When the National Energy Administration answered a reporter’s question on the “12th Five-Year Plan for Energy Development” (hereinafter referred to as the “Planning”) on January 28, it pointed out: “In the initial calculation, during the “Twelfth Five-Year Plan” period, the total investment in the national energy sector is expected to reach 13.5 trillion yuan, and the vast majority of investment in the energy sector is raised by investors through the market."

Correspondingly, the state will widen the channels for investment and financing of enterprises, increase the proportion of direct financing of energy companies, and further relax the access restrictions on energy investment and financing, and promote investment diversification. However, in the eyes of experts, to achieve a breakthrough in investment diversification, we must rely on the rationalization of energy prices.

The relevant person in charge of the National Energy Administration estimated that the construction of energy production capacity during the 12th Five-Year Plan period was 8.5 trillion yuan, and the construction of energy storage and transportation facilities and people's livelihood protection projects were 5 trillion yuan, while the focus of the central budget was only on rural power grid upgrading. The necessary support will be given to such areas as transformation, power construction in areas without electricity, and independent innovation in energy science and technology.

To this end, the "plan" proposes to strengthen the convergence of credit policy and energy industry policy. Innovative financial products and services facilitate the diversification of energy investments. Broaden the investment and financing channels of enterprises and increase the proportion of direct financing of energy companies.

In fact, extending loans to banks is no longer the best way for energy companies to solve their financial problems. “According to past practice, the capital of energy projects accounted for 25% to 30%, and the rest was from bank loans. However, as more and more projects of enterprises have become larger and larger, a single financing channel has become difficult. To meet the funding needs of the project. Ten years ago, energy companies have started to try to raise funds from non-lending channels such as bonds and funds. Now they are more active.” Lin Boqiang, director of the China Energy Economic Research Center of Xiamen University, introduced the report to the “Economic Information Daily” reporter. Say.

However, Lin Boqiang said frankly that the main source of funds for energy companies is still loans, and the construction of non-financial financing channels really needs to be accelerated. However, Gao Shixian, a researcher at the National Energy Research Institute, believes that in order to embody the concept of the market, it is necessary to diversify the main investors.

The call for diversification of energy investment continues, and last year’s three-phase project of the West-East Gas Pipeline and the second round of public funding for shale gas tendering gave a substantial breakthrough to this process. “Planning” also listed a section to emphasize the improvement of energy sources. Investment management encourages private capital to enter the energy sector that is not explicitly banned by laws and regulations, encourages foreign capital to participate in investment in the energy sector in accordance with laws, regulations, and foreign investment industrial policies, and diversifies investment in infrastructure such as power grids and oil and gas pipeline networks.

“At this stage, diversification of energy investment is still a problem. 90% to 95% of investment entities are still state-owned enterprises. Only after the issue of price is straightened out, can the people's capital come in. In the future, the transmission mechanism of price is still not sound. The loss of state-owned enterprises is No problem, there are state subsidies, but private enterprises can not afford to lose.” Lin Boqiang said.

Gao Shixian also believes that although the vast majority of the energy industry is open to the community, the fact is that the source of funding and investment are still relatively single. The key to financing breakthroughs is to make owners feel profitable.