On January 18, 2011, the "UBS Greater China Annual Conference on New Energy Seminar" jointly organized by UBS Securities and First Financial Daily was held at the Shangri La Hotel in Pudong, Shanghai. The theme of the seminar was "The Prospects and Challenges of New Energy in China under the 12th Five Year Plan".
  Today, there was a heavy snowfall in Shanghai, and in such cold weather, discussing the topic of new energy is particularly timely. The seminar was chaired by Yang Yanqing, Deputy Editor in Chief of the First Financial Daily. Guests including Stephen Oldfield, Head of UBS Asia Public Equity Investment Research Department, Mou Qizheng, Analyst of UBS Securities China Stock Research Department, Mr. Chen Guoxi, Analyst of UBS Securities China Stock Research Department, Algebraic, Research Director of the First Financial Research Institute, and Li Baijun, Researcher in the Wind Power Field of the First Financial Research Institute, all presented their respective research analyses and future prospects for the new energy industry.
Ms. Mou Qizheng, an analyst at UBS Securities who spoke first, said that China's energy structure is extremely unbalanced, with coal accounting for the majority. In order to make up for this imbalance, the government has invested heavily in the construction of large power plants, large hydropower stations, and nuclear power equipment during the 15th and 11th Five Year Plans. Especially nuclear power, which is the most substitutable form of energy for traditional energy sources for the    country, will definitely be strongly supported in the future.
  At the same time, she also pointed out that China has made significant progress in the technology of hydropower, thermal power, and nuclear power, and has world leading technology in intelligent power transmission and transformation. If intelligent power transmission and transformation can be achieved during the 12th Five Year Plan or even the 3rd Five Year Plan, it will greatly benefit energy conservation.
Next, Mr. Owen from UBS Asia also expressed a very positive view on the electricity market in China and even globally. However, he admitted that although there have been many developments in nuclear power, hydropower, and wind power, thermal power generation will still be the main source of electricity in China for a long time to come. It is expected that by 2022, three-quarters of electricity generation will come from coal, so developing new energy sources does not necessarily mean replacing coal power generation.
  However, Olivine also has doubts about the connection between new energy and the power grid, as well as the carbon trading system. He believes that in the future, China should pay more attention to the end-user end and develop smart grid technology based on pricing and demand management to make China's energy more efficient.