Investment Rating - The industry investment rating is "Outperform the Market" [5] Core Viewpoints - The "Blue Book" outlines a three-step roadmap for the development of a national unified electricity market in China, with significant milestones set for 2025, 2029, and 2035 [2][4] - The report indicates that the electricity market's trading volume reached 5.67 trillion kilowatt-hours in 2023, accounting for 61.4% of the total electricity consumption, marking a nearly fivefold increase since 2016 [3] - The report highlights that the number of registered market participants has grown to 743,000, a year-on-year increase of 23.9%, indicating heightened market activity [3] Summary by Sections National Unified Electricity Market Development - The development will occur in three phases: 1. Initial construction from 2024 to 2025, focusing on market design and increasing trading scale 2. Comprehensive construction from 2026 to 2029, aiming for unified market rules and full provincial coverage 3. Improvement phase from 2030 to 2035, achieving unified rules and standards across the market [2] Market Activity and Growth - In 2023, the market's trading volume was 5.67 trillion kilowatt-hours, with a significant increase in cross-province trading, reaching nearly 1.2 trillion kilowatt-hours [3] - The share of renewable energy in market transactions was 684.5 billion kilowatt-hours, representing 47.3% of total renewable generation [3] Policy Support and Future Outlook - Continuous policy support from the government is expected to accelerate the construction of the electricity market, with key guidelines issued in 2022 and 2023 [4] - The report anticipates that the maturation of the electricity market will enhance the revenue models for energy storage and photovoltaic projects, driving demand growth in these sectors [10]
电力设备行业快评报告：《全国统一电力市场发展规划蓝皮书》发布，电力市场建设加速
Wanlian Securities·2024-12-03 13:04