Following Document No. 136, the photovoltaic industry reshuffle accelerates. The "Big Five and Six Small" show you how to play in the market-oriented photovoltaic market.

In February 2025, Document No. 136 of the National Development and Reform Commission came into effect, marking the end of the "guaranteed quantity and price" era for the photovoltaic industry, and intensifying market competition. As an industry "weather vane," the "Big Five and Six Small" state-owned enterprises are using practical actions to outline a new blueprint: some are shedding inefficient assets and streamlining operations, some are betting on the expansion of multi-gigawatt bases, and others are exploring new tracks by crossing into hydrogen energy and direct green electricity supply. This article provides an in-depth analysis of the latest actions of the "Big Five and Six Small" groups.

 

Policy Shockwave: The Photovoltaic Industry Enters an "Elimination Tournament"

 

Core Changes in Document No. 136:

✅ Cancellation of Guaranteed Purchase: New energy projects no longer enjoy "priority grid access" protection and must compete with thermal power and energy storage;
✅ Fully Marketized Electricity Prices: The fixed electricity price mechanism is abolished, and project income is directly linked to electricity market transaction prices;
✅ Resource Concentration at the Top: Small and medium-sized enterprises face the double pressure of "not being able to obtain indicators and not being able to withstand fluctuations" due to their financial and resource disadvantages.

▶ Following the direction of the "Big Five and Six Small" has become a "survival essential" for small and medium-sized players.

 

 

The "Big Five" Power Generation Groups: Dual-Drive of Scale and Technological Barriers

 

1. State Power Investment Corporation: Leader in Hydrogen Energy and Concentrated Solar Power Energy Storage

🔹 Asset Disposal: In the first quarter of 2025, 13 new energy projects (654MW photovoltaic + 350MW wind power) were divested, focusing on large-scale bases in deserts, gobi areas and barren lands and zero-carbon parks.

🔹 Technological Breakthrough: The 100MW off-grid hydrogen production project from wind power in Ordos, Inner Mongolia, has been put into operation, reducing the cost of green hydrogen production to 15 yuan/kg.

🔹 Data Highlights: In 2024, the proportion of clean energy installed capacity reached 72.4%, with a target of 75%+ in 2025, and projects exceeding 500 billion yuan were launched.

 

2. China Energy Investment Corporation: Leader in Ultra-High Voltage Transmission and Offshore Wind Power

🔹 Strategic Contraction: Suspension of distributed photovoltaic development, concentrating resources on the 7GW base in Tongde, Qinghai and the 600MW photovoltaic project in Bozhou, Xinjiang.

🔹 Technological Barriers: The Jiangsu Rudong H4# offshore wind power project uses 16MW units, with a single unit annual power generation exceeding 70 million kWh.

🔹 Data Highlights: In 2024, the proportion of renewable energy installed capacity exceeded 40%, completing the "14th Five-Year Plan" target ahead of schedule.

 

3. Huaneng Group: Multi-Energy Complementation and Digital Transformation

🔹 Base Development: Construction of a multi-gigawatt wind-solar-thermal-storage integrated base in Longdong has started, with supporting 400MW/800MWh energy storage.

🔹 Technological Innovation: The 300MW concentrated solar power + photovoltaic project in Yantai, Shandong has been put into operation, with molten salt energy storage lasting 6 hours and annual power generation increased by 30%.

🔹 Data Highlights: In 2024, new energy installed capacity reached 95 million kilowatts, and the proportion of clean energy reached 51.8%.

 

4. China Huaneng Group: Deep Cultivation of Hydrogen Energy and Northwest Bases

🔹 Hydrogen Energy Breakthrough: The 100MW wind-powered hydrogen production project in Jiuquan, Gansu has been put into operation, with an annual output of 2,000 tons of green hydrogen, and direct supply to the chemical industrial park.

🔹 Northwest Layout: Construction of a 2GW photovoltaic base in Hami, Xinjiang has started, using bifacial double-glass components + tracking brackets, increasing power generation efficiency by 15%.

🔹 Data Highlights: In 2024, the proportion of clean energy installed capacity reached 56.2%, leading the industry.

 

5. China Datang Corporation: Incremental Expansion and Stock Enhancement

🔹 Incremental Optimization: The 100MW photovoltaic project in Loudi, Hunan has been fully connected to the grid, using an intelligent operation and maintenance system, reducing the failure rate by 50%.

🔹 Stock Transformation: Flexibility transformation of 2×350MW coal-fired units in Taiyuan, Shanxi, increasing peak regulation capacity to 30% minimum load.

🔹 Data Highlights: In 2025, it is planned to add 15.6 million kilowatts of new energy installed capacity and put 11.55 million kilowatts into operation.

Mind Map of the Layout of the Five Major Power Generation Groups

 

 

The "Six Small" Energy Groups: Technological Subdivision and Regional Deep Cultivation

 

1. China General Nuclear Power Group: Concentrated Solar Power Energy Storage and Nuclear Power Synergy

🔹 Concentrated Solar Power Benchmark: The 1 million kilowatt concentrated solar power and energy storage integrated project in Delingha, Qinghai has been put into operation, with energy storage lasting 6 hours and an annual power generation of 1.8 billion kWh.

🔹 Nuclear Power Coupling: The Taipingling Nuclear Power Plant + 100MW photovoltaic project in Guangdong has started construction, creating a "nuclear power + new energy" multi-energy complementary model.

