电力系统，重磅改革

Core Insights - The article discusses the significant progress in China's electricity market reform over the past decade, highlighting the shift towards market-oriented trading and the increasing participation of private enterprises in the power generation sector [1][43]. Group 1: Market Reform Progress - In 2015, the new round of electricity reform began, with market-based trading volume initially below 1 trillion kWh, accounting for less than 10% of total electricity consumption [1][45]. - By October 2025, the monthly electricity market trading volume reached 563.8 billion kWh, a year-on-year increase of 15.6%, representing 65.8% of total electricity consumption for that month [1][45]. - Regions like Guangdong and Shandong have market trading ratios approaching 70% and 65.2%, respectively, nearing levels seen in mature markets in Europe and the U.S. [1]. Group 2: Challenges in the Current System - The legacy of planned economy practices has led to price distortions, where electricity prices remain stable despite fluctuations in coal prices, resulting in significant losses for thermal power companies [4][10]. - High industrial electricity costs, which are more than double residential rates, have placed a burden on energy-intensive industries, with electricity costs accounting for up to 30% of production costs in sectors like steel and chemicals [12][13]. - The existing power system struggles to integrate renewable energy sources effectively, leading to high curtailment rates, such as 8.6% for solar power in Qinghai and 22% in Tibet in 2023 [18][21]. Group 3: Stages of Reform - The reform process can be divided into four stages: 1. Top-level design (2015-2017) focused on regulating the transmission network while opening up generation and sales [26][27]. 2. Pilot programs (2018-2020) tested market mechanisms in select provinces, leading to significant increases in registered electricity sales companies [30][34]. 3. Expansion to regional markets (2021-2023) saw the establishment of the first regional electricity market, allowing for cross-province electricity trading [37][40]. 4. Nationwide unified market (2024) aims to streamline regulations and enhance market efficiency, with a target of achieving a fully integrated national electricity market by 2029 [42][44]. Group 4: Initial Outcomes - By October 2025, market-based trading volume surged to 5.49 trillion kWh, accounting for 63.7% of total electricity consumption, a dramatic increase from less than 10% in 2015 [45]. - Cross-province trading volume reached 1.3261 trillion kWh, representing 24.1% of total trading volume, indicating improved inter-regional electricity flow [46][47]. - Despite the growth in market participation, competition remains limited, with a high concentration of market power among a few large companies, particularly in Guangdong, where market concentration is at 68.5% [51][52].