天然气省内管输价格机制新规出台，业内人士如何看待行业影响

Core Viewpoint - The article discusses the recent guidelines issued by the National Development and Reform Commission and the National Energy Administration aimed at improving the pricing mechanism for domestic natural gas pipeline transportation, promoting efficiency, and reducing costs for end-users [3][4]. Pricing Mechanism - The guidelines establish a unified pricing model for provincial natural gas pipeline transportation, transitioning from "one line one price" and "one enterprise one price" to either zonal pricing or a unified provincial price [4]. - The previous pricing model led to significant discrepancies in transportation fees within provinces, affecting the cost for similar downstream users [4]. - The new pricing approach aims to align provincial natural gas transportation prices with cross-provincial pricing mechanisms, contributing to a "national network" [4]. Cost Structure - The pricing will be determined based on "permitted costs plus reasonable returns," with pipeline asset depreciation set at a 40-year principle and permitted return rates not exceeding the 10-year government bond yield plus 4 percentage points [4][5]. - Analysts estimate that the permitted return rate for provincial transportation will be around 6%, which is lower than the 7%-8% return rates for most cross-provincial transportation [5]. Impact on the Industry - The new regulations are expected to lead to a decrease in provincial transportation fees, benefiting downstream users by lowering costs and stimulating demand [5]. - The guidelines encourage upstream gas suppliers to engage in direct sales with urban gas companies and large users, which could streamline the supply chain and reduce costs [5][6]. Market Dynamics - The changes are anticipated to enhance the vitality of the end-user gas market and improve demand-side management for urban gas companies [6]. - Large users, such as chemical plants and gas power plants, may bypass urban gas distribution by directly accessing provincial mainline pipelines, significantly lowering procurement costs and increasing the demand for natural gas as a substitute for coal and oil [6].