Qian Zhan Wang·2025-09-11 04:25Industry Overview - The electricity sales companies are categorized into five types: generation sales companies, grid enterprise sales companies, social capital investment distribution network companies, independent sales companies, and virtual power plants [1][2][3] - The midstream is the core link in the electricity sales industry, connecting production, sales, and consumption [5][7] - The electricity sales sector is crucial for balancing electricity production and consumption, requiring a state of equilibrium to enhance economic efficiency [7] Industry Development History - The development of electricity sales companies in China has gone through three stages: from 2002 to 2014, characterized by the separation of generation and grid, leading to a competitive generation landscape; from 2015 to 2021, marked by a new round of electricity reform that opened up the sales side; and from 2022 to the present, driven by carbon neutrality goals and green electricity trading [10][11] Policy Background - The electricity generation and sales sectors are vital for the national economy, with significant reforms initiated in 2015 to create a healthy market environment [13][14] - Key policies include the establishment of a unified electricity market system by 2025 and the promotion of renewable energy integration into the market [14][15] Current Industry Status - As of the end of 2024, the number of registered electricity sales companies in China exceeds 5,000, reflecting a nearly 17-fold increase since 2016 [16][17] - The market transaction volume has been increasing annually, with a projected total of 61,796 billion kilowatt-hours in 2024 [18][19] - The market transaction amount is expected to exceed 3 trillion yuan in 2024, showing a year-on-year growth of 5.92% [22] Competitive Landscape - In 2024, the State Grid is expected to account for approximately 70% of the market transaction volume, with Southern Power Grid at 16% [23] - The majority of registered sales companies are concentrated in Guangdong, Shanxi, and Sichuan provinces [26] Future Industry Outlook - By 2030, the market transaction amount is projected to exceed 4 trillion yuan, with average settlement prices expected to decline initially and stabilize later [28] - The electricity sales industry is undergoing a transformation towards market mechanisms and carbon neutrality, requiring companies to enhance their operational capabilities [29]