Core Viewpoint - The establishment of a nationwide unified electricity market system in China marks a significant historical leap from fragmented regional markets to a standardized national framework, providing strong institutional support for orderly market operations [1][3][4]. Group 1: Development of the Unified Electricity Market - The "1+6" basic rule system for the national unified electricity market has been preliminarily established, which includes fundamental rules for electricity market operation, long-term trading, spot trading, auxiliary services, information disclosure, registration, and settlement [1][5]. - The construction of the unified electricity market is a key practice of the national strategy to build a unified market system, which is essential for optimizing resource allocation and ensuring energy security [3][4]. - The transition from a fragmented market to a unified system is aimed at breaking down barriers and facilitating efficient electricity flow across regions [4][10]. Group 2: Key Components of the Rule System - The "Electricity Market Operation Basic Rules" serve as the cornerstone of the unified market, defining the basic structure, operational principles, and responsibilities of various market participants [8][9]. - The "Electricity Long-term Trading Basic Rules" provide a primary channel for market participants to lock in electricity and prices, ensuring market stability [8][9]. - The "Electricity Spot Market Basic Rules" optimize real-time supply and demand, generating price signals that reflect market conditions, thus enhancing electricity security and promoting renewable energy consumption [9][10]. Group 3: Market Growth and Performance - In the first half of 2025, the cumulative market trading volume reached 2.95 trillion kilowatt-hours, with cross-regional trading increasing by 18.2% year-on-year, indicating robust market activity [13][14]. - The number of market participants has grown to 816,000 by the end of 2024, with significant participation from various energy sources, including renewable energy and new storage technologies [15]. - Green electricity trading has surged, with a 235.2% year-on-year increase in total trading volume, reflecting the market's role in supporting China's green and low-carbon energy transition [15].

Core Viewpoint - The introduction of the "Basic Rules for Electricity Market Measurement and Settlement" is a significant step towards enhancing the operational effectiveness of the national unified electricity market in China, aligning with the directives from the Party's 20th Central Committee and the State Council [1][2]. Summary by Sections Significance of the Rules - Since the new round of electricity system reform in 2015, various regulatory documents have been issued to establish a solid foundation for the healthy development and standardized operation of the electricity market [2]. - The rules aim to address the evolving requirements of the electricity market, ensuring that measurement and settlement processes are aligned with the new market conditions [3]. Highlights of the Rules - The rules standardize the processes for data collection, transmission, verification, and validation, clarifying the rights and obligations of market participants [4]. - They establish unified settlement cycles and timelines, specifying that settlements will occur monthly, with formal settlement bases published by the 8th working day and electricity bills by the 10th working day of each month [4]. - The rules define the electricity payment processes among generation companies, electricity users, and grid companies, enhancing the efficiency of payment transactions [4]. - They cover all market participants, including new types of operators, ensuring comprehensive compliance with the new electricity system [4]. - For the first time, the rules outline processes for handling disputes and objections related to settlement bases and electricity bills, providing a clear framework for resolution [5]. Conclusion - The formal introduction of these rules marks the establishment of a comprehensive foundational rule system for the national unified electricity market, setting the stage for its preliminary establishment by 2025 [6].

Core Viewpoint - The National Development and Reform Commission and the National Energy Administration jointly issued the "Basic Rules for Metering and Settlement in the Electricity Market" to maintain order in the electricity market and protect the legitimate rights and interests of market participants [3]. Group 1: Basic Concepts - Metering refers to the measurement and recording of data such as electricity quantity and power to meet the settlement needs of the electricity market [5]. - Settlement includes forming the basis for settlement and calculating electricity fees, where the electricity trading institution provides settlement basis and services to market participants and grid enterprises [6][7]. Group 2: Principles and Scope - The basic principles of the settlement process are legality, fairness, and impartiality [9]. - The settlement cycle is defined as a natural month, with "daily clearing and monthly settlement" for regions operating in the spot market [10]. Group 3: Rights and Obligations - Electricity quantity is measured in megawatt-hours (MWh) or kilowatt-hours (kWh), while electricity fees are calculated in yuan, and electricity prices are expressed in yuan per MWh or yuan per kWh [13]. Group 4: Market Participants - Market participants are responsible for trading, signing and fulfilling contracts, disclosing and providing data, verifying settlement basis and electricity bills, and submitting settlement guarantees [15]. Group 5: Settlement Management - Settlement preparation involves collecting and summarizing the necessary basic data within a specified timeframe, which includes market participant profiles, transaction contract data, and electricity measurement data [20]. - The settlement basis is compiled and published by the trading institution, with a formal settlement basis released by the 8th of each month [23]. Group 6: Electricity Fee Settlement - The electricity bill is issued by the 10th of each month, with payment from power generation enterprises to the grid within five days [26]. - Users or electricity sales companies are required to pay according to agreements, with overdue payments subject to collection actions [27]. Group 7: Supervision and Management - The regulatory bodies include market participants, market operation institutions, and grid enterprises, with dispute resolution mechanisms in place [29][31].

