-fired units.

 

At the same time, the company has been vigorously pushing forward energy-saving and emission reduction technological innovation and implementation, completing high-efficient de-dust, de-SO2 and de-NOx rehabilitation on all of its coal-fired power generation units, and took the lead to finish ultra-clean emission retrofitting at Caojing Power Plant. Consequently, the emission performance for SO2, NOx and dust has improved significantly, and the net coal consumption rate and comprehensive station service power consumption rate have decreased year by year.

 

With rapid development in China, SEP has been actively participating in the Belt and Road Initiative and SPIC's international development strategy, fully leveraging the advantages of Shanghai as an international financial center, and positively expanding overseas projects.

 

As of the end of 2016, the company had carried out related work in a total of 43 projects located in 19 countries, with total overseas assets of RMB 7.559 billion. Among them, SEP's acquisition of Pakistan-based K-Electric (KE) was awarded the "Best Pakistan Deal" in 2016 by Finance Asia, the purchase of Enemalta and Delimara 3 Power Plant became SEP's first project implemented in Europe, Hunutlu Thermal Power Plant Project was the largest project invested by Chinese enterprise in Turkey, and the PV power project in Japan became the first project developed by Chinese enterprise in G7 country that realized commercial operation and profitability.

 

On the journey of vigorously expanding overseas market, the company is forging ahead towards the objective of "building another SEP by 2020".

 

It is believed that talent is the most precious wealth of the enterprise. In its development process, SEP has been improving human resources management system continuously, optimizing its talent team structure, enhancing the staff's ability and quality, innovating talent reserve model, and providing talent guarantee for its development.

 

At present, the total number of the company's employees is 6,015, with the employees with senior worker qualifications or above accounting for 62% of all production personnel and the staff with bachelor's degree or above accounting for 35% of all staff. The company resorted to various measures including expanding power plant services home and abroad, relied on its own ability to solve the "re-employment" problem for the surplus staff through internal channels, and thus realized sustained stability of the enterprise and the staff.

 

As a listed company, the total market value of SEP has increased more than twofold from that in 2010. The company was awarded a number of honors including "China's Most Influential Enterprise of 2013", "China's Most Respected Listed Company with Investment Value of 2014" and "Best Board of Directors in Chinese Listed Companies IR Selection of 2016". Besides the highest long-term credit rating of AAA from CCXI, SEP was granted ratings of BBB+, BBB and Baa2 by Fitch, S&P and Moody’s respectively. Furthermore, the company won the titles of National Civilized Company and National May 1 Labor Award.

 

While realizing rapid increase in the business performance, the company, as a centrally-administered SOE, has been improving Party construction work earnestly, organizing various special-topic activities positively, strengthening cadre team construction vigorously, and building a corporate culture with unity and endeavor, which provided strong guarantee for the company's overall development.

 

In terms of enterprise management, SEP has developed a whole set of modern management system with continuous improvement, including the whole-staff performance management system based on EVA value management and taking KPI as the assessment tool, the BPR system for core businesses, and the QHSE system approved by the international authoritative organization.

 

The high-efficient operation of an enterprise cannot go without the effective incentive mechanism for the employees. SEP has explored and formed an allocation mechanism with the performance evaluation featured "basic salary, performance bonus and ability bonus accounting for 50 percent, 35 percent and 15 percent respectively" linked with salary distribution, and created a good atmosphere which let people who want to work have the opportunity, let people ready to work have a stage, let people capable of work have good pay, and let people who succeed in work win recognition, laying a solid foundation for the healthy and sustainable development of the enterprise.

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