Core Viewpoint - The newly issued "Basic Rules for the Medium and Long-term Electricity Market" represents a systematic optimization of the electricity market framework, aligning with the goals of a unified national electricity market and adapting to the needs of the electricity spot market development [2][3] Group 1: Overall Framework Optimization - The coverage of the rules has been expanded from "basic rules for medium and long-term electricity trading" to "basic rules for the medium and long-term electricity market," encompassing the entire market chain including registration, trading, execution, settlement, information disclosure, and risk prevention [3] - The integration of rules has been strengthened by removing redundant details and referencing other basic rules, enhancing the completeness and coordination of the medium and long-term market rules [3] - A new chapter on "Market Technical Support System" has been established to meet the requirements of a unified national electricity market and multi-entity participation, ensuring a unified, stable, and compatible trading platform [3] Group 2: National Coordination Enhancement - The market layout has been unified to break down inter-provincial barriers, with cross-regional medium and long-term trading organized by the Beijing and Guangzhou electricity trading centers [4] - A unified technical support system will facilitate "one registration, nationwide sharing," allowing participants to engage in cross-provincial trading without repeated registration processes, thus reducing transaction costs and time [4] Group 3: Spot Market Integration - The rules aim to achieve efficient integration with the spot market, aligning trading sequences, clearing, and settlement with spot market requirements [5] - An innovative settlement mechanism will allow dynamic linkage, with medium and long-term market settlement prices potentially based on day-ahead or real-time market clearing prices [5] - The rules clarify that time-of-use electricity prices will be determined by the market, reflecting real supply and demand conditions [5] Group 4: Adaptation for New Energy Market Entry - The rules enhance trading flexibility to address the intermittent nature of renewable energy, allowing adjustments to contract electricity volumes [6] - Green electricity transaction prices will consist of energy prices and environmental values, with clear settlement processes to ensure traceability [6] - Long-term green electricity trading is encouraged to provide stable cash flow for renewable energy companies [6] Group 5: Empowering New Entities - New types of market participants are defined and included in the electricity market framework, providing clear pathways for their participation [7] - The rules specify that decentralized resources can sign aggregation service contracts with new types of entities to participate in the medium and long-term market [7] - The rights of new types of entities and decentralized resources will be protected through separate settlement of energy prices [7] Group 6: Implementation in Yunnan - Yunnan is actively promoting the efficient implementation of the new rules, aligning provincial regulations with national standards [8] - The province is innovating competitive mechanisms for different cost power sources to enhance collaboration with the spot market [8] - New types of entities are being cultivated, with rules established for virtual power plants to participate in the market [8] Future Outlook - The comprehensive implementation of the new rules is expected to mature the electricity market framework, enhancing the quality and efficiency of the unified national electricity market [9] - Mechanism innovations will drive the market vitality of renewable energy and new entities [9] - The synergistic operation between medium and long-term and spot markets will be fully realized [9]

深领会、强落实 赋能统一市场建成 ——《电力中长期市场基本规则》解读 陕西电力交易中心有限公司董事长 李鹏 相关阅读 两部门发布《电力中长期市场基本规则》 不再人为规定分时电价水平和时段！ 电力中长期市场，作为我国电力体制改革的关键支柱与核心载体，依托统一的制度体系及与现货市场协 同运作的方式，构筑了相较于国外电力市场的鲜明特色与突出优势。2025年12月，国家发展改革委、国 家能源局联合印发新修订的《电力中长期市场基本规则》（以下简称《基本规则》），并将于2026年3 月1日起正式施行。作为全国统一电力市场基础规则体系的主干支撑，《基本规则》在总结前期市场实 践经验的基础上，立足"中长期+现货+辅助服务"一体化设计理念，对电力中长期交易的全流程进行了 系统性规范，从制度层面上主动回应了新能源大规模接入、新型主体蓬勃发展等与市场的适配需求，也 为各级层面做好电力中长期合同签约履约工作提供了清晰可循的行动指南。深刻领会《基本规则》的精 神内涵、精准把握地方落实的路径要求，并且不折不扣贯彻执行，对于优化省级市场交易机制、服务支 撑全国统一电力市场建设，具有极为重要的现实意义。 一、"深领会"：推动电力中长期市场全 ...