Group 1 - The Beijing Market Supervision Administration published a list of unconditionally approved operator concentration cases from July 21 to July 27, 2025, including the establishment of a joint venture by Datang Jiangsu Power Co., Ltd. and Sinopec Great Wall Gas Investment Co., Ltd. on July 24, 2025 [3] - Datang Jiangsu and Sinopec Great Wall Gas will jointly control the new venture, with Datang Jiangsu holding 66% and Sinopec Great Wall Gas holding 34% of the equity, focusing on natural gas power generation [3] Group 2 - The Beijing Market Supervision Administration also released a list of unconditionally approved operator concentration cases from July 14 to July 20, 2025, including a joint venture between State Power Investment Corporation Zhejiang Electric Power Co., Ltd. and ArcelorMittal Tianjin West New Materials Co., Ltd. on July 18, 2025 [5] - The joint venture will engage in photovoltaic and wind power generation, with State Power Investment Corporation Zhejiang Electric Power holding 51% and ArcelorMittal Tianjin West holding 49% of the equity [5]

随着一系列扩内需、促消费政策落地，上半年全国电力消费逐季回升，高技术及装备制造业用电表现亮 眼，城乡居民生活用电量快速增长。电力供给保障能力不断提升，新能源持续快速发展，全国电力供需 总体平衡。 "若夏季气温再创历史新高，最高用电负荷有可能达到15.7亿千瓦左右。"中电联统计与数智部电力供需 分析处处长陈亚宁表示，迎峰度夏期间，华东、华中、西南、南方区域个别省份短时供需紧张，但通过 最大程度的跨省跨区余缺互济后，可实现电力供需紧平衡。 "风光"保持新增装机主力军 《报告》显示，上半年，全国重点调查企业合计完成电力投资6546亿元，同比增长9.6%。截至6月底， 全国全口径发电装机容量36.5亿千瓦，同比增长18.7%。其中，风电和太阳能发电合计新增装机容量占 比近九成，维持新增装机的主力军地位。 展望全年，中国电力企业联合会(以下简称"中电联")秘书长郝英杰预计，下半年用电量增速将高于上半 年，全社会用电量同比增长5%~6%。新投产发电装机有望超过5亿千瓦，再创历史新高，其中新增新能 源发电装机达4亿千瓦左右。 第二产业用电量逐季回升 根据中电联发布的《2025年上半年全国电力供需形势分析预测报告》(以下简称 ...

随着一系列扩内需、促消费政策落地，上半年全国电力消费逐季回升，高技术及装备制造业用电表现亮 眼，城乡居民生活用电量快速增长。电力供给保障能力不断提升，新能源持续快速发展，全国电力供需 总体平衡。 "用电量是国民经济发展的'晴雨表'，电力消费的回升，反映出上半年我国国民经济总体稳中有进、回 升向好的态势。"中电联统计与数智部主任侯文捷指出。 根据中电联发布的《2025年上半年全国电力供需形势分析预测报告》（以下简称《报告》），上半年， 全国全社会用电量4.84万亿千瓦时，同比增长3.7%；二季度用电量较一季度提高2.4个百分点；分月 看，用电量增速总体平稳回升。 聚焦各产业表现，第二产业占全社会用电量的比重最大，对全社会用电量增长的贡献率最高。一季度， 第二产业用电量同比增幅仅1.9%，二季度，随着促消费系列政策逐步推行，部分省份工业用电量回 温，拉动第二产业用电量增速较一季度提高1个百分点，上半年用电量总计3.15万亿千瓦时，同比增长 2.4%。 细分产业中，高技术及装备制造业表现尤为亮眼，上半年用电量同比增长3.8%，增速高于同期制造业 平均增长水平1.7个百分点，其下9个子行业除电气机械和器材制造业外均实 ...

海南电网公司着力从营配业务入手，依托"技术+业务"双轮驱动的数字化转型，以组织变革、流程再 造、IT赋能三要素协同为核心，深入推进配网"三主动"数字化系统建设。 "'三主动'构建起'一头保生产、一头保客户'的新型营配融合管理体系，回答了'停电在哪里''服务在哪 里'的核心问题。"海南电网信通分公司主要负责人郑声俊介绍，该系统于2025年2月在海口、三亚先行 试点，经实战打磨和优化升级后，5月30日完成全省推广。 "以前停电了，只能收到供电部门预计复电时间的短信，现在是抢修进度实时推送到我手机上，心里就 踏实多了。"台风"韦帕"到来后，海南宝路水产科技有限公司临高分公司员工王先生对能及时掌握复电 信息的体验感点赞。 用户对复电信息的实时掌握，源于南方电网海南电网公司基于营配调协同的配网"三主动"(主动感知、 主动抢修、主动服务)数字化场景的建设和推广。今年以来，配网"三主动"数据变革场景持续完善并在 全省18个市县配网落地应用，数字赋能用户服务的实效更加凸显。 数字化重塑营配管理体系 "停电故障排查耗时长，停电信息传递不畅，抢修进度不掌握，用户停电'焦虑感'易爆发……"说起连接 用户"灯头"的配网日常运维，"槽 ...

