Weekly Energy News | Three departments deploy hydrogen energy comprehensive application pilot; reports say Tesla plans to purchase Chinese photovoltaic equipment

This week (March 16 - March 20), the Ministry of Industry and Information Technology and two other departments jointly issued a notice regarding the launch of hydrogen energy comprehensive application pilot projects; rumors about Tesla “shopping” for Chinese photovoltaic equipment have continued, with market speculation suggesting that Tesla’s team plans to procure a significant amount of Chinese photovoltaic equipment.

1. Policy News

Three Departments Deploy Hydrogen Energy Comprehensive Application Pilot Projects

According to the Ministry of Industry and Information Technology’s official website, on March 16, the Ministry of Industry and Information Technology, the Ministry of Finance, and the National Development and Reform Commission jointly issued a notice regarding the launch of hydrogen energy comprehensive application pilot projects. The notice stated that the three departments would select urban agglomerations with strong industrial foundations, rich application scenarios, robust hydrogen resource security capabilities, and complete industrial chains to take the lead in conducting hydrogen energy comprehensive application pilot projects through a “ranking and appointment” method, scientifically, orderly, and proactively exploring the commercialization path of hydrogen energy comprehensive applications, improving the industrial development policy environment, and promoting the integrated and coordinated development of the entire hydrogen energy “production, storage, transportation, and utilization” industry chain.

The notice specifies that by 2030, urban agglomerations will achieve large-scale applications of hydrogen energy in multiple fields, with the average terminal hydrogen price falling below 25 yuan/kg, striving to reduce it to around 15 yuan/kg in some advantageous regions; the number of fuel cell vehicles in the country is expected to double compared to 2025, aiming to reach 100,000 units. By expanding the scale of applications, it will promote breakthroughs in hydrogen energy application technologies, processes, and equipment innovations, achieving iterative upgrades in fuel cells, electrolyzers, storage and transportation devices, and materials, making hydrogen energy a new economic growth point and supporting a comprehensive green transformation of economic and social development.

National Energy Administration: National Electricity Consumption Increased by 6.1% in January-February This Year

On March 17, the National Energy Administration released data on national electricity consumption for January and February. In January-February, total national electricity consumption reached 1,654.6 billion kWh, an increase of 6.1% year-on-year. By sector, electricity consumption in the primary industry was 22.3 billion kWh, up 7.4% year-on-year. The secondary industry’s electricity consumption was 1,027.9 billion kWh, up 6.3% year-on-year, of which industrial electricity consumption increased by 6.4%, and electricity consumption in high-tech and equipment manufacturing increased by 10.6% year-on-year. The tertiary industry’s electricity consumption was 323.1 billion kWh, up 8.3% year-on-year, with the charging and battery swapping service industry and internet data service industry growing by 55.1% and 46.2%, respectively. Urban and rural residential electricity consumption was 281.3 billion kWh, up 2.7% year-on-year.

2. Corporate Dynamics

Subsidiary Named by 315 Gala, Duofuduo Responds

On March 16, Duofuduo (002407.SZ) disclosed a statement regarding media reports. The announcement stated that on March 15, Duofuduo noticed a report by the CCTV “3·15” program team, where reporters found that Shufu Xiang and Zengqiao Food used hydrogen peroxide for bleaching and soaking during chicken claw production, involving the hydrogen peroxide sales business of Yifeng Electronics. After the company’s verification, Yifeng Electronics has not established any form of business cooperation, brand authorization, or product production relationship with the media-reported Shufu Xiang, Zengqiao Food, etc., and its production and sales activities have no connection with the company and its holding subsidiaries. Duofuduo stated that Yifeng Electronics is a holding subsidiary of the company, with an operating income of 31.152 million yuan in 2025 and a net profit of -3.3872 million yuan, accounting for a relatively low proportion of the company’s consolidated income and net profit, with revenue accounting for less than 1% (2025 data is unaudited).

Southern Power Grid Energy Storage Plans to Invest 7.379 Billion Yuan to Build the Guangdong Xinfeng Pumped Storage Power Station

On March 16, Southern Power Grid Energy Storage (600995.SH) disclosed an announcement stating that the company plans to invest in the construction of the Guangdong Xinfeng pumped storage power station, with a planned installed capacity of 1.2 million kilowatts and a dynamic total investment of about 7.379 billion yuan, of which project capital accounts for 20%, and bank loans account for 80%.