加速用户用电"三化"提升 ——《电力中长期市场基本规则》解读 四川宜宾天原集团股份有限公司董事长 邓敏 相关阅读 两部门发布《电力中长期市场基本规则》 不再人为规定分时电价水平和时段！ 国家发展改革委、国家能源局近日印发的《电力中长期市场基本规则》（以下简称《基本规则》）作为 我国电力市场化改革的顶层设计文件，在电力体制改革关键的10周年之际，强化了电力市场四大维度核 心价值，分别通过市场化机制重构、新型主体融合、跨区域协同、风险防控等几个方面推动电力用户 从"被动用电"向"主动参与"转型，推动电力市场向更高效、更稳定、更包容、更可持续的方向发展，为 构建全国统一电力市场和新型电力系统提供制度基石。 一、强化稳定作用，用户吃上"定心丸" 新型电力系统下的电力中长期市场"定心丸" 四、健全风险防控体系，保障市场稳健运行 电力市场涉及"发－输－配－用"全链条，风险防控是核心底线。《基本规则》通过"分类分级防控""事 前预警－事中防范－事后处置"三防体系，实现对风险的全流程管理，采取"安全校核、偏差考核、信用 风险防控"等三重机制，保障用户用电稳定。电力终端用户对电力系统的信息及专业掌握不够，在风险 判断中存在不足 ...

筑统一市场之基，行绿色发展之实 ——《电力中长期市场基本规则》解读 山西风行测控股份有限公司董事长 梁耀军 相关阅读 两部门发布《电力中长期市场基本规则》 不再人为规定分时电价水平和时段！ 一、前言：新阶段、新规则、新格局 为深入贯彻落实党中央、国务院关于加快建设全国统一电力市场体系的决策部署，国家发展改革委、国 家能源局于近期正式印发《电力中长期市场基本规则》（以下简称"新规则"），自2026年3月1日起施 行，有效期5年。新规则全面替代了2020年发布的《电力中长期交易基本规则》及2024年发布的《绿色 电力交易专章》，是我国电力市场体系建设进入全面深化、提质增效新阶段的标志性文件。新规则不仅 是对原有规则的简单修订，更是站在构建新型电力系统、服务"双碳"目标的战略高度，对电力中长期市 场进行的一次系统性、前瞻性的顶层设计，旨在为未来五年乃至更长时期电力市场中长期交易的健康、 有序、高效发展绘制清晰的蓝图。 二、核心突破与重大改进：对比旧规则与专章的全面升级 （一）体系性重构：从"交易"到"市场"的维度跃升 改进点：新规则的名称从《电力中长期交易基本规则》变为《电力中长期市场基本规则》，虽仅一词之 差，但 ...

Group 1 - The establishment of Shaanxi Shanwan Energy Co., Ltd. in Yan'an, Shaanxi Province, with a total investment of 5 billion yuan, is a joint venture among major state-owned enterprises including China Datang Corporation, Yanchang Petroleum, and Anhui Energy Group [1][2] - The company is engaged in various operations such as heat production and supply, energy storage technology services, carbon reduction and capture technology research and development, energy management services, and coal sales [1] - The registered capital of the company is 500 million yuan, and it is classified as a limited liability company with state control [2] Group 2 - The ownership structure includes China Datang Corporation's subsidiary contributing 1.7 billion yuan for a 34% stake, Yanchang Petroleum's subsidiary also contributing 1.7 billion yuan for a 34% stake, and Anhui Energy Group's subsidiary contributing 1.6 billion yuan for a 32% stake [3] - The company is officially registered and operational, with its business scope including power generation, transmission, and supply, subject to regulatory approvals [1][2]

