登录新浪财经APP 搜索【信披】查看更多考评等级 （来源：江苏省可再生能源行业协会） 1月23日，江苏能源监管办发布《江苏省电力中长期市场实施细则（征求意见稿）》，从市场成员，注册、变更与注销，交易品种和交易方式，价格机 制，交易组织，交易校核，合同管理，计量和结算，信息披露，市场技术支持系统，风险防控及争议处理等11方面，规范江苏省电力中长期交易行为，要 求发挥中长期交易压舱石、稳定器作用，保障中长期高比例签约，明确发电侧、用户侧中长期签约比例不满足要求的超额收益回收和返还原则。 根据征求意见稿，电力市场成员包括经营主体、电力市场运营机构和电网企业。其中，经营主体包括参与电力中长期市场的发电企业、售电公司、电力用 户和新型经营主体；电力市场运营机构指江苏电力交易中心、江苏电力调度控制中心。新型经营主体分为单一技术类新型经营主体和资源聚合类新型经营 主体： 对直接参与市场交易的经营主体，原则上不再人为规定分时电价水平和时段。对电网代理购电用户，由政府价格主管部门根据现货市场价格水平，统筹优 化峰谷时段划分和价格浮动比例。 省内光伏、风电机组机制电量以外部分电量可参加常规中长期交易或绿电交易。带补贴光伏、风电项 ...

深领会、强落实 赋能统一市场建成——《电力中长期市场基本规则》解读 陕西电力交易中心有限公司董事长 李鹏 电力中长期市场，作为我国电力体制改革的关键支柱与核心载体，依托统一的制度体系及与现货市场协 同运作的方式，构筑了相较于国外电力市场的鲜明特色与突出优势。2025年12月，国家发展改革委、国 家能源局联合印发新修订的《电力中长期市场基本规则》(以下简称《基本规则》)，并将于2026年3月1 日起正式施行。作为全国统一电力市场基础规则体系的主干支撑，《基本规则》在总结前期市场实践经 验的基础上，立足"中长期+现货+辅助服务"一体化设计理念，对电力中长期交易的全流程进行了系统 性规范，从制度层面上主动回应了新能源大规模接入、新型主体蓬勃发展等与市场的适配需求，也为各 级层面做好电力中长期合同签约履约工作提供了清晰可循的行动指南。深刻领会《基本规则》的精神内 涵、精准把握地方落实的路径要求，并且不折不扣贯彻执行，对于优化省级市场交易机制、服务支撑全 国统一电力市场建设，具有极为重要的现实意义。 一、"深领会"：推动电力中长期市场全方位转型升级 相较于2020年版规则，《基本规则》紧紧围绕新型电力系统构建之需，致力 ...

电力中长期市场迈向"建设与运营并重"新阶段 ——《电力中长期市场基本规则》解读 湖北电力交易中心董事长 詹智民 《电力中长期市场基本规则》（发改能源规〔2025〕1656号，以下简称《基本规则》）近日正式发布。 这是贯彻落实党的二十届四中全会部署，助力打造能源领域全国统一大市场"排头兵"的重要制度支撑， 对于保障中长期市场健康发展、规范运行具有重要指导意义。具体来看，《基本规则》对市场功能定 位、规范运营、风险防范作出了系统性、前瞻性安排，标志着市场建设迈向"建设与运营并重"的新阶 段。 构建全国统一大市场，关键在于基础设施的统一，即"车同轨、书同文"。聚焦到电力市场，《基本规 则》从业务流程、数据交互、技术平台三方面系统推进标准化建设。 一是统一业务流程，降低交易成本。《基本规则》要求，市场运营机构要按照统一标准开展市场注册、 交易组织、交易结算等工作，旨在消除各省在业务操作层面差异，为市场主体提供透明、便捷服务，降 低交易成本。二是统一交互标准，促进信息共享。《基本规则》提出，电力交易平台间、交易平台与电 网企业间，按照统一标准实现信息动态交互，旨在打破"数据孤岛"，以数据高效流通，支撑资源在更大 范围优 ...