Southern Power Grid Energy Storage stated that investing in the construction of the Guangdong Xinfeng pumped storage project aligns with the company’s strategic layout and planning goals, which is beneficial for further expanding the company’s main business and enhancing its core competitiveness. This investment will not have a significant impact on the company’s revenue or profits for this year, and there is no situation where the interests of the company and all shareholders, especially minority shareholders, are harmed.

Longi Green Energy: Acquisition of Suzhou Jinkong Completed

On March 17, Longi Green Energy (601012.SH) disclosed an announcement regarding investor relations activities, indicating that the company has completed its acquisition of Suzhou Jinkong Energy Company (hereinafter referred to as “Suzhou Jinkong”). Suzhou Jinkong has always adhered to technological innovation and product development, creating differentiated competitive advantages, and has independently developed products such as power management systems and energy storage systems. After the acquisition is completed, the company will strengthen business integration, fully leverage synergy effects, and provide customers with comprehensive green energy solutions.

This acquisition can be traced back to November 13, 2025. At that time, the Shaanxi Provincial Market Supervision Administration published a public notice on simplified cases of operator concentration, stating that Longi Green Energy plans to acquire approximately 61.9998% of the voting rights of Suzhou Jinkong, becoming its controlling shareholder. According to official information, the company was established in 2015 and continues to deepen research and innovation in three main business areas: power supply systems, smart energy storage systems, and hydrogen fuel cell systems. As of now, the company has 31 GWh of owned capacity globally, with over 12 GWh connected to the grid worldwide.

Tongwei Co., Ltd. Signs 1GW Module Agreement with Poland’s Largest Distributor

On the evening of March 17, Tongwei Co., Ltd. (600438.SH) announced that it has formally signed a 1GW module cooperation agreement with KENO, Poland’s largest photovoltaic distributor. The head of Tongwei Co., Ltd.'s photovoltaic business department for Eastern Europe and the Americas, Ji Weihua, and KENO’s CEO, Paweł Grzegorczyk, represented both parties in signing the agreement.

Tongwei Co., Ltd. stated that this cooperation will further deepen Tongwei’s layout in the European market, accelerating the promotion and implementation of high-efficiency modules in Eastern Europe, providing solid product support for local energy transformation. It is reported that the cooperation between the two parties began in 2020, with cooperation on half-cell module products starting in 2024 and upgrading to a comprehensive strategic partnership in 2025, covering cooperation in areas such as product supply, market expansion, and channel collaboration.

Haisun Technology: Energy Storage Assets Expected to Reach 35GWh to 40GWh by End of 2026

On March 18, Haisun Technology disclosed an announcement regarding investor relations activities, indicating that the company plans to gradually transition from an energy storage equipment manufacturer to a comprehensive energy service provider of “energy storage system manufacturing + services.” By the end of the first quarter of 2026, the company’s operational energy storage assets are expected to exceed 10 GWh, reaching 35 GWh to 40 GWh by the end of 2026.

Canadian Solar: CSIQ’s Net Income in Q4 2025 is 1.2 Billion USD, Down 20% Year-on-Year

On March 19, Canadian Solar announced that its controlling shareholder CSIQ confirmed a module shipment volume of 4.3 GW for Q4 2025, a decrease of 16% quarter-on-quarter and a decrease of 47% year-on-year. The net income for Q4 2025 was 1.2 billion USD, down 18% quarter-on-quarter and down 20% year-on-year, primarily due to a decrease in sales of solar modules and battery storage systems. The gross profit for Q4 2025 was 124 million USD, while it was 256 million USD in Q3 2025 and 217 million USD in Q4 2024. According to U.S. Generally Accepted Accounting Principles (GAAP), the net loss attributable to Canadian Solar in Q4 2025 was 86 million USD.

Tesla Plans to Procure Chinese Photovoltaic Equipment? Company Responds: This is Indeed the Case

According to Beike Finance, on March 20, a market rumor stated that Tesla’s team plans to procure a significant amount of Chinese photovoltaic equipment, involving several listed companies. On the morning of March 20, a photovoltaic company confirmed this news and revealed that the contract scale is at the gigawatt level.