（总台记者 王妍 邢博） 据了解，白银—天都山第三回750千伏线路工程是"十四五"国家重点建设项目"宁夏—湖南±800千伏特高压工程"的配套工程，也是甘肃和宁夏间的重要电力 联络通道。工程起于甘肃白银750千伏白银变电站，止于宁夏中卫750千伏天都山变电站，全线总长89.5公里，共组立铁塔194基。作为西北电网第22条跨省 联络线，该工程的投运可助力西北电网省间交换能力突破3300万千瓦。 12月14日21时18分，白银—天都山第三回750千伏线路工程带电投运。该工程使甘肃省与宁夏回族自治区之间的电力交换能力提升至800万千瓦以上，增强了 西北电网甘肃和宁夏断面的送电能力，对于保障宁湘直流外送，促进新能源消纳具有重要意义。 ...

文 | 中关村储能产业技术联盟 一、政策数据概览 根据CNESA DataLink全球储能数据库的不完全统计，2025年11月份 共发布储能相关政策104项 ，其中 国家层面发布4项 。从重要程度来看， 非常重要类45项，其中，河北、四川、广东等地 发布数量居多，从政策类别来看， 电力市场、新能源配储（源网荷储）、虚拟电厂居多 。 二、重要政策概览 【国家层面】 国家商务部发布公告2025年72号-公布调整实施商务部公告2024年第46号的决定 ，自11月9日 起至2026年11月27日，商务部公告2024年第46号（《关于加强相关两用物项对美国出口管制的 公告》）第二款暂停实施。 国家发展改革委、国家能源局《关于促进新能源消纳和调控的指导意见》 ，目标到2035年，适 配高比例新能源的新型电力系统基本建成，新能源消纳调控体系进一步完善，全国统一电力市 场在新能源资源配置中发挥基础作用。大力推进技术先进、安全高效的新型储能建设，创新应 用液流电池、压缩空气储能、重力储能等多种技术路线，支持新能源就近消纳新业态发展。 北京电力交易中心发布《2026年国家电网有限公司跨省跨区交易各环节输电价格》 ，包括：跨 省跨 ...

Group 1: Company Overview - As of June 30, 2025, the total installed capacity of the company's operational renewable energy projects is 2.734 million kW, including 1.7205 million kW from wind power, 0.8535 million kW from solar power, and 0.16 million kW from independent energy storage [2] - The approved projects under construction include a total installed capacity of 1.1 million kW for wind and solar power, and 1.2 million kW for independent energy storage [2] Group 2: Energy Storage Projects - The 1.2 million kW independent energy storage project is expected to be operational by the end of 2025, with the 1 million kW project in the Hotan area and the 200,000 kW project in the Kuitun area planned to be operational by June 30, 2026 [3] - The company’s independent energy storage projects currently achieve a daily charge and discharge during the trial operation period, meeting the operational frequency levels outlined in the feasibility study [3] Group 3: Industry Context - Xinjiang's total energy storage capacity is 13.17 million kW, with 10.42 million kW on the generation side and 2.75 million kW in independent storage, leading the nation in growth [3] - The deployment of 4-hour long-duration energy storage projects is a key focus, with a reported increase in renewable energy utilization by 16.89 percentage points compared to 2-hour storage systems, enhancing grid stability and renewable energy absorption [3] Group 4: Financial Aspects - The leverage ratio for conventional independent energy storage projects is 2:8, indicating 20% equity and 80% bank loans [3] - The depreciation of energy storage equipment is calculated with battery cells depreciated over 10 years and other equipment over 20 years [3] Group 5: Power Transmission Projects - The company is involved in the first, second, and third channels of Xinjiang's electricity export projects, with a total installed capacity of 849,500 kW for the first two channels and an expected 8.1 million kW for the third channel by the end of 2025 [4] - The average utilization hours for the electricity export projects are 1,462 hours for solar and 1,551 hours for wind, significantly higher than local consumption projects [4]

