电力中长期市场迈向高质量发展新阶段 ——《电力中长期市场基本规则》解读

Core Viewpoint - The introduction of the "Basic Rules for Medium and Long-term Electricity Market" marks a significant step in the reform of the electricity market in China, transitioning from initial establishment to high-quality development, providing a top-level institutional guarantee for energy optimization and the construction of a new power system, while injecting strong market momentum for achieving carbon neutrality goals and the 14th Five-Year Plan [1] Group 1: Three Upgrades for Market Stability - The new rules focus on three major upgrades: market operation, price mechanism, and rule system integration, enhancing the medium and long-term market's role as a stabilizing force [2] - Market operation is upgraded to enhance synergy with the spot market, allowing for continuous trading from monthly to multi-year periods, significantly improving trading flexibility and responsiveness to market changes [2] - The price mechanism is upgraded to strengthen the guidance of real price signals, allowing contract prices to link with monthly generation costs and spot prices, thus reflecting the true temporal and spatial value of electricity [2] - The rule system is upgraded to achieve deep integration with the "1+6" rule framework, ensuring systematic connections with the spot market and other operational rules [3] Group 2: Three Transformations for Future Market Structure - The new rules address three major transformations: energy structure transition, deepening market construction, and changes in participant forms, aiming to create a medium and long-term market system suitable for future development [4] - The focus on energy structure transition positions the medium and long-term market as a stabilizer for the new power system, managing uncertainties and risks associated with high renewable energy penetration [4] - The emphasis on deepening market construction aims to solidify the foundation for a unified national market, promoting inter-provincial and inter-regional trading and establishing a unified trading platform [5] - The focus on changes in participant forms recognizes new operational entities, providing institutional support for distributed resources and enhancing the flexibility and resilience of the power system [6] Group 3: Outlook for Market Development - From 2023 to 2025, medium and long-term trading in Guangdong is expected to account for approximately 90% of total market trading volume, effectively stabilizing electricity prices and mitigating spot market volatility [7] - Guangdong's electricity market serves as a key component of the southern regional market and a pilot area for national electricity market reform, with the new rules guiding better integration into the southern regional market [7] - The next steps involve implementing the new rules in Guangdong, refining trading behaviors, expanding trading varieties, and ensuring a unified, open, competitive, and orderly electricity market [7]