A recent report from Shenwan Hongyuan indicates that the coordinated development of computing power and electric power has been included as a standalone section in the nation's top-level power development plan. The report highlights that the policy explicitly calls for the deployment of a series of computing-power synergy projects in key regions. Furthermore, it emphasizes the comprehensive strengthening of green electricity consumption and grid investment needs, proposing tiered guidance targets for the utilization rate of new energy sources based on regional differences.
Where to begin
The investment analysis suggests focusing on four main themes: green electricity direct supply combined with source-grid-load-storage integration, new energy sources paired with energy storage, upgrades to AIDC power supply and distribution systems, and the development of intelligent dispatch systems and virtual power plants.
Key policy shift
On August 3rd, the National Development and Reform Commission and the National Energy Administration released the "15th Five-Year Plan for the Construction of a New Type of Power System," setting a strategic goal for the initial establishment of a new power system by 2030. For the first time, this plan systematically integrates the synergy between computing and power into the core tasks of power system construction. It proposes the "coordination of energy resource allocation with computing facility construction, and the collaborative planning and layout of computing and power projects, to empower computing with electricity and promote electricity through computing."
Policy status elevated
Chapter 10 of the plan, "Promoting the Integrated Development of the Power Sector and Related Fields," dedicates a standalone section to "Promoting the Coordinated Development of Power and Computing Power." It also specifies in the deployment of major projects the formation of a key layout for computing-power synergy projects in relevant regions. The concept of "computing-power synergy" was first introduced in December 2023 and was included in the national-level new infrastructure plan in March 2026. Now, this dedicated entry in the power sector's 15th five-year plan, complete with project deployment, is expected to accelerate the release of provincial implementation plans and project lists.
Four deployment pathways
The plan systematically outlines four pathways to strengthen green power consumption and grid investment. First, for green power direct connection and source-grid-load-storage integration, the plan promotes scenarios such as reducing carbon emissions for export enterprises, developing zero-carbon or low-carbon industrial parks, and increasing the green power proportion for computing facilities. This involves supplying power directly to users via dedicated lines, bypassing the public grid, and deploying smart microgrid projects that integrate sources, grids, loads, and storage. Second, regarding regulation capacity, the plan targets adding approximately 160 GW of new energy storage during the 15th Five-Year Plan period, with distribution networks needing to support the connection of 900 GW of distributed new energy. Third, for a new type of grid that coordinates main, distribution, and micro grids, the plan aims for the West-to-East power transmission capacity to exceed 420 GW by 2030, with 15 new ultra-high voltage direct current (UHVDC) green power corridors. Fourth, on the demand-side coordination and market mechanisms, the plan strongly promotes the development of virtual power plants and refines the "1+N" rule system for the unified national power market, aiming for the proportion of market-based electricity trading to reach 70% by 2030.
Improving economics for western projects
The plan innovatively introduces tiered guidance targets for the utilization rate of new energy sources. The first-tier regions are required to maintain a rate of no less than 95%, the second tier no less than 90%, and the third tier no less than 85%, with the national target kept at around 90%. This replaces the previous single national utilization rate threshold. New energy-rich regions, which are the primary locations for "resource-based" computing-power synergy projects (e.g., Zhongwei in Ningxia, Ulanqab in Inner Mongolia, Xinjiang), are expected to benefit from the release of consumption elasticity under this tiered control, potentially improving the economics of matching green electricity with computing loads locally.
Investment analysis themes
The investment analysis recommends focusing on four main lines. The first is green electricity direct supply and source-grid-load-storage integration, where new energy assets extend towards computing load centers, with attention on project signings and green electricity resources. The second is new energy and energy storage, where the demand for wind-solar-storage configurations increases, and energy storage evolves from a backup power source to a core regulation resource for matching supply and demand. The third is the upgrade of AIDC power supply and distribution, driven by the need for high power, high efficiency, and DC technology, focusing on AIDC orders, unit value, and progress in HVDC and SST. The fourth is intelligent dispatch and virtual power plants, where computing loads participating in the power market require a closed-loop capability of "forecasting, dispatch, and trading," creating an accelerated deployment window for power AI dispatch systems and virtual power plant platforms.
Risk factors
Potential risks include the pace of provincial supporting policies and project lists falling short of expectations, computing capital expenditure not meeting forecasts, the economic viability of green electricity direct connection projects being lower than anticipated, and the construction of the electricity spot and ancillary services market progressing slower than planned.