The Research Of Financing Mode In Smart Grid Construction Project

Development of smart grid to improve the energy structure, optimize the allocation of resources and improve the efficiency of energy production and utilization, and to safeguard the supply of energy security, combating global climate change, improve the quality of people’s lives, and the development of strategic emerging industries will play an important role. The development of the smart grid has been overwhelming, the comprehensive promotion of the smart grid has become increasingly urgent, grid construction projects will bring daily increasing smart grid construction to complete such a huge project requires not only the huge financial support, also requires more comprehensive, state-of-the-art grid financing mechanisms.Firstly, the development of a smart grid research background, the theoretical basis of the analysis of project financing, and to study the domestic and international research literature concerning the financing. On the basis of previous studies, combined with the practical requirements of the development of the smart grid, as a system based on a national smart grid construction law, combined with the historical evolution of the power grid project financing analysis supporting the financing needs of the smart grid project, namely smart grid supporting the construction of more, all projects as a whole and are inseparable. Relying on government investment, bank the single loans difficult to ease financing pressure. Smart grid construction financing long-term supply, stable, diversified financing needs. And has a strong, self-healing, compatible, economic integration, optimization and other notable features due to the smart grid, the corresponding smart grid construction financing has not reversible, uncertainty and constraint limits, diversification and other features.Secondly, from a theoretical point of view, the analysis grid enterprises own limited sources of funding at this stage, due to the development of the smart grid requires a great scale financial support, and more dependent on the enterprise’s own operating results and profitability, with the grid continue to invest in the construction of the tariff mechanism constantly toward standardization, clean energy mechanism of higher energy prices, corporate profitability has been largely restricted constant narrowing of its own funds. Therefore need to solve by means of financing sources of funding, the main source of funding for traditional financing models, including government support, bank borrowings and bond financing. With economic development, the traditional financing model also continue to move forward, but the power grid construction projects typically have long construction period, large capital needs, the lack of liquidity characteristics, rely solely on bank borrowings, issuance grid bonds and other traditional financing models inevitably bring a great deal of debt service pressure, and in a given period of repayment pressure greatly. In addition, the power grid construction project construction period is long, slow return on investment, plus the project by the Government’s intention to build more, the rate of return on investment is very low, or even negative. Coupled with the power grid enterprises profit space is limited, the obvious repayment pressure. The specific paper proposes the use of the internal capital market financing, financing, leasing, asset securitization financing mode and feasibility and application prospects of the smart grid construction to find the meeting point of the two.Finally, financing needs Tianjin smart grid construction process as a case analysis of its financing needs reminding, through bank borrowings, finance lease, comparative analysis of asset securitization three financing models in practical applications, demonstration in the country has been maturing financing models, innovative financing model to optimize the financing structure, formation the diversified finance configure situation.