Calculating electricity collaboration to promote the revaluation of green energy value

The long-dormant A-share green power sector is welcoming a “small spring warmth.” In recent weeks, stocks related to the green power theme have surged strongly. Large amounts of capital have poured into the green power track, and the prices of many individual stocks have doubled, becoming a major new main storyline in the capital market. Behind the strength of the green power concept, the explosive demand for AI computing power is profoundly reshaping the power industry landscape and driving a reappraisal of green power value.

Since last year, the green power industry has been mired in “growing pains.” On one side, installed capacity has been expanding rapidly, with renewable energy generation such as wind and solar power repeatedly setting new records for installed capacity. On the other side, it faces a curtailment and utilization dilemma of “it can be generated, but cannot be delivered, and cannot be used,” and in some regions, the utilization rate of new energy has fallen sharply. At the same time, power market-oriented reforms have been advancing in depth. Green power has moved on from “guaranteeing quantity and prices,” with market trading prices continuing to decline. In many places, negative electricity prices have frequently appeared in spot markets, significantly squeezing corporate profit margins. The dual contradictions of curtailment and electricity prices have kept the green power sector in a valuation trough for a long time.

The turning point began with the surge in AI computing power demand. Data centers, as “electricity tyrants,” have a steady, large-scale demand for electricity that runs 24/7 without interruption, providing green power with an entirely new utilization scenario. In this year’s 《Government Work Report》, “power-computing coordination” was included in new infrastructure projects for the first time, promoting deep integration between the two major basic infrastructures—power and computing power. The National Data Bureau has also clearly stated that for newly built computing power facilities at hub nodes, the proportion of green power used must reach 80% or more. After green power changed from an optional choice to a “quasi-entry threshold” for computing power to land, the market has found that green power is no longer just an energy-supply-side input; it has become a computing power infrastructure supporting the development of the digital economy. Its value logic has undergone a fundamental change.

The reason computing power can drive a reappraisal of green power value lies in the fact that it directly targets the pain points of the green power industry on two levels: physical utilization and economic value.

From the perspective of physical utilization, AI computing power provides stable “outlets” for green power. It is expected that by 2030, China’s data center electricity consumption will exceed 700 billion kilowatt-hours, accounting for more than 5% of total electricity consumption across society. As artificial intelligence technology continues to iterate, its demand for electricity seems to have no end. This huge, stable load is highly compatible with surplus electricity from wind and solar power bases in Northwest China. Computing power is poised to become a super green power utilization engine.

From the perspective of economic value, computing power helps realize monetization of green power environmental premiums. As direct green power supply and other innovative electricity supply models are implemented, they can better meet data centers’ high requirements for power supply stability and low-carbon attributes. This “point-to-point” power supply bypasses grid congestion and intermediate links, allowing green power companies to connect directly with high-value users and lock in higher project returns. Meanwhile, as high-quality users, computing power centers can further smooth out the risk of electricity price fluctuations by signing long-term power purchase agreements. The environmental value of green power is no longer a paper concept—it is converted into real, tangible revenue.

Power-computing coordination is not simply a matter of physical connection; its core is coordination rather than bundling. A true reappraisal of value is built on the deep integration of computing power dispatch and power dispatch. Computing power centers can flexibly adjust—adding load during peaks when green power output is high and reducing load when output is low—achieving “more electricity means more computing, less electricity means buffering,” and improving green power utilization efficiency. Green power companies can rely on integrated wind/solar-storage configurations to provide stable and reliable power support for computing power centers. At the same time, through virtual power plant technology, they can participate in ancillary services such as peak shaving and frequency regulation, expanding profit channels. This kind of intelligent coordination enables green power to transform from a single power generation entity into a comprehensive energy service provider.

It is important to emphasize that power-computing coordination needs to guard against the trap of “pseudo-coordination.” Some projects today claim to be coordinating power and computing, but in reality they are traditional expansions characterized by high energy consumption and low efficiency. They neither achieve direct green power supply nor improve energy utilization efficiency. These projects not only cannot solve the green power dilemma, but will also further increase resource waste. Real power-computing coordination must be centered on high efficiency and genuinely green outcomes—achieved through technological innovation and optimization of business models—so as to realize deep integration of energy and digitalization.

In response to the industry changes brought by power-computing coordination, green power companies need to accelerate their transformation, shifting from resource developers to energy service providers, and seize opportunities in the next round of value reappraisal. Prioritize areas near computing power hubs that have conditions for direct green power supply, while also increasing integrated wind/solar-storage construction to enhance power regulation capability. Actively participate in green power and green certificate trading, and sign long-term power purchase agreements with high-quality users such as computing power centers to hedge against the risk of electricity price fluctuations and achieve stable growth in returns. Use the advantage of electricity data to provide low-carbon computing power solutions for computing power centers, transitioning from selling electricity to selling services. By participating in the power ancillary services market through technologies such as virtual power plants and intelligent dispatch, tap into the diversified value of green power and achieve a leap from single power generation to integrated energy services.

“Computing power’s endpoint is electricity, and electricity’s endpoint is green power.” Driven by power-computing coordination, the green power industry is now entering a late but crucial round of value reappraisal. Operators with location advantages, strong regulation capability, and deep participation in power-computing coordination will stand out, gaining market recognition and valuation increases. (Source: Economic Daily; Author: Wang Yichen)