Core Viewpoint - The release of the "Basic Rules for the Electric Power Medium and Long-term Market" marks a significant step in the development of China's electric power market, aiming to enhance energy security, promote green transformation, and stabilize market operations [1] Group 1: One Goal - The "Basic Rules" focus on three core objectives: ensuring supply, promoting transformation, and stabilizing prices [2] - To ensure supply, the rules strengthen the medium and long-term market's foundational role in stabilizing electricity supply and demand, encouraging long-term contracts to provide clear market expectations for power investment and grid planning [2] - For promoting transformation, the rules establish a green electricity trading mechanism, allowing for independent accounting of green electricity's environmental value and encouraging participation in long-term green electricity trading [2] - The rules also incorporate new market participants like virtual power plants and distributed energy sources to support energy structure transformation [2] Group 2: Two Connections - The "Basic Rules" emphasize the need for dynamic connections between inter-provincial and intra-provincial markets, as well as between medium-long-term and spot markets, to create a multi-level collaborative operating system [4] - The rules promote coupling between inter-provincial and intra-provincial trading, encouraging innovative mechanisms for cross-regional electricity trading [4] - They also clarify the timing and settlement mechanisms for medium-long-term and spot markets, enhancing market flexibility and stability [4] Group 3: Three Coverages - The "Basic Rules" aim to establish a comprehensive medium and long-term electricity market system that covers spatial, temporal, and varietal dimensions [5] - Spatially, the rules create a three-tier trading organization system across grid operating areas, provinces, and regions, ensuring nationwide electricity trading coverage [6] - Temporally, the rules establish a full-cycle trading system covering multiple time frames, from several years to monthly and daily transactions [6] - In terms of variety, the rules define various trading methods, including bilateral negotiation, centralized bidding, and listing, to meet diverse trading needs [6] Group 4: Outlook - By 2025, Shandong aims to implement the national unified electricity market construction requirements, achieving significant results and establishing itself as a provincial model for the national unified electricity market [7] - The introduction of the "Basic Rules" provides guidance for Shandong to better integrate into the national market system, enhancing its medium and long-term trading mechanisms and promoting green electricity trading [7]

Core Viewpoint - The article discusses the newly released "Basic Rules for the Medium and Long-term Electricity Market," which aims to establish a unified national electricity market, regulate medium and long-term trading behaviors, and adapt to the needs of electricity reform and development [3]. Group 1: Market Structure and Trading Mechanism - The medium and long-term electricity market prices will be determined by market participants without third-party interference, except for government-regulated prices [29]. - The rules promote the integration of medium and long-term electricity markets with spot markets, ensuring a smooth connection in trading sequences, clearing, and market settlement [12]. - The market will allow for flexible and continuous trading to accommodate the volatility of renewable energy outputs and promote long-term power purchase agreements [12][29]. Group 2: Market Participants and Rights - All electricity users participating in the medium and long-term market can purchase their entire electricity volume through wholesale or retail markets, but cannot participate in both simultaneously [2]. - The rights of power generation companies include participating in the market according to rules, signing contracts, and receiving fair access to grid services [16]. - Electricity users have the right to participate in the market, sign contracts with power generation companies, and receive fair grid access services [20]. Group 3: Pricing Mechanism - The pricing mechanism for the medium and long-term market will be based on market formation, with no artificial price levels set for peak and valley periods for direct market participants [30]. - Green electricity trading prices will consist of energy prices and green environmental values, with specific regulations on how these values are treated in pricing [29]. - The government will set upper and lower limits on reported prices to prevent market manipulation and unhealthy competition [30]. Group 4: Transaction Organization and Execution - Cross-grid medium and long-term transactions will be organized by designated electricity trading centers, with a focus on integrating provincial and cross-regional trading [32]. - The trading platform will support continuous operations and must meet the requirements for daily trading activities [41]. - Transactions must be announced in advance, with specific timelines for different types of trading [43]. Group 5: Contract Management and Settlement - Market participants must sign medium and long-term trading contracts, which will serve as the basis for execution [64]. - The settlement process will occur monthly, with daily clearing and reference points established for market transactions [72]. - Green electricity trading will involve separate settlements for energy and environmental values, ensuring clarity in financial transactions [78].

