Century-old SEP Good at New Energy Development

Although founded less than five years ago, Shanghai Electric Power New Energy Development Co., Ltd. (SEP New Energy) has its installed capacity exceed 1000 MW, which is the latest grade report submitted by the company. SEP, its parent company, boasting a history of 135 years, was once a conventional power generation enterprise focusing on coal-fired power generation. Nowadays, it has not only become world leading in developing clean coal-fired power generation, but also realized "corner overtaking" in new energy development, especially with remarkable achievements in the innovative development model of "PV plus", which blazed a new trail for the transformation of conventional electricity enterprise to new-type energy enterprise.


SEP New Energy was established in Shanghai on June 18, 2012, with a registered capital of 1 billion RMB. The company is wholly owned by SEP, which is affiliated to SPIC, a Fortune 500 company and one of China's top five power generators.


As China's energy structure is changing from focusing on coal to diversification, the dynamic of energy development is transforming from traditional energy growth to new energy growth. The report of the 19th CPC National Congress stated that China will promote energy production and consumption revolution, and construct a clean, low-carbon, safe and high-efficient energy system.


"On the one hand, thermal power development has encountered a bottleneck, with many restrictions for the increase in new coal-fired power generation units. On the other hand, the increase in total electricity consumption has been less than expected, while the installed capacity of power generation has been ever-increasing, which led to supply-demand imbalance. The problem could not be solved simply by thermal power development. However, the emergence of new energy provided a good opportunity to deal with the problem. That is how SEP started its road of new energy," said SEP New Energy general manager Zhou Yao during an interview.


SEP New Energy serves as the most important platform of SEP to develop new energy, which reflects SEP's firm resolution and confidence in adjusting energy structure and promoting strategic transformation. Since its founding, SEP New Energy has witnessed sustained growth, achieving a profit of 117 million RMB in 2016, increasing 263.07% on a year-on-year basis.


Zhou Yao forecasted that the next few years would be the most crucial period for new energy development, and those who could seize the opportunity in this period would not be put on the back foot in the future development. Meanwhile, the future development of new energy will certainly confront with more and more difficulties, as the decrease in tariffs and subsidies is an inevitable trend, with more stringent PV-related indicators and more intense competitions. Nevertheless, driven by the irresistible force of clean energy development, SEP New Energy will adapt to the trend and forge ahead in a pioneering and innovative spirit under the guidance of SPIC and SEP.

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