Core Viewpoint - The article discusses the issuance of the "Basic Rules for Electricity Market Measurement and Settlement" by the National Development and Reform Commission and the National Energy Administration, marking the first comprehensive regulation of electricity market measurement and settlement in China, effective from October 1, 2025, for a duration of five years [2]. Group 1: Measurement Data Management Standardization - The rules require market participants to have independent measurement conditions, with measurement devices meeting minimum settlement unit requirements and installed at property boundary points. Measurement data must comply with minimum settlement time and cycle requirements, and regular calibration of measurement devices is emphasized, along with clear cost responsibilities for calibration [3]. Group 2: Definition of Key Subject Responsibilities - The rules clarify the rights and obligations of various market participants, including market operators, electricity trading institutions, electricity dispatching agencies, and grid companies. It specifically outlines the responsibilities of grid companies in verifying settlement bases and standardizes the verification process, including uniform measurement units and settlement subject formats [4]. Group 3: Settlement Model for Spot Market - The rules establish that, in principle, regions with continuous spot market operations will adopt a "daily clearing and monthly settlement" model, while non-spot market areas will settle on a natural monthly basis. Auxiliary services and retail markets will settle according to their respective rules after monthly clearing, standardizing the settlement cycle and process across the national electricity market [5]. Group 4: Strengthening Settlement Risk Prevention - The rules mandate trading institutions to conduct settlement risk assessments. Market participants are required to provide performance guarantees, such as letters of credit and deposits. Grid companies can apply to trading institutions for the use of settlement guarantees for market participants who fail to make timely payments [6]. Group 5: Unified Electricity Payment Processes - The rules standardize the payment processes between power generation companies and grid companies, and for the first time, clarify the payment processes between users and grid companies. This includes regulations on VAT invoice issuance, electricity settlement agreements, and the use of promissory notes [7]. Group 6: Overall Framework for Electricity Market - The issuance of these rules marks the completion of a preliminary framework for the "1+6" basic rule system for the electricity market, which includes fundamental operational rules and various supporting regulations. The National Energy Administration is working to ensure unified and standardized operation of the national market and aims to enhance the coordination and integration of various market types, including long-term, spot, auxiliary services, and green certificates [7].

Core Viewpoint - The establishment of the national unified electricity market "1+6" basic rule system marks a significant step in creating a comprehensive framework for electricity market operations, addressing the fragmentation and inconsistency of previous market rules [2][4]. Group 1: Overview of the New Rules - The National Development and Reform Commission and the National Energy Administration have jointly issued the "Basic Rules for Electricity Market Measurement and Settlement," which is part of a broader "1+6" foundational rule system for the electricity market [2]. - This new rule system includes long-term, spot, and ancillary service rules, along with support mechanisms such as information disclosure and access registration [2][4]. Group 2: Transition in Energy Generation - Non-fossil energy generation is gradually becoming the mainstay in terms of installed capacity and electricity output, while fossil energy generation is transitioning to support electricity supply [2]. - New operational entities such as energy storage, virtual power plants, and load aggregators are rapidly developing within the market [2]. Group 3: Challenges in the Current Market - The electricity market faces issues such as incomplete and non-unified market rule systems, frequent inappropriate interventions, overlapping functions of market trading varieties, and difficulties in inter-provincial market connections [3]. - These challenges hinder the optimal allocation and sharing of electricity resources across broader regions [3]. Group 4: Significance of the Unified Rule System - The "1+6" rule system aims to resolve the fragmentation and differentiation of past market rules, facilitating a more organized and standardized operation of the electricity market [4]. - It establishes a comprehensive, multi-layered market rule framework that covers various trading periods and types, ensuring clarity in interfaces and responsibilities among market participants [4]. Group 5: Future Development Directions - The National Development and Reform Commission and the National Energy Administration are working to ensure that local market rules align with the national basic rules, enhancing the consistency and collaborative execution of policies [5]. - As the new electricity system and market construction deepen, there is a focus on continuous operation of long-term trading, comprehensive development of the spot market, and rapid growth in green electricity trading [5].

Core Viewpoint - The construction of a beautiful China is positioned as a key goal in the modernization of the socialist state and is essential for the realization of the Chinese Dream of national rejuvenation [3][4]. Group 1: Importance of Building a Beautiful China - Building a beautiful China is a significant strategic deployment by the central leadership, focusing on harmonious coexistence between humans and nature, and responding to the people's aspirations for a better life [4]. - The commitment to ecological priority is essential for achieving modernization that harmonizes human and natural relationships [5]. - A good ecological environment is fundamental for sustainable development, and the central government has prioritized ecological civilization since the 18th National Congress [4][5]. Group 2: Progress and Achievements - Since the 18th National Congress, significant progress has been made in ecological protection and restoration, with policies and actions being implemented effectively [8]. - The green industry transformation is accelerating, with coal consumption projected to decrease to 53.2% by 2024, a reduction of over 15 percentage points since 2012 [8]. - The national forest coverage rate is expected to exceed 25% by the end of 2024, surpassing the targets set for the 14th Five-Year Plan [9]. Group 3: Ecological Protection and Compensation - The establishment of a comprehensive ecological protection compensation mechanism has been a major achievement, with over 200 billion yuan allocated for ecological protection compensation by 2024 [9]. - More than half of the forests and grasslands in the country are now included in the compensation scope, with 30 cross-provincial ecological compensation mechanisms established [9]. - The introduction of market-based ecological protection compensation funds aims to enhance the effectiveness of ecological protection efforts [11][12]. Group 4: Future Directions - The focus will be on promoting a comprehensive green transformation of economic and social development, with an emphasis on energy conservation and carbon reduction [10]. - The development of a circular economy and resource recycling systems will be prioritized to improve resource utilization efficiency [10]. - Major ecological projects will be advanced, emphasizing integrated protection and systematic governance of natural ecosystems [11].