Core Viewpoint - The Chinese large-scale energy storage industry is transitioning from "policy-driven" to "market-driven," with clearer business models and diversified application scenarios, entering a new phase of large-scale and high-quality development [2]. Group 1: Market Trends and Data - The domestic new energy storage bidding scale reached 205.30 GWh from January to October 2025, a year-on-year increase of 45%, with central and state-owned enterprises' procurement scale increasing by 61% [4]. - The supply side of leading battery manufacturers is nearing full capacity, and the tight supply-demand situation is expected to continue until the second quarter of 2026 [4]. - The theoretical installation space for independent energy storage is estimated to be around 158 GW/634 GWh for 2026-2027, supported by declining electricity costs on the generation side [5]. Group 2: Business Model Evolution - Before the "Document 136," the value of energy storage was primarily derived from "obtaining renewable energy project permits," with low utilization rates [6]. - After the "Document 136," independent energy storage can realize its true value through "peak-valley price arbitrage + capacity market + ancillary services," with internal rates of return (IRR) exceeding 10% in regions like Inner Mongolia and Xinjiang [4][5]. - The capacity price policy has led to a short-term rush for installations, with independent energy storage expected to benefit from this policy window [5]. Group 3: Capacity Compensation Mechanism - The capacity compensation mechanism is gradually replacing the previous capacity leasing price, with provinces like Inner Mongolia and Gansu already implementing compensation standards [15]. - The compensation standards vary, with Gansu setting a preliminary compensation of 330 yuan/kW·year, while Inner Mongolia compensates based on actual discharge [15]. - The establishment of a capacity compensation mechanism aims to create stable price signals to guide investment in flexible resources like energy storage [15]. Group 4: Auxiliary Services Market - The auxiliary services market is evolving from single peak and frequency regulation to a more diversified and market-oriented approach [18]. - Independent energy storage currently participates mainly in frequency regulation services, with significant compensation in provinces like Guangdong and Shanxi [20]. - As the auxiliary services market develops, energy storage is expected to expand its participation to include backup and ramping services, providing additional revenue streams [20]. Group 5: Economic Viability of Independent Energy Storage - The economic viability of independent energy storage projects is influenced by peak-valley price differences, capacity compensation, and ancillary service revenues [21]. - Initial calculations indicate that the capital IRR for independent energy storage in regions like Inner Mongolia can reach up to 37.3%, primarily driven by capacity compensation [24]. - The sensitivity of capital IRR to capacity compensation levels and duration is significant, with longer compensation periods enhancing project attractiveness [25].

国投证券主要观点如下： 新能源装机占比超过火电，利用率下滑 截至2025年Q3，全国并网风电和太阳能发电合计装机达到17.1亿千瓦，同比增长36.4%，占总装机容量 比重为46.0%，同比提升6.4个pct，超过火电33.1%的装机占比。从利用小时数看，2025Q1-Q3并网风电 利用小时数1475小时，同比降低93小时，并网太阳能发电875小时，同比降低84小时。从利用率看， 2020-2023年我国光伏/风电利用率平均分别为为98%、97%，2025年1-8月份，光伏利用率下降至为 95%，风能利用率为94%，新能源大比例接入电力系统，不仅对电力系统稳定性提出更高要求，电网面 临更大的消纳压力。 新能源消纳是"十五五"电力系统建设重要环节 2025年11月10日，国家能源局发改委印发《关于促进新能源消纳和调控的指导意见》（发改能源 [2025]1360号），目标到2030年，协同高效的多层次新能源消纳调控体系基本建立，持续保障新能源顺 利接网、多元利用、高效运行，新增用电量需求主要由新增新能源发电满足。到2035年，适配高比例新 能源的新型电力系统基本建成，新能源消纳调控体系进一步完善，全国统一电力市场在 ...

本报南宁电(记者庞革平)记者从广西电力交易中心获悉，今年截至12月3日，广西壮族自治区绿电交易 电量达162.44亿千瓦时，同比增长81.5%，比去年全年绿电交易电量91.64亿千瓦时增长70.8亿千瓦时。 "十四五"时期，在"双碳"目标的牵引下，新能源成为广西第一大电源和发电量增量主体。数据显示，截 至今年10月底，广西新能源发电装机容量达到5634.7万千瓦，占广西全区电力总装机的49.5%。其中， 光伏、风电装机分别达2365万千瓦、2985万千瓦，分别比2020年增长2.6倍、13.6倍。 面对新能源快速发展，广西积极打造适应新型电力系统的新能源消纳市场体系，成为全国首个燃煤、核 电、集中式风电光伏和储能多品类全量入市的省份。今年，依托全国统一电力大市场，广西在全国率先 实现跨经营区绿电交易。 与此同时，伴随着绿电成为降低碳排放、构建绿色产业链的重要要素，广西持续优化绿电交易机制，将 政策传导到位，推动绿电市场逐步从"政策驱动"走向"需求驱动"。 据统计，今年以来，广西开展绿电交易66批次，平均交易价格同比下降29.9%。"用户既可以用更低成 本购买绿电，也能获得相应的绿电消费认证，有力释放了绿电消费 ...

