公用事业行业点评报告：山东发布新能源全面入市细则，增量项目分类竞价，设置竞价上下限

Investment Rating - The report maintains an "Accumulate" rating for the public utility industry [1] Core Viewpoints - The Shandong Development and Reform Commission has released detailed rules for the market entry of new energy, categorizing incremental projects for bidding and setting bidding limits [4] - The implementation of the 136 document promotes the market formation of new energy grid connection prices, marking a new development phase for new energy [4] - The certainty of project pricing policies and project revenue has increased, suggesting a focus on companies like Longyuan Power, Zhongmin Energy, and Three Gorges Energy [4] Summary by Sections Industry Trends - The report highlights a significant shift in the pricing mechanism for new energy, with all wind and solar power generation entering the electricity market, and prices determined through market transactions [4] - Existing projects that were put into operation before May 31, 2025, will participate in market trading with a mechanism price set at a maximum of 0.3949 yuan per kilowatt-hour [4] Incremental Projects - Starting from June 1, 2025, new incremental projects will have their mechanism price determined through competitive bidding, with a bidding capacity of no less than 125% for 2025 [4] - The bidding limits will be based on reasonable cost returns, green value, market supply and demand, and user affordability [4] Market Transaction System - The report emphasizes the need to establish a robust market transaction system to support high-quality development of new energy [4] - It outlines the need for improved long-term market trading and pricing mechanisms, as well as enhancements to the spot market trading and pricing mechanisms [4]