浙江新能源全量入市，市场化定价时代到来

Core Insights - Zhejiang Province has officially launched the market-oriented pricing reform for renewable energy, marking a transition from subsidy-based to market-based electricity pricing for wind and solar projects [1][3] - The reform includes a "price difference settlement mechanism" that will take effect from January 1, 2026, allowing for a maximum of 90% of the annual electricity volume of existing projects to be included in the mechanism [1][2] - The new policy aims to enhance the efficiency of the renewable energy sector and reduce reliance on guaranteed pricing, promoting a more competitive market environment [3][9] Summary by Sections Market Reform Implementation - The implementation of the market-oriented pricing reform is a significant step for Zhejiang's renewable energy sector, allowing all renewable energy projects to participate in market transactions [1] - The reform is rooted in previous policies that began to open the market, such as the 2025 Zhejiang Electricity Market Trading Plan, which introduced floating prices based on supply and demand [2] Industry Background - Zhejiang has established a robust renewable energy industry, supported by policies like the "Wind and Solar Doubling Plan" and substantial subsidies, leading to a complete industrial chain from production to application [2] - As of September, renewable energy installations accounted for nearly 40% of the total power generation capacity in the province, with solar power surpassing coal as the primary energy source [2] Transition Mechanisms - The reform includes a transitional phase where existing projects will continue to operate under current pricing policies until the new scheme is fully implemented [3] - The policy differentiates between existing and new projects, allowing for a gradual adjustment to market conditions [3] Support for Distributed Energy - The reform recognizes the importance of distributed solar power, which constitutes a significant portion of Zhejiang's renewable energy capacity, and provides a "buffer period" for smaller projects to adapt to market conditions [5][6] - The policy allows distributed energy projects to participate in market transactions with reduced operational complexity, lowering entry barriers for smaller operators [5][6] Financial Incentives - The reform includes differentiated revenue assurance policies for existing and new projects, ensuring that early-stage distributed solar projects receive a higher proportion of guaranteed electricity volume [6] - Additional measures aim to reduce the market participation costs for renewable energy projects, enabling them to compete more effectively [7] Market Opportunities - The new policy framework encourages renewable energy companies to adapt and innovate, fostering a shift from a focus on capacity expansion to optimizing operational efficiency and lifecycle benefits [8] - The transition to a market-driven model is expected to enhance the overall efficiency of resource allocation in the electricity system, benefiting both businesses and consumers [10]