Core Viewpoint - The press conference highlighted the progress and achievements of Henan Province in promoting high-quality development of the private economy, particularly in the energy sector through the implementation of various projects aimed at enhancing renewable energy consumption and reducing energy costs [1] Group 1: Project Implementation - A total of 781 source-network-load-storage projects have been implemented across the province [1] - The total investment in these projects amounts to approximately 61.9 billion yuan [1] Group 2: Energy Consumption and Supply - Once completed, these projects are expected to facilitate the consumption of 16.8 billion kilowatt-hours of green electricity annually [1] - The initiatives are aimed at adjusting the energy structure, ensuring energy supply security, and promoting the consumption of renewable energy [1] Group 3: Economic Impact - The projects are also designed to expand effective investment and lower energy costs for enterprises [1]

Investment Rating - The report maintains a rating of "Overweight" for the electricity industry [3] Core Views - The introduction of the 2026 electricity trading scheme in Jiangsu and Zhejiang provinces aims to deepen market reforms, enhance price predictability, and encourage the consumption of renewable energy [14][6] - The "computing power and electricity synergy" strategy is being promoted at the national level to meet the growing electricity demand from the AI industry, with a focus on using clean energy [6][15] - The report recommends focusing on flexible thermal power resources, energy storage, and virtual power plants as investment opportunities [7] Summary by Sections Industry Overview - The Shanghai Composite Index rose by 0.37% to 3902.81 points, while the CSI 300 Index increased by 1.28% to 4584.54 points during the week [62] - The CITIC Power and Utilities Index reported a slight increase of 0.01% to 3114.45 points, underperforming the CSI 300 Index by 1.26 percentage points [62] Key Developments - The 2026 electricity trading scheme in Zhejiang introduces a requirement that at least 70% of annual trading volume must be secured through long-term contracts, enhancing market stability [14] - In Jiangsu, the trading scheme allows for all renewable energy projects to enter the market, with a focus on signing long-term purchase agreements [14] - The report highlights a significant increase in computing power demand, with a 30% annual growth rate in total computing power scale in China [6] Investment Recommendations - The report suggests investing in thermal power companies such as Huaneng International, Guodian Power, and Datang Power, as well as in leading companies in flexible thermal power transformation [7] - It also recommends focusing on undervalued green energy companies, particularly in wind and solar power sectors, such as Xintian Green Energy and Longyuan Power [7] - For hydropower and nuclear power, companies like Yangtze Power and China Nuclear Power are highlighted as potential investments [7] Market Trends - The report notes that coal prices have decreased to 800 RMB per ton, which may positively impact thermal power generation costs [17] - The carbon market saw a price increase of 0.69% this week, with a closing price of 60.06 RMB per ton [57]

Core Viewpoint - The development of distribution networks is closely linked to China's dual carbon strategy and energy development framework, positioning distribution networks as a critical component in the energy transition and new energy consumption landscape [1][3]. Group 1: Future Transformations of Distribution Networks - The future of distribution networks is expected to undergo four major transformations: from a unidirectional energy delivery system to a resource allocation platform, from a passive network to an active one, from a closed technology environment to a digital data integration center [4][5]. Group 2: Role in Energy Transition - Distribution networks serve as the first mile for new energy consumption, crucial for local integration of distributed renewable energy sources, thereby minimizing transmission losses [2][4]. - Over 90% of new flexible loads, such as electric vehicles and smart homes, are connected through distribution networks, which also account for 80% of power outage incidents [2][4]. Group 3: Challenges and Pressures - The development of distribution networks faces significant challenges, including the impact of high proportions of renewable energy integration and the emerging contradictions between reliability and economic viability [2][5]. - Current institutional mechanisms are inadequate, affecting the market status of incremental distribution networks and their ability to expand and connect effectively [5]. Group 4: Recommendations for Reform - There is a need for deeper institutional reforms to recognize distribution networks as market entities and to optimize pricing mechanisms, including a two-part tariff system based on load rates [3][5]. - The upcoming fourth round of transmission and distribution price reviews should address existing issues and incorporate constructive suggestions for future improvements [5].

在电力系统中默默担当电力"配送员"角色的配电网，正迎来一场深刻的变革。 配电网，这个曾经在电力系统中默默担当电力"配送员"的角色，正迎来一场深刻的变革。过去，它主要负责将主干网的电能输送至终 端用户，是电力供应的"最后一公里"；如今，伴随新型电力系统建设的推进，配电网已逐步从单向输电的末端网络，升级为源、网、 荷、储多元融合、灵活互动，并与主干电网高效协同的智慧能源枢纽。 在国家发改委、国家能源局提出"到2025年，配电网要具备5亿千瓦分布式新能源及1200万台充电桩接入能力"的目标指引下，储能 企业、虚拟电厂、负荷聚合商等多元主体蓬勃发展。如何充分发挥这些新兴主体的调节能力与市场价值，已成为行业关注的焦点。 供需变革推动配电网角色转变 配电网角色的升级，根源在于电力供需两侧正经历深刻的结构性变化。 国家发改委能源研究所新能源与可再生能源研究中心副主任郑雅楠指出，在消费侧，伴随产业结构转型，第三产业和居民用电占比已 从2010年的约23%快速提升至目前的超过1/3。这类负荷与气温关联密切，呈现出尖峰化、强不确定性的特征，参考国际经验，预 计未来其占比将超2/3，带来负荷不确定性进一步加剧。在供应侧，新能源装机 ...