电力市场跟踪：省间现货转正式运行，电力现货市场建设加速

Investment Rating - The report suggests a positive outlook for the inter-provincial electricity spot market, indicating potential for inter-provincial electricity balancing and alleviating pressure on regions with high renewable energy installations [4]. Core Insights - The inter-provincial electricity spot market officially commenced operations on October 15, 2024, after 31 months of trial runs, covering 26 provinces in the State Grid and achieving over 44% of traded electricity from clean energy sources [3]. - The market aims to facilitate the balancing of electricity supply and demand across provinces, promoting the large-scale consumption of renewable energy, particularly in regions with high renewable energy installations [3]. - The current market structure operates under a "unified market, two-level operation" model, which has been validated through the establishment of the inter-provincial electricity spot market [3]. Summary by Sections Market Overview - The inter-provincial electricity spot market has transitioned from trial to formal operation, covering the entire State Grid and the Inner Mongolia West region, with over 6,000 trading entities involved [3]. - Cumulative traded electricity has exceeded 880 billion kilowatt-hours, with clean energy accounting for more than 44% of this volume [3]. Market Functionality - The market includes day-ahead and intraday trading, with plans to introduce real-time markets and ancillary services in the future [3]. - The spot market has improved the utilization rate of renewable energy by 1 percentage point during the trial period [3]. Investment Recommendations - The report recommends focusing on green power operators such as Longyuan Power (A+H), China Resources Power (H), and others, as they are expected to benefit from the developments in the inter-provincial electricity spot market [4].