🔹 Technological Barriers: The efficiency of the tower-type concentrated solar power generation system reaches 38%, far exceeding the industry average of 30%.

 

2. China Three Gorges Corporation: Pioneer in Offshore Wind Power and Energy Storage

🔹 Offshore Wind Power: The 300MW offshore wind power project in Shapa, Yangjiang, Guangdong has been fully connected to the grid, using floating technology and a typhoon resistance level of 17.

🔹 Energy Storage Innovation: The 300MW/600MWh energy storage power station in Fuyang, Anhui has been put into operation, using liquid cooling technology and a cycle life exceeding 12,000 times.

🔹 Data Highlights: In 2024, new energy installed capacity exceeded 60 million kilowatts, with offshore wind power accounting for 30%.

 

3. China Resources Power: Distributed and Energy Storage Emphasis

🔹 Distributed Photovoltaic: The 55MW/110MWh energy storage project in Taizhou, Jiangsu has been connected to the grid, with an annual discharge of 360 million kWh, participating in grid peak regulation.

🔹 User-Side Energy Storage: A 10MW/20MWh energy storage project in an industrial park in Hangzhou, Zhejiang has been put into operation, with peak-valley arbitrage income exceeding 8 million yuan/year.

🔹 Technical Route: Utilizing lithium iron phosphate batteries + intelligent EMS system, response time < 200ms.

 

4. China Energy Conservation: Innovation in wind power and energy storage technologies

🔹 Wind Power Upgrade: The 100,000 kW wind power project in Tongshan, Linli, Hunan Province, has been put into operation, using 140-meter hybrid tower technology, increasing power generation by 20%.

🔹 Energy Storage Demonstration: A 50MW/200MWh energy storage project in Wuwei, Gansu Province, has commenced construction, using vanadium flow batteries with a lifespan exceeding 20 years.

🔹 Data Highlights: In 2024, installed wind power capacity exceeded 20 million kW, and energy storage project reserves exceeded 5 million kW.

 

5. China Guodian Corporation: Concentrated solar power and multi-energy complementation

🔹 Concentrated Solar Power Benchmark: The 750MW concentrated solar power + photovoltaic project in Aksai, Gansu Province, has been put into operation, with an annual power generation of 1.7 billion kWh and a reduction in carbon emissions of 1.3 million tons.

🔹 Multi-Energy Complementation: Construction of the Lianghekou hybrid pumped storage project on the Yalong River in Sichuan Province has commenced, with an installed capacity of 3 million kW and a regulating reservoir capacity of 660 million cubic meters.

🔹 Technical Barriers: Molten salt energy storage system efficiency reaches 95%, cost reduced to 1500 yuan/kWh.

 

6. China National Nuclear Corporation: Integration of nuclear energy and new energy

🔹 Nuclear Energy Coupling: Construction of a 2 million kW tidal flat photovoltaic project in Tianwan, Jiangsu Province, has commenced, utilizing nuclear power warm water discharge to improve photovoltaic efficiency by 10%.

🔹 Concentrated Solar Power Energy Storage: The 700,000 kW "Concentrated Solar Power +" project in Yu Men, Gansu Province, has been put into operation, with an annual power generation of 1.735 billion kWh and an energy storage duration of 6 hours.

🔹 Technological Breakthrough: Molten salt linear Fresnel technology achieves a mirror field efficiency of 85% and an absorber outlet temperature of 565℃.

Breakthrough Paths for "Six Small Energy Groups" in Sub-sectors

 

 

Survival Guide for Small and Medium-sized Players

 

1. "Large Base + Integration" becomes mainstream, how can small and medium-sized players enter?

🔹 State-owned enterprises focus on GW-level bases (such as Qinghai 7GW, Longdong tens of millions of kW-level projects), requiring land, grid access, and capital advantages;

▶ Opportunities for small and medium-sized enterprises: Participate in base supporting services (such as operation and maintenance, energy storage equipment supply), county-level "photovoltaic + agriculture/fishery" integrated projects, or focus on rooftop distributed generation (need to pay attention to electricity price mechanisms and user load matching).

 

2. The rise of the "green electricity +" ecosystem creates new value

State Power Investment Corporation's layout of green electricity methanol hydrogen ammonia, and Huaneng Power's efforts in hydrogen energy production and storage, indicate that "new energy + high energy-consuming industries" (such as electrolytic aluminum, green hydrogen chemical industry) is becoming a trend;

▶ Commercial and industrial photovoltaic users can explore the "self-generation and self-use + excess electricity storage + demand response" model to improve power economy and grid interaction capabilities.

 

3. Technology drives cost competition, high-efficiency components, and digital operation and maintenance become key factors

🔹 In the era of parity, every 1% increase in system efficiency and every 1 cent decrease in electricity cost per kWh are core competitiveness;

▶ Pay attention to the technological iteration of N-type components, floating offshore wind power, and intelligent dispatching systems, and explore integrated solutions of "photovoltaic + energy storage + digitalization".

 

 

Document No. 136 is not a "cold winter", but an "accelerated reshuffling key" for the industry. The "five large and six small" consolidate their advantages through technological barriers, large-scale development, and policy dividends, while small and medium-sized players need to find differentiated survival space in sub-sectors. Small and medium-sized players need to combine their own resources:

✅ Those with regional resources should seize "county-level distributed generation + commercial and industrial photovoltaics";
✅ Those with technological advantages should attack "high-efficiency components + energy storage equipment";
✅ Those with financial strength should follow "large-base supporting + green electricity trading".