Core Viewpoint - The establishment of a unified electricity market measurement and settlement basic rule system in China aims to resolve fragmentation and discrepancies in market rules, thereby enhancing market vitality and facilitating the free flow of electricity resources across regions [2][3]. Group 1: Rule System Development - The National Development and Reform Commission and the National Energy Administration have initiated the construction of a "1+6" basic rule system for the electricity market, which includes a unified framework and six supporting rules [2][3]. - The "Electricity Market Operation Basic Rules" serve as the foundation of the electricity market, outlining fundamental principles and objectives, while the six supporting rules address various trading types and key operational aspects [4]. Group 2: Market Growth and Statistics - In 2024, the number of market participants in China's electricity market reached 816,000, an increase of 8.9% year-on-year, comprising 35,000 power generation companies, 777,000 electricity users, and 4,409 electricity sales companies [4]. - The marketized trading volume exceeded 6.18 trillion kilowatt-hours, accounting for 62.7% of the total electricity consumption in society, with green certificate trading volume surging by 364% and green electricity trading volume increasing by 235.2% [4]. Group 3: Future Plans - The plan is to establish a nationwide unified electricity market by the end of 2024, with a comprehensive market expected to be fully operational by 2029 [6]. - The National Energy Administration will continue to issue regulatory guidelines to enhance the "1+N" basic rule system, ensuring efficient coordination among various market categories such as medium-to-long-term, spot, auxiliary services, and green electricity [7].

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, aligning with the directives from the Party's 20th Central Committee and the State Council [3][4]. Summary by Sections 01 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 [4]. - The current practices in electricity market measurement and settlement need to be unified and clarified to meet the evolving demands of market participants [5]. - The establishment of these basic rules is crucial for the implementation of the Party's directives and for adapting to the requirements of a new type of electricity system [5]. 02 Highlights of the Rules - The rules standardize the processes for data collection, transmission, verification, and validation, clarifying the rights and obligations of all market participants [6]. - They establish uniform timelines for settlement processes, including the issuance of settlement bases and electricity bills, aiming to shorten the payment timelines [6]. - The rules define the electricity payment processes among generation companies, electricity users, and grid companies, enhancing the efficiency of payment transactions [6]. - They cover all market participants, including new types of operational entities, ensuring comprehensive applicability [6]. - For the first time, the rules outline procedures for handling disputes and objections regarding settlement bases and electricity bills, improving service for market participants [7]. 03 Conclusion - The formal introduction of these rules marks the establishment of a comprehensive regulatory framework for the national unified electricity market, laying a solid institutional foundation for its preliminary establishment by 2025 [8]. - The Beijing Electric Power Trading Center will leverage the implementation of these rules to promote the standardization and intelligence of the electricity market measurement and settlement system, supporting the high-quality development of the national unified electricity market [8].

Core Viewpoint - The introduction of the "Basic Rules for Electricity Market Measurement and Settlement" serves as a crucial institutional guarantee for the construction of a unified national electricity market, filling the last gap in the "1+6" foundational rule system [3][4]. Group 1: Institutional Foundation - The new rules aim to address the final bottleneck in the nationwide circulation of electricity, aligning with the national goal of establishing a high-efficiency and fair competitive unified market by 2025 [4]. - The "1+6" foundational rule system, which includes the new measurement and settlement rules, is designed to standardize the entire process from transaction declaration to settlement, resolving long-standing inconsistencies in measurement and settlement standards [4][5]. Group 2: Fair and Efficient Market Operation - The rules establish a unified settlement cycle based on natural months, providing a framework for accurate electricity cost management for market participants [6]. - A comprehensive standardization of the settlement preparation phase is mandated, requiring a unified data exchange platform to facilitate efficient data flow across all segments of the electricity market [6][7]. Group 3: Impact and Future Outlook - The implementation of the rules is expected to enhance the quality and efficiency of electricity market measurement and settlement, breaking down regional barriers and promoting resource circulation [9]. - The rules will significantly lower transaction costs and improve transaction efficiency, facilitating a more integrated and competitive electricity market [9][10]. - The introduction of these rules marks a milestone in the reform of the electricity system, laying a solid foundation for a transparent, efficient, and unified electricity market that supports energy transition and high-quality economic development [10].

