Industry News - The National Development and Reform Commission and the National Energy Administration jointly released the "Basic Rules for the Medium and Long-term Electricity Market," which includes mechanisms for regular cross-grid transactions and flexible inter-provincial trading, aiming to adapt to the development of the spot market and improve transaction frequency [2] - The first batch of 52 national-level zero-carbon parks has been announced, including areas such as Beijing Economic and Technological Development Zone and Tianjin Economic and Technological Development Zone [2] - As of the end of November, the cumulative installed power generation capacity in China reached 3.79 billion kilowatts, representing a year-on-year increase of 17.1% [2] - The National Energy Administration issued 2.58 billion green certificates in November 2025, with a total of 2.736 billion green certificates issued from January to November 2025 [2] - The first climate resource economic blue book in China was released, focusing on the transformation of climate resources in agriculture, energy, tourism, and low-carbon sectors [2] - The world's first mandatory standard for electric vehicle energy consumption will be implemented starting January 1, 2026, with stricter limits compared to the previous recommended standards [2] Corporate News - Major state-owned enterprises have commenced construction on headquarters projects in Xiong'an New Area, including China Agricultural Development Group and China Huadian Group [3] - China National Petroleum Corporation is collaborating with State Grid on equity cooperation, transferring 3% of its shares in China Oil Capital to State Grid's subsidiary [3] - China's first million-kilowatt offshore photovoltaic project in Dongying, Shandong, has achieved full capacity grid connection, marking the largest open offshore photovoltaic project globally [3] Local News - The Xinjiang "Inner Supply Seven Ring Network" power grid has been fully completed and put into operation, providing strong power support for high-quality economic development in the region [5] International News - Energy facilities in Kyiv, Ukraine, were attacked, resulting in power outages for approximately 320,000 users [9] - Iran's gas supply interruption has caused Iraq to lose about 4,500 megawatts of power generation capacity [9] Technology Development - The world's first ultra-high temperature heat pump energy storage system, "Shunuo," was officially launched, achieving significant technological breakthroughs in large-scale long-term energy storage [7] - A carbon capture and storage facility in Hainan has successfully commenced operations, marking a key step in the industrialization of carbon capture and utilization [10]

Core Viewpoint - The implementation of the "Shandong Province Electricity Retail Market Price Risk Prevention Implementation Rules" demonstrates the government's commitment to maintaining market order and protecting user rights, signaling that these regulations are not merely symbolic but are actively enforced [1][8]. Group 1: Addressing Information Asymmetry - The electricity retail market suffers from significant information asymmetry between electricity suppliers and small users, leading to unfair contracts and high price differentials [2]. - The introduction of a price cap mechanism acts as a "price circuit breaker," scientifically calculated to protect users from excessive electricity costs [2][3]. - Public warnings and lists of companies that do not opt for protective measures help users recognize potential risks, encouraging them to reassess contract terms [2][3]. Group 2: Protecting Vulnerable Groups - The measures specifically focus on protecting vulnerable groups, such as commercial complexes and property management companies, from unfairly passing high electricity costs onto tenants or owners [3]. Group 3: Promoting Fair Competition - The price warning system enhances market transparency and encourages users to avoid companies that mislead them, shifting competition towards service quality and risk management rather than exploiting information gaps [4]. - Honest operators benefit from a market that rewards integrity and professionalism, allowing them to maintain service standards without resorting to misleading practices [4]. Group 4: Economic Stability and Development - Fair and stable electricity pricing is crucial for the operational costs and expectations of various market participants, impacting overall economic vitality [5][7]. - The measures help stabilize user expectations, particularly for small and medium enterprises, allowing them to focus on innovation and development rather than unpredictable energy costs [7]. - A transparent and predictable electricity market is essential for enhancing the business environment and boosting investor confidence in Shandong [7]. Group 5: Government Intervention and Market Regulation - Shandong's proactive approach in implementing the "Implementation Rules" and the warning system serves as a model for addressing market failures and protecting weaker groups in the early stages of retail market development [8]. - The balance between deregulation and effective management is crucial, avoiding a return to planned pricing while preventing market chaos [8].

