中邮证券：容量电价市场加速建立 重视调节资源

Core Viewpoint - The report from Zhongyou Securities indicates that the classification and improvement of capacity electricity prices is a transitional measure before the establishment of a capacity market, affecting coal power, natural gas, pumped storage, and independent new energy storage sectors [1][2]. Group 1: Capacity Pricing Mechanism - The National Development and Reform Commission and the National Energy Administration issued a notice on January 30, 2026, to improve the capacity pricing mechanism for coal, natural gas, pumped storage, and new energy storage [2]. - The capacity price for coal power will allow for the recovery of fixed costs to be raised to no less than 50%, with potential for further increases based on local market conditions [3]. - For natural gas, provincial pricing authorities can establish a capacity pricing mechanism, referencing coal power pricing [3]. - Pumped storage projects that commenced before the issuance of document 633 will follow government pricing, while those starting afterward will have their capacity prices set by provincial authorities every 3-5 years based on average cost recovery principles [3]. Group 2: Reliability Capacity Compensation Mechanism - A reliability capacity compensation mechanism will be established as a mid-term transitional measure, compensating units based on a unified principle after the continuous operation of the electricity spot market [4]. - The compensation standard aims to cover fixed costs that market marginal units cannot recover in energy and ancillary service markets, initially including coal, gas, and eligible independent new energy storage units [5]. - Once the reliability capacity compensation mechanism is in place, affected units will no longer follow the original capacity pricing [5]. Group 3: Market Development and Investment Suggestions - The acceleration of the capacity market establishment is expected to facilitate the rapid development of adjustment resources, with a focus on energy storage and related companies such as Haibo Sichuang (688411.SH) and Shanghai Electric (601727.SH) [6][8]. - The report suggests that the changes in policy for pumped storage are relatively stable in the medium term, recommending attention to companies like Harbin Electric (01133) and Zhejiang Fu Holdings (002266.SZ) [8].