2026年1月绿证核发1.96亿个，2025年电量绿证均价5.51元远超2024年的1.25元

Core Insights - The National Energy Administration reported that in January 2026, a total of 196 million green power certificates (referred to as "green certificates") were issued, covering 832,000 renewable energy generation projects, with 151 million certificates eligible for trading, accounting for 76.79% of the total issued [1][2] - The trading activity remained robust, with a total of 102 million green certificates traded in January, including 33.69 million through green power trading and 68.37 million in separate transactions [1] - The price differentiation in separate transactions was notable, with 6.5 million certificates corresponding to 2024 generation sold at an average price of 1.25 yuan per certificate, while 61.88 million certificates for 2025 generation sold at an average price of 5.51 yuan per certificate, indicating a significant increase in both transaction volume and price for the latter [1] Industry Developments - Green certificates serve as the sole proof of the environmental attributes of renewable energy generation in China, with each certificate corresponding to 1,000 kilowatt-hours of renewable energy [2] - A recent meeting by the National Energy Administration emphasized the implementation of energy law requirements and the introduction of policies to set minimum consumption targets for renewable energy, aiming to enhance responsibility among key energy-consuming industries and enterprises [2] - By 2025, the newly installed capacity of renewable energy is expected to reach 452 million kilowatts, representing a year-on-year growth of 20.7%, with total renewable energy capacity projected to be 2.337 billion kilowatts, accounting for approximately 60% of the national power generation capacity [2]