粤港澳绿电绿证市场领跑全国，一季度交易量占全国近四成

Core Insights - The green certificate system in China has been significantly improved over the past two years, establishing a comprehensive and efficient framework for green electricity consumption [1] - The Guangdong-Hong Kong-Macao Greater Bay Area has emerged as a key growth area for green electricity consumption, driven by policy guidance and market forces [1][2] Group 1: Green Certificate System - The green certificate is regarded as the "identity card" for renewable energy and serves as a commitment for companies to undertake social responsibility [1] - The green certificate system, implemented since 2017, has developed a full lifecycle management system including registration, issuance, trading, application, and cancellation [1] - In the first quarter of this year, the Guangzhou Power Trading Center's green certificate transactions exceeded 100 million, accounting for approximately 75% of the national total [1] Group 2: Market Performance - The cumulative green electricity trading volume in the Greater Bay Area reached 1.329 billion kilowatt-hours, with an annual growth rate of 10 times [2] - In the first quarter, the trading volume in the Greater Bay Area was 780 million kilowatt-hours, representing a year-on-year increase of 16 times and accounting for 39% of the national total [2] - Shenzhen's green electricity trading volume surged by 233% year-on-year, making up 31% of Guangdong's total green electricity trading [2] Group 3: Corporate Benefits and Pricing - Companies purchase green certificates to support green electricity consumption, enhance brand value, and improve product competitiveness [2] - The average price of green certificates in 2024 is projected to be 2.7 yuan per certificate, with fluctuations influenced by supply and demand, power source types, and regional distribution [3] - The long-term purchase agreements (PPA) for green electricity in Guangdong account for 81% of the total, indicating a diverse supply structure [3]