在此之前，部分省份的市场管理员（政府）在菜市场门口悬挂了一张价目表，明确规定"早市5元/斤、 午市3元/斤、晚市2元/斤"，无论是何种菜贩、何种规模的饭店，均需按照既定的价目表进行批发交易。 即便是用量巨大的万吨级大饭店，也没有议价空间，既不能提出"我主要在凌晨进货，能否按便宜时段 计价"，也不能协商"一次性采购10吨，是否可以签订全年包价协议"。这种统一定价、统一时段的做法 在市场建设初期有利于简化规则、降低管理成本。但随着交易规模扩大和主体类型多样化，其交易安排 高度刚性，价格信号难以及时反映真实供需变化，行政设定的高、低价时段与市场运行脱节，整体市场 配置效率偏低等弊端逐步显现。 从"统一定价"到"自主灵活" 《规则》第三十五条规定："对直接参与市场交易的经营主体，不再人为规定分时电价水平和时段。" 现在，市场管理员说"我不再硬性规定什么时候高价、什么时候低价了。你们买卖双方自己谈，按不同 时段分别定价交易"。因此，例如某个饭店主要在凌晨采购白菜，而此时正好是某位菜贩蔬菜供应充足 的时段，双方即可协商形成一个更低的交易价格，实现供需匹配和互利共赢。 对应到电力市场，这意味着直接参与市场交易的电力用户可以 ...

Core Viewpoint - The merger between Sinopec and China Aviation Oil marks a significant move in the energy sector, aiming to create a new giant in "green aviation fuel" while enhancing supply security and low-carbon competitiveness in the aviation industry [1][4]. Group 1: Merger Details - The merger was approved by the State Council on January 8, 2026, positioning Sinopec as the world's largest refining company and China Aviation Oil as Asia's largest aviation fuel service provider [1][2]. - China Aviation Oil has been involved in discussions regarding a merger since October 2025, with Sinopec identified as the potential acquirer of all its assets and operations [2][3]. - The merger is expected to streamline operations by reducing intermediaries and lowering supply costs, creating a strategic complementarity between the two companies [3][4]. Group 2: Market Context - The global aviation industry is experiencing a strong recovery, with aviation fuel demand projected to reach 389 million tons in 2025, a 3.9% increase year-on-year [2]. - By 2040, China's aviation fuel consumption is forecasted to grow from 3,928 million tons in 2024 to 7,500 million tons, highlighting the increasing demand for aviation fuel [3][4]. - The merger aims to enhance the competitiveness of China's aviation fuel sector, which currently faces challenges compared to integrated international oil companies like Shell and ExxonMobil [4][5]. Group 3: Green Transition - The merger is seen as a strategic move to strengthen the sustainable aviation fuel (SAF) industry, which is crucial for reducing carbon emissions in the aviation sector [5][6]. - Sinopec is recognized as a pioneer in SAF production in China, with its products already tested on domestic aircraft, offering a potential for over 50% reduction in carbon emissions compared to traditional aviation fuel [5][6]. - The collaboration between Sinopec and China Aviation Oil is expected to enhance R&D, industrialization, and international trade in SAF, promoting its adoption and continuous improvement [5][6].

