我国电力现货市场建设进展与电力期货市场展望

Core Insights - The construction of China's electricity spot market has achieved significant milestones, with the National Development and Reform Commission and the National Energy Administration issuing a notice to accelerate the market's development in 2025 [2] - The electricity market has seen a diversification of participants, with a notable increase in the number of market entities and the inclusion of new types of participants such as renewable energy and virtual power plants [3] - The foundational rule system for the national unified electricity market has been established, covering various aspects of market operations [4] Group 1: Progress in Electricity Spot Market Construction - The electricity spot market in China reached a milestone in 2025, with several provinces transitioning to formal operations, achieving near-complete provincial coverage [2] - The number of market participants reached 973,000 in the first half of 2025, a year-on-year increase of 23.8%, with significant contributions from power generation companies and electricity users [3] - The trading volume in the electricity market reached 2.95 trillion kilowatt-hours, accounting for 60.9% of total electricity consumption, with cross-provincial trading volume increasing by 18.2% [3] Group 2: Challenges in Electricity Spot Market Construction - The scale of the electricity spot market needs to be expanded, as long-term trading still dominates the market, with 95.9% of market transactions being long-term contracts in 2024 [5] - The effectiveness of price signals in the electricity spot market requires improvement, as current mechanisms limit the sensitivity of supply and demand reflections [5] - The calculation of node prices in provincial electricity spot markets needs optimization to ensure accurate resource allocation and prevent erroneous price signals [6][7] Group 3: Outlook for Electricity Futures Market Construction - The electricity futures market is seen as a crucial component of the electricity market system, providing liquidity and addressing price risks in spot and long-term markets [8] - The futures market may feature diverse contract types based on regional electricity market characteristics, allowing for a wide range of futures products [8] - Cash settlement is deemed more suitable for electricity futures due to the inability to store electricity economically, necessitating reliance on spot market prices for settlement [9] - A conversion mechanism between long and short-term contracts can enhance market flexibility and activity, allowing for tailored trading options [10]