Core Viewpoint - The article discusses the significance of the newly released "Basic Rules for the Medium and Long-term Electricity Market" (referred to as "25 Rules") in the context of supporting high-quality development of renewable energy in China, especially in a spot market environment [3]. Group 1: Definition of Medium and Long-term - The term "medium and long-term" in the electricity market encompasses two dimensions: "far" and "long," where "far" refers to transactions conducted well in advance of electricity delivery, and "long" refers to transactions involving electricity over extended periods [4]. - The "25 Rules" clarify that medium and long-term trading involves electricity products or services for future periods, including various time dimensions such as years, months, and shorter intervals [4]. Group 2: Role of Medium and Long-term Market - The medium and long-term market plays a crucial role in stabilizing supply and demand relationships by allowing parties to lock in prices and revenues, thereby reducing risks associated with supply fluctuations and financial uncertainties [5]. - From a "long" perspective, the medium and long-term market facilitates trading across multiple time periods with different price levels, helping to mitigate risks associated with price volatility [5]. Group 3: Changes and Developments in New Rules - The inclusion of new types of market participants, such as energy storage and virtual power plants, enhances the market's risk management capabilities and supports innovative trading systems [8]. - The "25 Rules" provide clearer definitions of rights and obligations for market participants, detailing the information they must provide, such as power plant maintenance schedules and demand forecasts [8]. - The trading methods have been diversified to improve market liquidity, with requirements for regular and continuous trading sessions to address uncertainties arising from increased penetration of renewable energy [9]. - Green electricity trading has been incorporated into the new rules, promoting long-term green power transactions and establishing flexible contract adjustment mechanisms [9]. - The new rules emphasize market-driven pricing mechanisms and the need for coordination with spot market mechanisms, ensuring that prices reflect market conditions [10]. - The "25 Rules" aim to create a comprehensive, low-cost, transparent, and highly liquid medium and long-term market, essential for balancing supply and demand risks and price anomalies in the context of rapid renewable energy development [10].

Core Viewpoint - The article discusses the implementation of the "Basic Rules for the Medium and Long-term Electricity Market," which aims to establish a unified national electricity market, regulate medium and long-term electricity trading behaviors, and adapt to the needs of electricity reform and development [5][11]. Group 1: Market Structure and Trading Mechanism - The medium and long-term electricity market prices will be determined by market participants without third-party intervention, except for government-regulated prices [2][31]. - The rules will facilitate the integration of medium and long-term markets with spot markets, ensuring a smooth transition in trading sequences, clearing, and market settlement [2][14]. - The market will allow for flexible and continuous trading to accommodate the volatility of renewable energy output, promoting long-term power purchase agreements [2][14]. Group 2: Market Participants and Rights - All electricity users participating directly in the medium and long-term market can purchase their entire electricity volume through wholesale or retail markets, but cannot participate in both simultaneously [2][11]. - The rights of market participants, including generation companies, retail companies, and electricity users, are defined, ensuring fair access to services and information [18][19][20]. Group 3: Pricing Mechanism - The pricing mechanism for green electricity transactions will consist of energy prices and green electricity environmental values, with specific regulations on how these values are treated in pricing [31][32]. - The government will set upper and lower limits on prices to prevent market manipulation and unhealthy competition [38][39]. Group 4: Implementation Timeline - The rules will take effect on March 1, 2026, and will be valid for five years [3][66].

