National Grid(US:NGG) 中国有色金属工业协会硅业分会·2025-12-01 09:00Core Viewpoint - The National Development and Reform Commission (NDRC) has issued new regulations regarding the pricing and cost supervision of electricity transmission and distribution, aiming to enhance the regulatory framework for power grid enterprises and ensure fair pricing mechanisms [2][29]. Group 1: Cost Supervision and Pricing Methods - The newly established methods include the "Cost Supervision Method for Transmission and Distribution Pricing," "Provincial Grid Transmission and Distribution Pricing Method," "Regional Grid Transmission Pricing Method," and "Cross-Province and Cross-Region Special Project Transmission Pricing Method" [2][29]. - The cost of regional grid transmission is defined as the reasonable expenses incurred by grid operators to provide transmission services using shared transmission networks across provinces [5]. - The cost supervision principles include legality, relevance, and reasonableness, ensuring that only direct and necessary costs are included in the pricing [5][6]. Group 2: Cost Composition - The components of transmission and distribution pricing costs include depreciation and operational maintenance costs [8]. - Depreciation costs are calculated based on the fixed assets and usage rights related to transmission and distribution, following specified methods and timeframes [13][14]. - Operational maintenance costs encompass material costs, repair costs, labor costs, and other operational expenses necessary for maintaining normal grid operations [8][9]. Group 3: Regulatory Obligations - Power grid enterprises are required to establish a cost accounting system and submit regular reports to government price authorities [6][22]. - They must provide accurate financial reports and cooperate with government audits, ensuring the authenticity and completeness of the data provided [7][24]. - The enterprises must differentiate costs by voltage level and user category, ensuring proper allocation and reporting of costs and revenues [22][23]. Group 4: Pricing Calculation and Adjustments - The provincial grid transmission and distribution pricing will be determined based on the approved revenue, which includes allowable costs and reasonable returns [34][37]. - The pricing structure will consider various voltage levels and user categories, ensuring a fair distribution of costs among different users [49][50]. - Adjustments to pricing may occur due to significant changes in costs or regulatory policies, ensuring that the pricing remains aligned with market conditions and operational realities [54][56].