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Thermal Power

The thermal power industry has undertaken major initiatives to improve and optimize thermal power units, creating strong demand for valve products. Driven by the solid economic growth in China, the power industry has experienced rapid growth in recent years. In 2008, total power generating installed capacity achieved 793 million KW, up from 571 million KW in 2005, a 3-year CAGR of 15.3% per year. The thermal power generating installed capacity accounted for 70% of total power generating installed capacity in China in 2008. Total thermal power generating installed capacity was 601 million KW in 2008, up from 391 million KW in 2005 or a 3-year CAGR of 15.4% per year.

In addition, despite relatively sufficient installed capacity, the thermal power industry is operating at suboptimal levels. Less sufficient, small thermal power generating units account for roughly 70% of total thermal power production capacity, while larger units (above 300 KW) only contribute to less than 30% of capacity. The small units have greater coal consumption, generate lower thermal efficiency and create higher pollution, which cause severe environmental and energy‐saving problems in China. Thus, replacements or upgrades of those inefficient, small units should generate strong business opportunities for valve producers such as NF Energy.