四川：电力市场体系从“柔性管理”到“刚性约束”

Core Viewpoint - The recent release of the "Overall Plan for Power Market Trading in Sichuan 2026" marks a new phase in the reform of Sichuan's electricity market, enhancing various aspects such as market participants, trading systems, market operations, pricing mechanisms, and risk prevention compared to the previous 2025 plan [1][8]. Group 1: Market Participants - The new regulation specifies a market trading scale of approximately 2,300 billion kilowatt-hours for 2026, indicating slight growth from 2025 and improving market transparency [2]. - Market participants are reclassified, with new categories for innovative entities such as energy storage, virtual power plants, and electric vehicle charging facilities, enriching the diversity of market players [2]. - All renewable energy projects, including distributed renewable energy, centralized wind, and solar power, will now participate directly in market trading, ensuring that all generated electricity enters the market [2]. Group 2: Trading System - The new rules streamline the trading varieties by removing certain types of transactions and introducing market-based trading for guaranteed electricity, optimizing the organization of electricity procurement [3]. - The mid-to-long-term market will be organized by various time dimensions and will include types such as conventional direct purchases and green electricity transactions, with specific requirements for annual trading completion by the end of 2025 [3]. - The trading periods and frequencies are detailed, with a 24-hour structure for trading and settlement, enhancing market flexibility through rolling and continuous trading [3]. Group 3: Market Operations - The connection between mid-to-long-term and spot markets is strengthened, with clear regulations on the formation of electricity curves and efficient integration of various trading types [4]. - The wholesale and retail markets are more closely linked, with a new pricing model that combines fixed and spot prices for retail users, promoting efficient cooperation for revenue sharing [4]. Group 4: Pricing Mechanism - The pricing limits for mid-to-long-term transactions are clarified, allowing for a flexible price range based on water availability, with limits set between 0 to 481.44 yuan per megawatt-hour [5]. - The price formation mechanism for the spot market is defined, with the elimination of price caps for high-energy-consuming users, ensuring a market-driven pricing approach [5]. - The time-of-use pricing mechanism is maintained, but adjustments have been made to mitigate potential volatility in retail electricity costs [6]. Group 5: Risk Prevention - The new regulation mandates a significant increase in annual contract ratios, with specific signing requirements for different types of power generation during various water periods [7]. - A more robust revenue recovery mechanism is established to prevent speculative behavior in the market [7]. - The capacity of electricity sales companies to fulfill contracts is enhanced, with restrictions on transactions that could exceed their financial guarantees [7].