Core Viewpoint - The construction of a national unified electricity market is a crucial support for building a new development pattern and is essential for deepening the reform of the electricity system and promoting the green and low-carbon transition of energy [1][4]. Group 1: Importance of National Unified Electricity Market - The national unified electricity market is a key component of the national unified large market and is vital for optimizing electricity resource allocation and facilitating energy transition [1][4]. - The electricity market serves as a hub for the conversion of primary and secondary energy, playing a central role in the energy system [1]. - The construction of this market can effectively address challenges such as energy security, green electricity consumption, and price guidance, which cannot be balanced in smaller regions [1]. Group 2: Progress and Achievements - Since the implementation of the new round of electricity system reform, the construction of the electricity market has progressed steadily, with a preliminary formation of a multi-competitive主体格局 [2]. - The market transaction scale has expanded year by year, with the national market transaction electricity volume increasing from 1.1 trillion kWh in 2016 to 6.2 trillion kWh in 2024, rising from 17% to 63% of total electricity consumption [2]. - The electricity market has effectively played a role in ensuring supply, promoting transformation, and stabilizing prices, significantly contributing to high-quality economic and social development [3]. Group 3: Challenges and Areas for Improvement - Despite significant achievements, there are still gaps to address, such as existing trading barriers between different market levels and the need for further strengthening of multi-level electricity market coordination [3]. - The functions and trading varieties of the electricity market need to be enriched, and the policy mechanisms supporting large-scale development and market entry of renewable energy require improvement [3]. - Innovative market mechanisms are needed to enhance system adequacy and flexible adjustment capabilities [3].

Core Viewpoint - The "1+6" basic rule system is established as the institutional foundation for the construction of a unified national electricity market in China, addressing the long-standing issues of "conflicting rules" and "inconsistent standards" in the market [2][3][4] Summary by Sections 1. Importance of the "1+6" Basic Rule System - The "1+6" basic rule system serves as the cornerstone and core framework for the unified national electricity market, addressing fundamental issues of market direction and construction [3] - It integrates and standardizes key operational rules across various segments such as medium to long-term trading, spot markets, auxiliary services, market registration, information disclosure, and measurement settlement, effectively resolving previous inconsistencies [3][4] - This system provides foundational regulatory guidance for the planning, design, construction, operation, and supervision of electricity markets at all levels, essential for creating a competitive and open national electricity market [3] 2. Structure of the "1+6" System - The "1" represents the fundamental operational rules, establishing the basic principles and overall framework for the electricity market, defining the responsibilities and boundaries of market participants, core transaction types, and risk prevention mechanisms [5][6] - The "6" consists of supporting rules that govern key market segments and core trading varieties, including medium to long-term trading rules, spot market rules, auxiliary service market rules, market registration rules, information disclosure rules, and measurement settlement rules [5][6] - Together, "1" and "6" form a coherent and structured whole, ensuring comprehensive coverage of all aspects of electricity trading and service provision [6] 3. Dynamic Coordination of Market Segments - The medium to long-term market, spot market, and auxiliary service market are the core pillars of the electricity market system, working together to optimize resource allocation across time and space [7] - The medium to long-term market locks in significant portions of electricity transactions, providing long-term price signals and stability, while the spot market reacts to real-time supply and demand conditions [7][8] - Auxiliary services act as a safety net, ensuring the stable and secure operation of the electricity system, supporting the efficient functioning of the spot market [7] 4. Time and Space Optimization - From a time perspective, medium to long-term contracts transition into the spot market for fine-tuning adjustments as execution approaches, with auxiliary services providing real-time support [8] - From a spatial perspective, spot market node prices reflect supply-demand dynamics and network congestion costs, guiding resource flow between regions [8]

