Zhong Guo Dian Li Bao·2025-08-03 08:02Core Insights - The 2024 China electricity market has shown significant growth, with market-based trading volume exceeding 6.18 trillion kilowatt-hours, accounting for 62.7% of total electricity consumption [1][3] - The report highlights a substantial increase in renewable energy trading, with a volume of 956.9 billion kilowatt-hours, representing 52.3% of total renewable generation [1][3] - The green certificate trading volume surged by 364% year-on-year, while green electricity trading volume grew by 235.2% [1][7] Group 1: Market Expansion and Structure Optimization - In 2024, the total installed power generation capacity in China surpassed 3.349 billion kilowatts, with an increase of 429 million kilowatts, primarily driven by solar and wind energy [2] - The total electricity generation reached 10.09 trillion kilowatt-hours, marking a 6.7% year-on-year increase, with wind and solar contributing 58.1% of the new generation [2][3] - The number of market participants rose to 816,000, an 8.9% increase, including 35,000 power generation companies and 777,000 electricity users [3] Group 2: Trading Dynamics and Price Differentiation - The market-based trading volume reached 6.18 trillion kilowatt-hours, a 9.0% increase, maintaining over 60% of total electricity consumption for three consecutive years [3][4] - Provincial trading volumes totaled 4.75 trillion kilowatt-hours, reflecting a 5.4% increase, with price differentiation observed in provinces with active spot markets [4] Group 3: Unified Market Structure and Green Transition - The establishment of a unified national electricity market is accelerating, with significant growth in green electricity trading and certificates [5][6] - The inter-provincial electricity spot market officially launched after two years of trial, facilitating over 88 billion kilowatt-hours of trading, with 44% from clean energy [6] - The green certificate trading volume reached 446 million, with a 92.3% share from inter-provincial transactions, indicating a robust market for green energy [7][8] Group 4: New Business Models and Regulatory Enhancements - New business models, including diversified energy storage and virtual power plants, are emerging, enhancing market participation [8] - Regulatory frameworks are being upgraded to support market health, including the revision of the Electricity Market Supervision Measures and the establishment of real-time monitoring systems [8]