惠譽:煤價及資本支出上升將推高中資發電企業槓桿比率
惠譽評級表示,煤價上升及電價下跌將令受評中資發電企業點火價差(電價與單位燃煤成本之間的價差)於2021年收窄,對盈利能力和經營性現金流造成壓力,加上高昂的可再生能源資本支出,預期受評中資發電企業的槓桿比率將居高不下。
受惠於煤價下跌及可再生能源發電業務貢獻提升,惠譽授評的所有發電企業2020年列報EBITDA利潤率均高於2019年水平,惠譽預計,今年初燃料成本上升,將推高全年煤價,令點火價差收窄。
惠譽又指,為提升銷量,企業增加市場化交易電量,或令煤電電價走低,交易電價折價亦可能擴大。
惠譽指出,大部分授評發電企業於2020年錄得負自由現金流,而且槓桿比率高企,龐大資本支出幾乎完全抵銷EBITDA回升的影響,但預計轉型發展可再生能源業務,未來現金流可預測能力將改善。
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