电力市场跟踪：浙江2025年度电力市场交易方案征求意见

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The Zhejiang province has released a draft for the 2025 electricity market trading scheme, which includes significant changes compared to the 2024 plan, such as reducing the long-term electricity trading proportion from 95% to 90% and removing the requirement for electricity users to maintain an annual trading volume of at least 80% of the previous year's consumption [2] - The cancellation of the monthly coal-fired power price linkage calculation formula is expected to benefit thermal power companies by allowing them greater flexibility in negotiating prices based on coal prices, thus helping to manage upstream fuel costs more effectively [2] - The expansion of the price difference contract scope for green electricity aims to stabilize expectations for new energy pricing and ensure reasonable returns for green electricity operators, with the government-authorized contracts expected to mitigate market entry price risks for new energy [3] Summary by Sections Electricity Market Tracking - The new trading scheme specifies that 10% of electricity from regulated hydropower and nuclear power will be traded through the spot market, while 90% will be allocated through government-authorized contracts [2] - For onshore wind and solar (excluding residential rooftop solar), 10% will also be traded through the spot market, with 90% allocated through government contracts after accounting for green electricity trading volumes [2] Investment Recommendations - The report suggests focusing on green electricity operators such as Longyuan Power (A+H), China Resources Power (H), and China Power (H), as well as thermal power operators like Jianeng Power, Waneng Power, and Sheneng Co [3]