A Study on Data Asset Valuation in the Power Industry

Taking China Southern Power Grid as an Example

Abstract

With the deepening development of the digital economy and the accelerated implementation of the “Dual Carbon” strategy, unlocking the value of data assets in the power industry has become a critical intersection point for energy transition and market-based allocation of production factors. This paper takes the China Southern Power Grid as its research object and systematically explores the evaluation framework and practical pathways for data assets in the power industry. Building on a clear understanding of the intrinsic characteristics of power data assets, we develop a dual-model evaluation approach that combines the "multi-period excess earnings method" with the "modified market approach. Our study finds that power data assets exhibit three key characteristics—complementarity, timeliness, and externality—which make it challenging for traditional valuation methods to effectively capture their full value composition. The multi-period excess earnings method, by isolating the contribution of other assets, enables a more precise measurement of the independent value of data assets, while the modified market approach provides a viable alternative when comparable transactions are unavailable. Using typical data products such as the China Southern Power Grid’s “Power Loan” as validation cases, this paper quantifies and evaluates the value of these data assets. Based on our evaluation practice, we also propose strategic recommendations for the development of data assets in the power industry, providing both theoretical support and practical guidance for advancing the market-based allocation of power data resources.