Core Viewpoint - The "1+6" foundational rule system is established as the core framework for the construction of a unified national electricity market in China, addressing long-standing issues of inconsistent rules and standards, thereby facilitating the efficient flow of electricity resources nationwide [1][2][3]. Summary by Relevant Sections 1. Importance of the "1+6" Rule System - The "1+6" foundational rule system serves as the institutional cornerstone and core structure for the national unified electricity market, addressing fundamental questions about market direction and construction [2]. - It integrates and standardizes key operational rules across various segments such as long-term trading, spot markets, auxiliary services, market registration, information disclosure, and measurement settlement, effectively resolving previous issues of rule disconnection and inconsistent standards [2][3]. 2. Structure of the "1+6" System - The system consists of "1" (the Basic Rules for Electricity Market Operation) and "6" supporting rules, where "1" establishes the fundamental principles and overall framework for market operation, defining the responsibilities and boundaries of market participants [3][4]. - The "6" rules provide detailed regulations for critical market segments, including long-term trading, spot market transactions, auxiliary services, market registration, information disclosure, and measurement settlement, ensuring comprehensive coverage of all trading aspects [4]. 3. Dynamic Interaction of Market Components - The long-term market acts as a stabilizing force, locking in significant portions of electricity transactions through various contract durations, thus providing long-term price signals and stability [5][6]. - The spot market functions as a real-time indicator, reflecting immediate supply and demand conditions, guiding resources to where they are most needed [6][7]. - Auxiliary services serve as a safety net, ensuring the stable and secure operation of the electricity system through market-driven procurement of necessary adjustment services [6][7]. 4. Time and Space Optimization - The dynamic connection between long-term contracts, spot markets, and auxiliary services enables efficient resource allocation across time and space, with long-term contracts transitioning into more precise short-term adjustments as execution approaches [7]. - The spot market's node prices provide locational signals that indicate supply-demand imbalances and network congestion costs, guiding resource movement across regions [7].

Core Viewpoint - The establishment of the "1+6" foundational rule system for the electricity market in China facilitates the transition from "hard connections" to "soft connections," addressing key issues such as renewable energy consumption, inter-provincial barriers, and market vitality [2][5]. Group 1: Development of the "1+6" Rule System - The "1+6" foundational rule system aims to extend the electricity market in both time and space dimensions, promoting long-term contracts and shorter trading intervals [3][4]. - In the time dimension, long-term contracts will stabilize market supply and price expectations, while shorter trading intervals will enhance market responsiveness to trading demands [3][4]. - In the spatial dimension, the system promotes a unified national electricity market and supports the development of micro-markets, accommodating new entities like energy storage and virtual power plants [4][5]. Group 2: Importance of a Unified Electricity Market - The establishment of a unified electricity market is crucial for enhancing infrastructure connectivity and regulatory coherence, allowing for the free allocation of renewable resources across the country [5][6]. - The foundational rule system addresses disparities in market models, trading sequences, and organizational structures that have emerged from local explorations, ensuring a cohesive national framework [6][7]. - It resolves core contradictions in market operations, clarifying the roles of inter-provincial and intra-provincial markets, thus laying a solid foundation for a deeper integration of the national market [7]. Group 3: Balancing Security and Marketization - Ensuring reliable electricity supply is fundamental to the construction of a unified electricity market, while market mechanisms are essential for discovering electricity prices [9][10]. - The long-term market plays a foundational role in stabilizing supply and price expectations, benefiting both power generation companies and large electricity consumers [10]. - The spot market reflects real-time supply and demand dynamics, providing price signals that encourage efficient energy use and generation [10][11]. Group 4: Auxiliary Services and Capacity Market - The auxiliary services market is essential for maintaining system stability, incentivizing various resources to participate in system regulation [11]. - A capacity market mechanism will be established to ensure long-term system reliability, compensating resources that support stable operations [11].

Core Viewpoint - The establishment of the "1+6" foundational rule system for the electricity market in China is crucial for achieving the dual carbon goals and constructing a new power system, facilitating both "hard connectivity" and "soft connectivity" across provinces [1][4]. Group 1: Market Structure and Development - The "1+6" foundational rule system will extend the electricity market in both time and space dimensions, promoting long-term contracts and shorter trading intervals to stabilize supply and demand while accommodating the volatility of renewable energy [2][3]. - The system aims to create a unified national electricity market by enhancing interconnections and facilitating transactions across different grid operating areas, thus optimizing resource allocation [3][4]. Group 2: Addressing Market Challenges - The foundational rule system addresses the discrepancies in market models, trading sequences, and organizational structures that have emerged from local explorations, ensuring a cohesive framework for market operations [5][6]. - It resolves core contradictions in the market by clarifying the roles and responsibilities of inter-provincial and intra-provincial markets, thereby laying a solid foundation for a unified national market [6]. Group 3: Participation and Accessibility - The rule system standardizes the registration, measurement, and information disclosure processes for market participants, making it easier for them to engage in transactions across provinces [6]. - The implementation of a "one registration, multiple access" mechanism will simplify the participation of operators in the market, reducing barriers to entry [6]. Group 4: Balancing Security and Market Dynamics - The foundational rules are designed to balance the need for reliable electricity supply with the goal of market-driven price discovery, reflecting the diverse values of electricity in the context of energy transition [7][8]. - The long-term market plays a critical role in stabilizing market expectations and ensuring supply security, while the spot market provides real-time price signals based on supply and demand dynamics [8][9]. Group 5: Auxiliary Services and System Stability - The auxiliary services market incentivizes various flexible resources to participate in system regulation, ensuring the stability of the new power system [9]. - A capacity market mechanism will be established to compensate reliable capacity that supports system stability, guiding investments in adjustable power sources [9].

