公用事业2024年第49周周报（20241208）：各省电力交易方案陆续出台 新型经营主体创新发展意见颁布

Investment Rating - The investment rating for the utility sector is "Positive" (maintained) [2] Core Insights - The report emphasizes the ongoing marketization of the electricity sector, highlighting the importance of ensuring reasonable returns for weaker power sources. The national document "National Unified Electricity Market Development Plan Blue Book" suggests that the marketization process may accelerate by 2025, with a focus on reasonable returns for the generation side [1][13]. - The report identifies that high proportions of medium to long-term contracts and customized mechanisms are essential for supporting the entry of all power sources into the market. Key provinces such as Jiangsu, Guangdong, and Zhejiang have released their electricity trading plans for 2025, maintaining a high proportion of medium to long-term trading [2][31]. - The introduction of new operational entities in the electricity sector is highlighted, with a focus on investment opportunities in smart microgrids and virtual power plants. The National Energy Administration has defined new operational entities, categorizing them into single-technology and resource aggregation types [3][50]. Summary by Sections 1. Provincial Electricity Trading Plans - Recent provincial electricity trading plans for 2025 have been released, indicating a trend towards marketization and reasonable returns. The plans show a gradual convergence in electricity prices among Jiangsu, Zhejiang, and Guangdong, with Jiangsu and Anhui expected to maintain stable prices in 2024 [2][19]. - The report notes that the electricity supply-demand balance in regions like Shanghai and Anhui will remain tight in 2025, providing good support for long-term contract prices [2][49]. 2. New Operational Entities - The report discusses the guidance issued by the National Energy Administration on supporting innovative developments in the electricity sector. It categorizes new operational entities into two types: single-technology (including distributed solar, decentralized wind, and energy storage) and resource aggregation (including virtual power plants and smart microgrids) [3][50]. - The definition of smart microgrids is introduced for the first time at the national level, emphasizing their role in integrating renewable energy sources and enhancing grid stability [3][50]. 3. Profit Forecast and Valuation - The report suggests that the electricity market is evolving towards a more competitive landscape, with a focus on low-cost power supply as a key investment strategy. It recommends investing in specific low-cost power generation companies, particularly in hydropower and wind power sectors [2][49].