Core Viewpoint - The recent release of the "Overall Plan for Power Market Trading in Sichuan 2026" marks a new phase in the reform of Sichuan's electricity market, enhancing various aspects such as market participants, trading systems, market operations, pricing mechanisms, and risk prevention compared to the previous 2025 plan [1][8]. Group 1: Market Participants - The new regulation specifies a market trading scale of approximately 2,300 billion kilowatt-hours for 2026, indicating slight growth from 2025 and improving market transparency [2]. - Market participants are reclassified, with new categories for innovative entities such as energy storage, virtual power plants, and electric vehicle charging facilities, enriching the diversity of market players [2]. - All renewable energy projects, including distributed renewable energy, centralized wind, and solar power, will now participate directly in market trading, ensuring that all generated electricity enters the market [2]. Group 2: Trading System - The new rules streamline the trading varieties by removing certain types of transactions and introducing market-based trading for guaranteed electricity, optimizing the organization of electricity procurement [3]. - The mid-to-long-term market will be organized by various time dimensions and will include types such as conventional direct purchases and green electricity transactions, with specific requirements for annual trading completion by the end of 2025 [3]. - The trading periods and frequencies are detailed, with a 24-hour structure for trading and settlement, enhancing market flexibility through rolling and continuous trading [3]. Group 3: Market Operations - The connection between mid-to-long-term and spot markets is strengthened, with clear regulations on the formation of electricity curves and efficient integration of various trading types [4]. - The wholesale and retail markets are more closely linked, with a new pricing model that combines fixed and spot prices for retail users, promoting efficient cooperation for revenue sharing [4]. Group 4: Pricing Mechanism - The pricing limits for mid-to-long-term transactions are clarified, allowing for a flexible price range based on water availability, with limits set between 0 to 481.44 yuan per megawatt-hour [5]. - The price formation mechanism for the spot market is defined, with the elimination of price caps for high-energy-consuming users, ensuring a market-driven pricing approach [5]. - The time-of-use pricing mechanism is maintained, but adjustments have been made to mitigate potential volatility in retail electricity costs [6]. Group 5: Risk Prevention - The new regulation mandates a significant increase in annual contract ratios, with specific signing requirements for different types of power generation during various water periods [7]. - A more robust revenue recovery mechanism is established to prevent speculative behavior in the market [7]. - The capacity of electricity sales companies to fulfill contracts is enhanced, with restrictions on transactions that could exceed their financial guarantees [7].

Core Insights - Southern Power Grid's total electricity consumption reached 16,496 billion kWh from January to November, marking a 5.4% year-on-year increase, indicating stable growth [1] - In November, total electricity consumption was 1,447 billion kWh, with significant increases in the tertiary industry and urban residents' electricity usage, growing by 6.7% and 8.8% respectively [1] Group 1: Industry Performance - In November, electricity consumption in the instrument manufacturing and specialized equipment manufacturing sectors exceeded an 8% increase, while the automotive manufacturing sector saw a 4.4% growth [1] - Guangdong's high-tech and equipment manufacturing industries experienced a 5.1% year-on-year increase in electricity consumption, with the automotive manufacturing sector's consumption growth reaching 13.7% [1] - Shenzhen's electric vehicle manufacturing sector reported a remarkable 76.8% year-on-year increase in electricity consumption [1] Group 2: Green Transition - The demand for green transformation among enterprises is accelerating, with the establishment of the first green electricity certificate service center in western China, connecting with 1,212 companies' green energy needs [1] - Guangxi Guanglan Cable Co., Ltd. is expected to reduce energy costs by nearly 5% annually through optimized production schedules and participation in green electricity trading, enhancing its competitiveness [1] - The electric vehicle charging and swapping service sector saw a 49.1% year-on-year increase in electricity consumption, with Shenzhen's growth rate reaching 55.8%, reflecting the rapid adoption of electric vehicles [1] Group 3: Consumer Sector - The logistics sector's electricity demand increased due to consumption peaks during events like "Double Eleven," with year-on-year growth in railway transportation (5.1%), air transportation (6.6%), and loading and unloading/storage (4.5%) [2] - In Dongguan, a key logistics hub, the road transportation sector's electricity consumption grew by 12.3% in November, supported by the presence of major e-commerce logistics companies [2] - The daily package processing volume in Dongguan surpassed 3.35 million, with express delivery volume increasing by approximately 11% compared to previous years [2]