Core Viewpoint - The article discusses the implementation of the "Basic Rules for Measurement and Settlement in the Electricity Market" issued by the National Development and Reform Commission and the National Energy Administration to enhance the electricity market's order and protect the rights of market participants [4][27]. Summary by Sections Basic Concepts - Measurement refers to the actions of measuring and recording 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 [6][7]. Scope of Application - The rules apply to various types of electricity market measurement and settlement [8]. Basic Principles - The principles of measurement and settlement are based on legality, regulation, fairness, and justice [9]. Settlement Cycle - The settlement cycle is defined as a natural month, with the spot market operating on a "daily clearing and monthly settlement" basis [11]. Rights and Obligations - Market participants have rights and obligations including trading participation, contract signing and fulfillment, data disclosure, and settlement guarantee submission [12]. Measurement Management - Measurement devices are managed by grid enterprises, with calibration performed by measurement testing institutions [18]. Settlement Management - Settlement preparation involves collecting and summarizing the necessary basic data within a specified timeframe, which includes market participant data, transaction contracts, and electricity measurement data [21]. Settlement Basis Compilation and Release - The process for compiling and releasing settlement basis includes the calculation of auxiliary service market fees and the issuance of formal settlement basis by the trading institution [23][24]. Dispute Resolution - Dispute resolution mechanisms include mediation, arbitration, and judicial pathways, with regulatory bodies overseeing compliance with relevant regulations [27]. Implementation Timeline - The rules will take effect from October 1, 2025 [27].

Core Viewpoint - A significant institutional reform aimed at establishing a "national unified electricity market system" is profoundly reshaping China's electricity industry landscape [2][4]. Summary by Sections National Unified Market Framework - The National Development and Reform Commission and the National Energy Administration have jointly issued the "Basic Rules for Electricity Market Measurement and Settlement," marking a historical transition from regional exploration to a nationally unified operational framework [2]. - The establishment of a "1+6" basic rule system for the electricity market has been completed, providing a strong institutional support for the orderly operation of the national unified electricity market [2][6]. Strategic Importance - The construction of a unified electricity market is a key practice in the broader strategy of building a national unified market, which has been emphasized in recent central government documents [4][5]. - The unified market framework is essential for breaking down barriers, facilitating circulation, and optimizing resource allocation, which are critical for energy security and high-quality development [5]. Historical Context and Development - Since the initiation of the new round of electricity system reform in 2015, the electricity market was fragmented, with varying provincial rules hindering efficient cross-regional transactions [5]. - The establishment of a unified electricity market rule system serves as a "common language" and "fair measure" to eliminate these barriers [5]. Rule System Construction - The "1+6" basic rule system includes the "Basic Rules for Electricity Market Operation," which serves as the foundation for the entire system, ensuring its effective and standardized operation [9]. - Key components of the rule system include long-term trading rules, spot market rules, and auxiliary service market rules, which collectively enhance market vitality and resource allocation [9][10]. Market Performance and Growth - In the first half of 2025, the cumulative market trading volume reached 2.95 trillion kilowatt-hours, a year-on-year increase of 4.8%, with significant growth in cross-regional trading and green electricity transactions [13][14]. - The number of market participants has increased to 816,000 by the end of 2024, reflecting a diverse and expanding market landscape [16]. Future Outlook - The comprehensive implementation of the "1+6" basic rule system is expected to facilitate efficient resource allocation across the national electricity market, supporting the transition to a green and low-carbon energy structure [16].

Core Viewpoint - The issuance of the "Basic Rules for Metering and Settlement in the Electricity Market" aims to unify and standardize the metering and settlement processes across the national electricity market, addressing existing inconsistencies and inefficiencies in the system [3][4]. Group 1: Background and Purpose - The rules are a continuation and enhancement of previous regulatory documents since the 2015 electricity system reform, aiming to establish a unified national electricity market [3][4]. - The need for these rules arose from various issues such as inconsistent metering management, unclear responsibilities among market participants, and delays in electricity settlement [3][4]. Group 2: Main Content of the Rules - The rules consist of 6 chapters and 56 articles, covering general provisions, overall requirements, metering management, settlement management, supervision management, and supplementary provisions [5]. - Key areas include defining rights and obligations of market participants, managing metering devices and data, and establishing clear settlement processes and timelines [5]. Group 3: Requirements for Unified Metering and Settlement - Emphasis on independent metering conditions and regular calibration of metering devices, with clear responsibilities for costs [6]. - Standardization of settlement processes, including rights and obligations of various market participants, and unification of measurement units and settlement cycles [6][7]. - Introduction of risk management measures for settlements, including the requirement for market participants to provide guarantees [6]. Group 4: Responsibilities in Market Settlement - Clear division of responsibilities between electricity trading institutions and grid companies in the settlement process, with trading institutions responsible for compiling settlement data and grid companies for providing metering data and issuing bills [8]. - The rules clarify the responsibilities of grid companies in verifying settlement data and outline the verification process [8]. Group 5: Settlement Timing Regulations - The rules standardize the timing of settlement processes, which previously varied by region, ensuring timely issuance of settlement data and bills [9]. - Specific timelines are established for the issuance and confirmation of settlement data, with provisions for dispute resolution [9].

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