Core Viewpoint - The merger between China Petroleum & Chemical Corporation (Sinopec) and China Aviation Oil Group (China Aviation Oil) marks a significant strategic move in the energy sector, aiming to create a new giant in "green aviation fuel" while enhancing fuel supply security for the aviation industry and increasing low-carbon competitiveness in international markets [1][5][7]. Group 1: Merger Details - The merger was approved by the State Council and is seen as a collaboration between the world's largest refining company and Asia's largest aviation fuel service provider [1][3]. - China Aviation Oil is the largest integrated aviation fuel service provider in Asia, while Sinopec is the largest aviation fuel producer in China, covering various sectors including oil and gas, logistics, and aviation [3][4]. - The merger is expected to streamline operations and reduce costs by eliminating intermediaries, thus enhancing the efficiency of the entire supply chain from refining to distribution [4][6]. Group 2: Market Context - The global aviation industry is experiencing a strong recovery, with a projected demand for aviation fuel of 389 million tons in 2025, reflecting a year-on-year increase of 3.9% [3][4]. - By 2040, China's aviation fuel consumption is expected to grow from 39.28 million tons in 2024 to 75 million tons, indicating a significant increase in demand [4][6]. - The merger is a strategic response to the competitive landscape dominated by integrated oil and gas companies like Shell and ExxonMobil, which have established advantages in the aviation fuel market [6][7]. Group 3: Green Transition - The merger is positioned as a critical step towards enhancing the competitiveness of China's aviation fuel industry and promoting green transformation [5][7]. - Sustainable aviation fuel (SAF) is recognized as a key pathway for reducing carbon emissions in the aviation sector, with global SAF consumption projected to reach 1.8 million tons by 2030 [7]. - Sinopec is noted for being one of the first companies in China to produce SAF, which can reduce carbon emissions by over 50% compared to traditional aviation fuel [7][8]. Group 4: Strategic Implications - This merger is part of a broader initiative to optimize the layout of state-owned enterprises and concentrate state capital in critical industries related to national security and economic lifelines [8]. - The restructuring aligns with the strategic goals set forth by the State-owned Assets Supervision and Administration Commission (SASAC) to enhance the core functions and competitiveness of state-owned enterprises [8].

Core Viewpoint - The article discusses the structural contradictions in China's computing power market, highlighting the imbalance between high-end computing demand and underutilized general computing resources, necessitating a systemic solution to optimize the synergy between computing power, electricity, and data flow [1][2]. Group 1: Structural Issues - There is a significant disparity in the utilization of computing power, with high-end GPUs like H100 being in high demand while some data centers in the west operate at only 20% to 30% capacity [1]. - The natural temporal and spatial characteristics of computing power and electricity create operational discrepancies, leading to inefficiencies in data transmission and processing [1][2]. - Infrastructure development has a mismatch in pace, with electricity grid construction taking 5 to 8 years while computing centers can be established in 1 to 2 years, resulting in idle data centers in the west [2]. Group 2: Economic Factors - The low electricity prices in the west mask hidden costs associated with auxiliary services and capacity compensation, leading to a situation where the effective cost of electricity approaches that of eastern regions [2]. - There is an imbalance in profit distribution, where the west bears the energy consumption and environmental pressures of data centers but receives limited financial benefits, primarily from rent and electricity fees [2]. Group 3: Proposed Solutions - The integration of "source-network-load-storage-computing" development is recommended, with the establishment of computing centers in resource-rich western areas to enhance energy utilization efficiency [3]. - A national "computing-electricity coordination project library" should be established to streamline the approval process for data centers and renewable energy projects, ensuring timely execution [3]. - Transparency in electricity pricing and the introduction of financial derivatives to stabilize long-term costs are essential for attracting investment in computing power [4]. - New profit-sharing models, such as the "computing power equity" model, are proposed to enhance local fiscal sustainability and create a more equitable distribution of benefits between eastern and western regions [5].

Core Viewpoint - The National Development and Reform Commission and the National Energy Administration have issued the "Basic Rules for the Medium and Long-term Electricity Market," providing essential institutional support for the construction of a unified national electricity market [1] Group 1: Pricing Mechanism Changes - The new rules eliminate the rigidly defined time-based electricity pricing, allowing market participants to negotiate prices based on supply and demand dynamics [2][3] - This shift enables electricity users and producers to express their preferences for different time-based pricing, leading to more efficient and flexible market allocation of electricity resources [3] Group 2: Trading Flexibility - The rules introduce a more flexible trading mechanism, transitioning from a "scheduled bulk purchase" model to an "on-demand fresh supply" model, enhancing trading flexibility and accommodating high proportions of renewable energy [4][5] - Long-term contracts can still be negotiated at fixed times, while short-term transactions can occur daily, allowing for adjustments based on real-time supply and demand [4] Group 3: Price Alignment - The new regulations aim to gradually align the price limits of medium and long-term trading with those of spot trading, reducing arbitrage opportunities that distort price signals [6][8] - This alignment will create a coherent pricing system across different trading periods, enabling better price transmission and stability for electricity investments and consumption decisions [8]