Core Viewpoint - The State Power Investment Corporation has achieved a significant technological breakthrough in long-duration energy storage with the development of the world's first ultra-high temperature heat pump energy storage technology, named "Shunuo" [1] Group 1: Technological Advancements - The "Shunuo" technology has met or exceeded design specifications in core parameters as tested by a third-party organization [1] - The technology addresses key system challenges including system configuration, core equipment, and system control, establishing a fully independent intellectual property system for heat pump energy storage [1] - The construction of the world's first pilot system for ultra-high temperature heat pump energy storage has been completed [1] Group 2: Advantages Over Traditional Technologies - The "Shunuo" technology offers significant advantages over traditional energy storage methods, including high flexibility in deployment without reliance on specific geographical conditions, allowing for rapid installation in various settings [1] - The technology maintains a stable cycle efficiency of over 65% for large-scale electricity conversion, with no degradation in efficiency under different loads [1] - The energy storage parameters are notably superior, with heat storage temperatures exceeding 560°C and low temperatures reaching -60°C, achieving a storage density of 80-120 kWh/m³, which is over ten times the capacity of conventional compressed air storage in the same space [1] Group 3: Application Scenarios - The technology supports a wide range of applications, enabling high-quality combined heat, electricity, and cold supply, and can be integrated with large renewable energy bases, coal, nuclear power, and high-energy-consuming industries [1] - It enhances the proportion of green electricity consumption and meets the demands for operational flexibility and energy conservation [1]

过去一年，硅料现货价格从3.54万元/吨的低谷逐步回升至5.36万元/吨;光伏组件招标均价稳中略升;A股 光伏企业总市值较4月低点增长39.57%……数据曲线背后，是一场从无序扩张到有序竞合的艰难转身。 随着行业"反内卷"的持续进行，价格修复后更深层的行业逻辑重塑正在进行。 价格体系修复，自律机制初显成效 "光伏行业本身是'反内卷'的排头兵。"中国光伏行业协会副秘书长刘译阳在2025年中国光伏行业大会(以 下简称"2025光伏大会")开场时直言。"反内卷"已成为光伏行业共识，更是行业从2024年下半年启动、 贯穿2025年全年的自律实践。 国家能源局数据显示，今年前10个月，全国光伏新增装机达到25287万千瓦，同比增长超39%;据国家统 计局数据，今年11月份，"光伏设备及元器件制造"价格同比降幅正在收窄……各项数据持续向好，但更 受行业关注的是产业链价格体系回归稳定。 2025年，"反内卷"从一个市场热词，演变为各行各业自救与转型的行动纲领。 近期，中央经济工作会议将"深入整治'内卷式'竞争"列为明年改革攻坚重点任务之一。作为先行实践 者，中国光伏产业的探索正与顶层设计同频共振，从"规模竞赛"转向"质量比 ...

Core Viewpoint - The recent adjustment in Shandong's policy regarding "household non-natural person distributed photovoltaic projects" not being included in the "mechanism electricity" bidding range from 2027 is a strategic recalibration aimed at optimizing the safety, efficiency, and structure of the new power system [1][2]. Policy Adjustment - Shandong's announcement to exclude "household non-natural person distributed photovoltaic projects" from the mechanism electricity bidding is a significant step in the province's market-oriented reform of renewable energy pricing [2]. - This adjustment aligns with the national directive for deepening market-oriented reforms in renewable energy pricing, promoting a shift from policy-driven to market-driven pricing mechanisms [2][5]. Industry Scale and Structure - As the largest province for photovoltaic installations in China, Shandong has a cumulative installed capacity of 91.184 million kilowatts, with distributed photovoltaic stations accounting for 65% of this capacity [3]. - The rapid growth in household photovoltaic installations, reaching 28.782 million kilowatts, is attributed to abundant rooftop resources and strong demand for green energy, supported by favorable policies [3]. Market Dynamics and Revenue Models - The exit of household non-natural person projects from the mechanism electricity bidding will lead to their full entry into the electricity spot market, significantly altering revenue logic [4]. - The spot market in Shandong exhibits distinct price fluctuations, with low prices during peak photovoltaic output hours and high prices during morning and evening peaks, creating a challenge for projects reliant on fixed pricing [4][5]. Transition to Self-Consumption - The policy shift encourages non-natural person investment entities to adopt self-consumption models, enhancing their revenue stability and optimizing grid economics [5][6]. - The emphasis on self-consumption aligns with the core value of distributed photovoltaic systems, which are designed to minimize transmission losses and reduce reliance on the main grid [6]. Impacts on Industry Development - The transition to self-consumption models is expected to foster high-quality development in Shandong's photovoltaic industry, reducing pressure on the public grid and lowering operational costs [7]. - This shift will prompt photovoltaic companies to focus on quality over quantity, enhancing competitiveness through better project selection and operational efficiency [7]. - The long-term effects of this policy adjustment are anticipated to create a virtuous cycle of reasonable growth in installations, efficient consumption, and stable revenues, contributing to the integration of distributed photovoltaics into the new power system [7].