Core Viewpoint - Huaneng Lancang River Hydropower Co., Ltd. plans to raise up to RMB 58.25 billion through a private placement of A-shares to fund two hydropower projects, RM and TB, contributing to the "West-to-East Power Transmission" strategy and promoting integrated renewable energy development [1][3][30]. Group 1: Fundraising and Project Details - The total amount to be raised is RMB 58.25 billion, with net proceeds after issuance costs allocated to RM Hydropower Station (approximately RMB 43.25 billion) and TB Hydropower Station (approximately RMB 15 million) [2][44]. - The total investment for the RM Hydropower Station project is approximately RMB 584 million, while the TB Hydropower Station project has a total investment of approximately RMB 200 million, leading to a combined project investment of approximately RMB 784 million [2][45]. Group 2: Strategic Importance - The fundraising aims to support the implementation of the "West-to-East Power Transmission" strategy, addressing the energy resource imbalance between the resource-rich western region and the energy-deficient eastern region [3][30]. - The projects are expected to alleviate electricity pressure in the eastern regions and stimulate economic development in the western regions by attracting investment and enhancing infrastructure [3][30]. Group 3: Regulatory and Issuance Details - The issuance will target no more than 35 specific investors, including securities investment funds, securities companies, trust investment companies, and qualified foreign institutional investors [2][14]. - The shares will be issued at a price not lower than 80% of the average trading price over the last 20 trading days prior to the pricing date, ensuring compliance with regulatory requirements [15][37].

Group 1 - China Shenhua Energy Co., Ltd. is planning a significant restructuring involving the acquisition of equity in 13 companies and raising supporting funds, which is expected to create a market impact and set a new example for the coal and energy industry under the "anti-involution" consensus [2][4] - The restructuring is projected to reach a scale of approximately 100 billion yuan, enhancing the concentration of quality resources and providing a long-term layout for the upgrade of the coal and energy industries [2][4] - The acquisition targets include companies with substantial coal production capacities, such as Xinjiang Energy Chemical Co., which has an annual coal production capacity of over 101.5 million tons [4][5] Group 2 - The restructuring aims to deepen the synergy between coal and electricity sectors, with plans to acquire companies that enhance transportation efficiency and ensure effective energy product delivery [5][6] - China Shenhua's current coal production capacity stands at 350 million tons per year, with a projected commodity coal output of 327 million tons in 2024, maintaining its leading position in the industry [4][5] - The integration of resources is expected to strengthen China Shenhua's operational capabilities and improve its competitive edge in the electricity sector, potentially leading to better short-term performance [5][9] Group 3 - The restructuring is seen as a strategic move to mitigate overlapping business issues with its controlling shareholder, the State Energy Investment Group, thereby reducing intra-industry competition [7][8] - The agreement to avoid competition has been revised multiple times since 2005, with the latest extension of the acquisition deadline to August 2028, allowing for a more thorough evaluation of asset injection conditions [8][9] - This restructuring represents a shift from fragmented competition to a more centralized development model, enhancing the overall competitive position of the company within the industry [9]

Group 1: Energy Investment in Inner Mongolia - Inner Mongolia's major energy project investment reached 165.8 billion yuan in the first half of the year, a 39% year-on-year increase, accounting for 52% of the annual planned investment [1] - In coal, two coal mine overall plans were approved, with two coal mines under construction having a total capacity of 16 million tons per year, and one coal mine completed with a capacity of 1.5 million tons per year [1] - Intelligent coal mine capacity accounts for 89% of the total coal production capacity [1] Group 2: Power Infrastructure Development - The ±800 kV UHVDC transmission project from Inner Mongolia to Beijing-Tianjin-Hebei was approved, with 29 cross-municipality grid projects approved in the first half of the year [1] - Ten 500 kV grid projects were put into operation, and 43 projects are under construction [1] - The project to electrify 580 remote farming and pastoral households has commenced, with the progress of the Inner Mongolia Electric Power Group project reaching 58% [1] Group 3: Green Hydrogen Industry Initiatives - Inner Mongolia introduced nine policies to promote green hydrogen project construction and consumption, extending the 40% grid connection policy for wind-solar hydrogen projects until 2027 [2] - The 150,000 kW integrated wind-solar hydrogen demonstration project by Datang Duolun has been put into operation, successfully integrating green hydrogen with coal chemical applications [2] - The construction of the hydrogen long-distance pipeline from Damao Banner to Baotou City has begun, and the demonstration project for hydrogen transportation from Ulanqab City to the Beijing-Tianjin-Hebei region has been approved [2]