发电侧容量电价机制完善，容量机制扩围提比，调节性资产价值重塑 | 投研报告

Core Viewpoint - The report highlights the recent announcement by the National Development and Reform Commission and the National Energy Administration regarding the improvement of the capacity price mechanism for power generation, which includes an increase in the coal power capacity price recovery ratio and the inclusion of new energy storage, gas power, and pumped storage in the capacity compensation framework [1][2]. Group 1: Investment Highlights - The coal power capacity recovery ratio is set to increase from approximately 30% in 2024-2025 to no less than 50%, enhancing revenue certainty for coal power operators [1]. - The average capacity fee revenue for coal power is expected to rise from 0.027 yuan/kWh to 0.040 yuan/kWh by 2026 due to the increased recovery ratio [1]. - Local governments are encouraged to adjust the lower limit of medium- and long-term trading prices for coal power and relax the signing ratio requirements for medium- and long-term contracts, promoting flexible pricing mechanisms [1]. Group 2: Capacity Compensation Mechanism Expansion - A new capacity price mechanism for independent new energy storage on the grid side has been established, with compensation standards based on local coal power, calculated according to peak capacity [2]. - The pumped storage capacity price mechanism has been improved, categorizing old and new plants for cost recovery, with new plants participating in market revenue sharing [2]. - A capacity price mechanism for gas power generation may be established by provincial pricing authorities, determining capacity prices based on a fixed cost recovery ratio [2]. Group 3: Reliable Capacity Compensation Mechanism - A reliable capacity definition has been established, referring to the capacity that can provide stable power during peak demand periods [3]. - A reliable capacity compensation mechanism will be developed to replace the original capacity price, focusing on compensating for unrecovered fixed costs of marginal units while considering supply-demand relationships and user affordability [3]. - The compensation scope will include coal power, gas power, and independent new energy storage, gradually expanding to pumped storage, ensuring unified evaluation of capacity contribution value [3]. Group 4: Investment Recommendations - Coal power, gas power, and pumped storage operators are expected to benefit from the increased fixed cost recovery ratio and market revenue sharing mechanisms [3]. - The implementation of capacity prices will significantly improve the revenue model for independent energy storage stations, favoring quality storage asset operations [3]. - Regulatory resources will support the construction of new power systems and facilitate the absorption of renewable energy [3]. Recommended companies include Huaneng International, Huadian International, and Longyuan Power [3].