12月24日，云南省人民政府印发的《云南省全面实施"人工智能+"行动计划》。文件提出，在"人工智能 +"绿色能源方面，要深化人工智能在能源建设、调度、算电协同等场景的应用，优化电源电网布局与 智能建造。推动"人工智能＋风光水储"一体化协同，强化风光功率预测、风光电站智能运维、水电优化 调度、灵活性资源调控与智能电网管理。打造云南省数字能源平台，进一步拓展云南能源大数据中心应 用场景和领域，推动绿色能源、节能降碳等多领域数据汇聚、处理、分析和融合应用。 索比光伏网 https://news.solarbe.com/202512/25/50015509.html ...

"党的二十届四中全会提出'十五五'初步建成清洁低碳安全高效新型能源体系、建设能源强国的战 略目标。当前，西北电网新能源发展势头迅猛、特高压直流成群密集接入，对750千伏电网规划 建设都提出了更高要求。"国家电网有限公司西北分部副总工程师兼发展规划部主任马晓伟介 绍，"我们将立足750千伏百站的新起点，持续优化750千伏网架结构，加强全要素系统规划，加 快推动区域发展规划向更加注重履行战略使命转变。" 面向"十五五"，西北电网将进入加快推动能源转型、着力构建新型电力系统的新阶段，国家电网 有限公司西北分部将构建交叉立体、交直并联、功能复用的大送端电网，提升大电网资源配置能 力和安全韧性，着力打造"清洁低碳、安全充裕、经济高效、供需协同、灵活智能"的新型电力系 统，为国家战略实施、实现"碳达峰"目标和服务区域经济社会高质量发展贡献西北力量。 索比光伏网 https://news.solarbe.com/202512/25/50015487.html 12月24日，我国750千伏电网建设迎来重大里程碑节点。当天，新疆750千伏昌安变电站建成投 运，成为我国第100座750千伏变电站。 750千伏昌安变电站位于南疆地 ...

Core Viewpoint - The recent announcement by the National Energy Administration regarding five typical violations in the electricity market is significant as it corrects deviations in market operations and maintains a fair competitive environment, marking a key step from "establishing mechanisms" to "strong regulation and optimizing ecology" in China's electricity market governance [1] Group 1: Types of Violations - The first category of violations is "malicious fouls," which involves collusion in pricing among power generation companies, distorting true market supply and demand signals, and necessitating zero tolerance from market regulators [1] - The second category is "technical fouls," where subsidiaries of the same power generation group engage in centralized pricing, reflecting a gap in understanding market competition rules and internal compliance management [2] - The third category is "tactical fouls," where power generation companies and electricity sales companies collude and exercise market power, representing extreme strategies to maximize profits within the existing regulatory framework [3] Group 2: Market Challenges and Recommendations - The reported violations highlight issues such as a lack of professional talent in power generation companies, insufficient market operation capabilities, and the exacerbation of contradictions in the early stages of market construction [4] - To address these challenges, it is essential to enhance the forward-looking and detailed nature of market rules, improve risk monitoring systems, and clearly define the boundaries between reasonable pricing strategies and malicious market manipulation [5] - Encouraging diversification of market participants and establishing competitive mechanisms among different types of power generation sources can help mitigate the influence of single entities on market prices and enhance competition [6]