Core Viewpoint - The establishment of the "1+6" foundational rule system is a significant milestone in the reform of the electricity market, providing a unified institutional framework for the national electricity market, facilitating the flow of electricity resources from local circulation to national circulation [2][5]. Group 1: Importance of Unified Market Rules - The unified foundational rule system is essential for the construction of a national unified electricity market, as it aligns with the central government's directive to strengthen market foundational rules [3]. - A unified rule system is necessary for the optimal allocation of electricity resources across the country, ensuring that electricity transactions adhere to consistent standards [4]. Group 2: Achievements of the "1+6" Rule System - The "1+6" foundational rule system transitions from a fragmented set of rules to a comprehensive and systematic framework, establishing a clear hierarchy and interface for market operations [5]. - The system promotes a unified registration process for market participants, allowing for a "one-stop" registration model that enhances efficiency and reduces fragmentation [5][6]. - It facilitates the transition of electricity resources from local circulation to national flow by standardizing trading mechanisms across different markets [6]. - The system enhances transparency in market information by standardizing disclosure practices, making it easier for market participants to access relevant data [7]. Group 3: Innovative Aspects of the "1+6" System - The most innovative aspect of the "1+6" system is its deep integration with China's multi-layered electricity market structure, ensuring that rules are both unified and adaptable to local conditions [8]. - The foundational rules serve as a guiding framework for the multi-layered market, clearly defining boundaries and functional roles for different market segments [9]. - The design of the foundational rule system supports a cohesive national electricity market while promoting the dynamism of various market categories [9].

Core Viewpoint - The establishment of the "1+6" foundational rule system is a significant milestone in the reform of the electricity market, providing a unified institutional framework for nationwide electricity resource circulation [1][4]. Group 1: Importance of Unified Market Rules - The unified foundational rule system is essential for the construction of a national unified electricity market, aligning with the central government's directives for a high-efficiency, fair, and open market [2][3]. - Market rules are fundamental for the orderly operation of the market, and a unified system is necessary for optimizing the allocation of electricity resources across the country [2][3]. Group 2: Achievements of the "1+6" Rule System - The "1+6" rule system has transitioned from a fragmented set of rules to a comprehensive framework, establishing a clear structure for market operations [4][5]. - The system promotes a unified approach to market access, allowing for streamlined registration processes and reducing regional discrepancies [4][5]. - It facilitates the transition of electricity resources from local circulation to national flow, enhancing efficiency in resource allocation across provinces [5][6]. Group 3: Innovations in the "1+6" System - The most innovative aspect of the "1+6" system is its deep integration with China's multi-layered electricity market structure, ensuring both uniformity and local adaptability [7][8]. - The foundational rules guide the overall direction, while the main rules define the functions of various market segments, creating a cohesive governance model for the electricity market [8].

