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惠誉:煤价及资本支出上升将推高中资发电企业杠杆比率
阿思达克 05-13 14:29
惠誉评级表示,煤价上升及电价下跌将令受评中资发电企业点火价差(电价与单位燃煤成本之间的价差)於2021年收窄,对盈利能力和经营性现金流造成压力,加上高昂的可再生能源资本支出,预期受评中资发电企业的杠杆比率将居高不下。

受惠於煤价下跌及可再生能源发电业务贡献提升,惠誉授评的所有发电企业2020年列报EBITDA利润率均高於2019年水平,惠誉预计,今年初燃料成本上升,将推高全年煤价,令点火价差收窄。

惠誉又指,为提升销量,企业增加市场化交易电量,或令煤电电价走低,交易电价折价亦可能扩大。

惠誉指出,大部分授评发电企业於2020年录得负自由现金流,而且杠杆比率高企,庞大资本支出几乎完全抵销EBITDA回升的影响,但预计转型发展可再生能源业务,未来现金流可预测能力将改善。

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