Core Viewpoint - The article discusses the release of the "Basic Rules for the Medium and Long-term Electricity Market" by the National Development and Reform Commission and the National Energy Administration, emphasizing the need for a unified national electricity market and the importance of balancing long-term supply and demand in the electricity sector [1][2]. Group 1: General Principles - The rules aim to accelerate the construction of a unified national electricity market system, standardize medium and long-term trading behaviors, and protect the legitimate rights and interests of market participants [5]. - The medium and long-term electricity market is defined as a market where registered entities conduct electricity trading for future delivery periods, including various time dimensions such as years, months, and weeks [5][6]. Group 2: Overall Requirements - The rules promote the integration of medium and long-term electricity markets with spot markets, ensuring smooth transitions in trading sequences, clearing, and market settlements [8]. - There is a focus on adapting to the volatility of renewable energy output, enabling flexible continuous trading, and promoting long-term power purchase agreements to stabilize consumption [8]. Group 3: Market Participants - Market participants include generation companies, electricity users, and new types of operators, all of whom must adhere to market rules and avoid manipulating prices [12][15]. - Generation companies have rights to participate in the market, sign contracts, and receive fair access to grid services [13]. Group 4: Trading Types and Price Mechanism - Medium and long-term trading includes various delivery periods, with different trading methods such as centralized trading and bilateral negotiations [25][30]. - The pricing mechanism for the medium and long-term market is determined by market forces, with specific provisions for green electricity trading [29][30]. Group 5: Trading Organization - Cross-regional electricity trading will be organized by designated electricity trading centers, with a focus on ensuring continuous operation and timely publication of trading calendars [32][34]. - The rules stipulate that key parameters for trading must be clearly defined before trading begins, and adjustments cannot be made during the trading process [44]. Group 6: Contract Management - All market participants must sign medium and long-term trading contracts, which serve as the basis for execution and help stabilize market expectations [64]. - Green electricity trading contracts must specify the traded electricity volume and pricing, including the environmental value of green electricity [66]. Group 7: Measurement and Settlement - The settlement of the medium and long-term market will generally occur on a monthly basis, with provisions for different types of settlements [72][76]. - Green electricity trading will involve separate settlements for energy and environmental value, ensuring compliance with sustainability pricing mechanisms [78]. Group 8: Information Disclosure - Market information will be disclosed periodically, with a retention period of at least two years, ensuring transparency for all market participants [81][83]. Group 9: Technical Support System - The electricity trading platform must include various functional modules to support market operations, ensuring interoperability and data exchange among different systems [84][88].

Group 1 - The article outlines the issuance of the "Basic Rules for the Long-term Electricity Market" by the National Development and Reform Commission and the National Energy Administration to accelerate the establishment of a unified national electricity market [2][3] - The revised rules aim to deepen the construction of the long-term electricity market and standardize trading behaviors in response to the needs of electricity reform and development [3][4] - Local electricity trading institutions are required to draft implementation details for the long-term electricity market by March 1, 2026, and submit them for record to the National Development and Reform Commission and the National Energy Administration [4]

Core Viewpoint - The National Development and Reform Commission and the National Energy Administration have issued the "Basic Rules for the Medium and Long-term Electricity Market," aiming to enhance the construction of the medium and long-term electricity market and the spot electricity market, ensuring a stable operation of the electricity market and accommodating the characteristics of renewable energy output fluctuations [1][5]. Group 1: Market Structure and Functionality - The medium and long-term electricity market is defined as a market where registered entities conduct transactions for electricity products or services for future delivery, covering various time frames from years to months [3][4]. - The rules emphasize the importance of integrating medium and long-term trading with spot market operations, facilitating flexible and continuous trading to stabilize long-term consumption space [5][6]. Group 2: Market Participants and Responsibilities - Market participants include power generation companies, electricity sales companies, electricity users, and new business entities, all of which must adhere to market rules and avoid price manipulation [4][5]. - Responsibilities of power generation companies include compliance with market rules, timely completion of electricity payment settlements, and provision of necessary operational information [8][9]. Group 3: Trading Mechanisms and Pricing - The medium and long-term trading includes various delivery cycles such as multi-year, annual, and monthly transactions, with specific trading methods like centralized trading and bilateral negotiations [13][15]. - Pricing mechanisms are determined by market forces, with the government setting overall principles for price formation, ensuring that prices reflect supply and demand dynamics [16][17]. Group 4: Transaction Organization and Management - The organization of cross-regional and provincial electricity trading will be managed by designated electricity trading centers, ensuring a structured approach to market operations [19][20]. - The trading platform must support continuous operations and provide functionalities for registration, transaction clearing, and market monitoring [37][38]. Group 5: Information Disclosure and Compliance - Market information must be disclosed periodically, ensuring transparency and allowing stakeholders to access relevant data for decision-making [35][36]. - Compliance with the rules is mandatory for all market participants, with penalties for violations to maintain market integrity [40][41].