Research on the Path and Performance of Green Transformation of Power Enterprises Under the "Dual Carbon" Goals

A Case of Shanghai Electric Power

Abstract

The dual carbon strategy has reshaped China’s industrial development logic, rendering green transformation an inevitable choice for energy-intensive firms pursuing high-quality sustainable growth. Given China’s ongoing industrialization, large-scale legacy power assets and rising electricity demand, radical carbon reduction models adopted by Western economies are infeasible; a progressive categorized transition approach is more suitable. Taking Shanghai Electric Power as a representative integrated energy enterprise, this paper draws on transaction cost, categorized governance and triple bottom line theories. It distinguishes internal and external transformation drivers, constructs an integrated system covering unit retrofits, renewable energy expansion, industrial chain extension, digital low-carbon innovation and market-based support, and establishes a three-dimensional performance framework encompassing finance, environment and society. Empirical analysis based on the firm’s long-term operational data reveals that policy-market constraints and internal operational upgrades jointly fuel low-carbon reform. While heavy capital outlays trigger short-term profit pressures, transformation optimizes business portfolios, cuts environmental costs and boosts corporate value in the long run. Relevant findings offer practical references for the low-carbon upgrading of peer thermal power enterprises.