首份细则：绿电市场化的收益平衡

Investment Rating - The report maintains an "Overweight" rating for the public utility and power generation sectors [5]. Core Insights - The report highlights the transition of the green electricity market from fixed pricing to market-based pricing, emphasizing the importance of efficiency and cost control for both existing and new projects [1][2]. - Existing projects are expected to have stable short-term returns due to a fixed mechanism price of 0.3949 CNY/kWh, but will face market price fluctuations after the contract period ends [2]. - New projects will see a narrowing of profit margins due to competitive bidding, necessitating a focus on cost advantages and technological advancements [3]. - The user-side cost allocation may lead to the emergence of new business models such as load aggregation and virtual power plants, driven by the demand for green electricity [4]. Summary by Sections Existing Projects - Existing projects will have a mechanism price of 0.3949 CNY/kWh, aligning with current benchmark prices, ensuring stable profits and cash flow in the short term [2]. - After the contract period, these projects will be fully exposed to market price volatility, making operational efficiency increasingly important [2]. New Projects - New projects will have their bidding prices determined by renewable energy consumption weights and user affordability, with the first bidding cap set between 0.346 and 0.383 CNY/kWh [3]. - The policy does not require energy storage as a precondition for grid connection, benefiting solar and wind energy cost reductions [3]. User-side Cost Allocation - The allocation of costs such as price differences and capacity compensation to users may increase industrial electricity prices, encouraging a shift towards direct green electricity purchases and load aggregation [4]. - The policy restricts mechanism electricity from participating in green certificate trading, which may benefit independent green certificate trading platforms [4].