Core Viewpoint - The issuance of the "Basic Rules for Electricity Market Measurement and Settlement" by the National Development and Reform Commission and the National Energy Administration marks a significant milestone in the reform of the electricity market in China, establishing a foundational rule system for a unified national electricity market [2][4]. Group 1: Overview of the New Rules - The new foundational rule system, referred to as "1+6", includes the "Basic Rules for Electricity Market Operation" as the core, supported by rules for medium- and long-term trading, spot trading, auxiliary services, information disclosure, access registration, and measurement and settlement [2][4]. - The establishment of a unified electricity market rule system is essential for implementing major decisions from the central government and for creating a high-efficiency, fair, and open national market [2][3]. Group 2: Historical Context and Development - Since the initiation of the new round of electricity system reform, China has undergone various pilot programs, including large user direct electricity purchases and auxiliary service market trials, leading to a gradual nationwide rollout of different market types [2][3]. - The development of the electricity market has included the establishment of the "Basic Rules for Medium- and Long-Term Electricity Trading" in 2016 and 2020, and the "Basic Rules for Spot Electricity Market (Trial)" in 2023, laying a solid foundation for the healthy development of the medium- and long-term market [3][4]. Group 3: Key Components of the Rule System - The "Basic Rules for Electricity Market Operation" define participant roles, responsibilities, trading processes, price formation, and risk prevention, serving as the core engine for market stability and real-time supply-demand reflection [5]. - The rules for registration management, information disclosure, and measurement and settlement function as the market's "identity card," "account book," and "calculator," ensuring fairness, transparency, and efficiency in market operations [5]. Group 4: Future Directions - As the new electricity system and market construction deepen, the National Energy Administration will continue to enhance the "1+N" foundational rule system, aiming to break down market segmentation and inter-provincial barriers, facilitating efficient coordination among various market types [5].

Core Viewpoint - The issuance of the "Basic Rules for Electricity Market Measurement and Settlement" by the National Development and Reform Commission and the National Energy Administration marks a significant milestone in the reform of China's electricity market, establishing a foundational rule system for a unified national electricity market [1][2][3]. Group 1: Rule System Development - A unified electricity market rule system is essential for implementing major decisions from the central government and for building an efficient, fair, and open national market [1][2]. - The new foundational rule system, referred to as "1+6", includes the "Basic Rules for Electricity Market Operation" and covers various market segments such as medium- and long-term trading, spot trading, and ancillary services [1][3]. - The establishment of this rule system addresses issues such as fragmented market rules, inter-provincial barriers, and the need for effective protection of market participants' interests [1][3]. Group 2: Historical Context and Progress - The electricity market reform has evolved through pilot programs since 2016, leading to the gradual establishment of various market types across the country [1][2]. - The "Basic Rules for Medium- and Long-Term Trading" and the "Basic Rules for Spot Market (Trial)" were previously established to support the healthy development of the electricity market [2][3]. - The recent issuance of the "Basic Rules for Electricity Market Measurement and Settlement" fills the last gap in the "1+6" foundational rule system, ensuring comprehensive regulation of market operations [3][4]. Group 3: Market Functionality and Future Directions - The "Basic Rules for Electricity Market Operation" define participant roles, responsibilities, pricing mechanisms, and risk prevention strategies, serving as the core engine for market stability [4]. - The rules for registration, information disclosure, and measurement settlement function as the market's "identity card," "account book," and "calculator," ensuring fairness and transparency [4]. - The National Energy Administration plans to continuously improve the "1+N" foundational rule system to enhance coordination among various market types, including green electricity trading and ancillary services [4].

Core Viewpoint - The article discusses the recent record-high electricity load in China's power grid and the implementation of a new cross-regional electricity trading mechanism to ensure supply stability and optimize resource allocation across different regions [3][19][20]. Group 1: Electricity Load and Supply - From August 4 to 6, the national grid's electricity load reached a historical high of 12.33 billion kilowatts, equivalent to the output of over 50 Three Gorges power stations [3][19]. - In Hefei, the electricity load exceeded last year's peak value more than ten times since July, indicating a high operational state of the grid [3][19]. - The Southern Power Grid has also contributed to maintaining stable electricity supply, especially during peak demand periods [20][21]. Group 2: Cross-Regional Electricity Trading Mechanism - The National Development and Reform Commission and the National Energy Administration issued a plan to break the segmentation of electricity markets between the State Grid and Southern Grid, enabling mutual support across the national power system [20][24]. - A joint electricity trading initiative between Beijing and Guangzhou trading centers facilitated the transfer of over 20 billion kilowatt-hours of electricity from Southern regions to Eastern regions, benefiting approximately 800,000 households [20][21]. - The new trading mechanism is expected to enhance market competition and ensure electricity supply during critical periods [21][24]. Group 3: Challenges and Solutions - Previous electricity trading between the two grids was limited due to a lack of a standardized market mechanism, relying mainly on government agreements and emergency dispatch [23][24]. - The complexity of organizing cross-regional trading requires precise assessments of supply and demand, as well as efficient coordination between trading platforms [23][24]. - The implementation of detailed business process guidelines for cross-regional trading aims to improve participation and reduce transaction costs for market players [23][24].