Core Viewpoint - The article discusses the recent notification issued by the National Development and Reform Commission and the National Energy Administration regarding the improvement of the capacity pricing mechanism for hydropower storage, which is expected to enhance the development of the energy storage industry and facilitate the construction of a new power system in China [2]. Group 1: Improvement of Pumped Storage Pricing Mechanism - The notification aims to establish a scientific pricing mechanism for the sustainable development of the pumped storage industry, addressing issues such as investment guidance and market price signals [3]. - The principle of "stability for existing projects and activation for new projects" is emphasized, with differentiated policies for existing and new pumped storage plants to ensure stable operations and reasonable returns [4][6]. - For existing projects, the notification allows provincial pricing authorities to continue using previous pricing methods to avoid significant operational fluctuations due to policy changes [4]. Group 2: New Pricing Mechanism for New Projects - For new projects initiated after the previous guidelines, a pricing mechanism combining "unified capacity price + market revenue sharing" is introduced, which aims to optimize resource allocation and encourage investment [6]. - The unified capacity price will be determined every 3-5 years based on average costs, while market revenue sharing will increase the proportion of market income in the revenue structure of pumped storage plants [6][8]. - This transition from policy-driven to market-driven mechanisms is expected to enhance the efficiency of new projects and support the construction of a new power system [6]. Group 3: Independent Capacity Pricing for New Energy Storage - The notification establishes an independent capacity pricing mechanism for grid-side new energy storage, allowing these facilities to have the same capacity status as coal power plants [7]. - The new pricing structure includes "capacity price + energy revenue + ancillary services," which will provide stable income and promote the rapid development of the new energy storage industry [8]. - Different energy storage technologies will compete under unified rules, shifting the focus from cost competition to a comprehensive evaluation of functional value [8]. Group 4: Assessment and Regulation - The policy includes a user price burden assessment system to ensure that the pricing mechanism is sustainable and beneficial for the economy [9][10]. - Strengthened capacity fee assessments will guide the operational performance of power plants, ensuring that revenue flows to projects that effectively provide regulatory functions [10]. - This dual approach aims to balance user price burdens with regulatory oversight, maximizing the effectiveness of the pricing reforms [10]. Conclusion - The comprehensive improvement of the energy storage pricing mechanism establishes a policy framework that balances stability for existing projects with market-driven transformation for new projects, filling the gap in independent capacity pricing for grid-side energy storage [11]. - The notification is expected to attract social capital into efficient energy storage sectors, enhancing the power system's regulatory capabilities and supporting the transition to a green and low-carbon energy structure [11].

国家发展改革委1月30日消息，国家发展改革委、国家能源局近日联合印发《关于完善发电侧容量电价 机制的通知》，以引导调节性电源平稳有序建设，保障电力系统安全稳定运行，助力能源绿色低碳转 型。 政策出台后，对居民、农业用户电价水平没有影响，仍执行现行目录销售电价政策。对于工商业用户， 发电侧容量电价机制完善后，调节性电源需要通过电能量市场回收的成本下降、通过容量电价回收的成 本上升，"一升一降"形成对冲，对工商业用户的购电成本影响不大。 通知提出，适应新型电力系统和电力市场体系建设需要，分类完善煤电、气电、抽水蓄能、新型储能容 量电价机制。一是各地结合实际提高煤电容量电价标准，可参照煤电建立气电容量电价机制；二是对近 年新开工的抽水蓄能电站，按照弥补平均成本的原则制定当地统一的容量电价；三是建立电网侧独立新 型储能容量电价机制，结合放电时长和顶峰时贡献等因素确定容量电价标准。 上述负责人介绍，完善发电侧容量电价机制，较好地统筹了安全充裕、清洁低碳、经济高效等方面需 要，有利于加快建设新型电力系统。具体包括：有利于增强电力安全保供能力，调动调节性电源建设积 极性，提升顶峰出力，更好保障电力系统安全；有利于促进调节性 ...

Core Insights - The core viewpoint of the article is the enhancement of the capacity pricing mechanism for power generation, particularly the inclusion of new energy storage systems, which aims to optimize the electricity market and ensure the stability of the power system [1][2][3]. Group 1: Capacity Pricing Mechanism - The National Development and Reform Commission (NDRC) and the National Energy Administration (NEA) have issued a notification to improve the capacity pricing mechanism for coal, natural gas, pumped storage, and new energy storage [1][2]. - The notification establishes a capacity pricing mechanism for grid-side independent new energy storage for the first time, recognizing its capacity value at the national policy level [3][4]. - The capacity price for new energy storage will be based on local coal power capacity pricing standards, adjusted according to peak capacity and other factors [4][5]. Group 2: Impact on Coal and Gas Power - The notification aims to increase the proportion of fixed cost recovery for coal power units to no less than 50%, which may further enhance the capacity pricing for coal power [7][8]. - The capacity pricing mechanism for coal power is expected to improve asset returns and cash flow, addressing the challenges posed by declining utilization hours [9][10]. - The average utilization hours for coal power plants have decreased, necessitating a more robust capacity pricing mechanism to compensate for this decline [10]. Group 3: Energy Storage Development - The new capacity pricing mechanism is projected to elevate the internal rate of return (IRR) for energy storage projects to a healthy range of 8%-12%, thereby enhancing investment willingness [5][6]. - The establishment of a clear revenue structure for energy storage, including capacity pricing, arbitrage, and ancillary services, is expected to support sustainable development in the industry [5][6]. - The cumulative installed capacity of new energy storage in China is projected to reach 144.7 GW by the end of 2025, marking an 85% year-on-year increase [5]. Group 4: Market Transformation - The policy is expected to shift the electricity market from a focus on "energy quantity" to a dual-track system of "energy quantity + capacity," promoting fair competition among different types of power generation [12]. - The establishment of a reliable capacity compensation mechanism will enhance the attractiveness of regulatory assets like energy storage, coal, and pumped storage, leading to a growth phase for these sectors [12].

Core Viewpoint - The recent notification from the National Development and Reform Commission and the National Energy Administration aims to improve the capacity pricing mechanism for power generation, ensuring the stable operation of the power system and supporting the green and low-carbon energy transition [1]. Group 1: Reasons for Improving the Capacity Pricing Mechanism - The large-scale development of renewable energy in China has made it the largest installed power source type, but its randomness and volatility necessitate the construction of a certain scale of regulating power sources to ensure stable supply during periods of insufficient renewable output [2]. - Current capacity pricing mechanisms face challenges, including declining operating hours for coal power in some regions, insufficient cost constraints for pumped storage, and inconsistent pricing principles for gas and new energy storage across provinces [2]. Group 2: Establishing Reliable Capacity Compensation Mechanism - Reliable capacity refers to the sustained and stable supply capacity of units during peak demand periods, serving as a benchmark for measuring peak capabilities [3]. - The notification proposes establishing a reliable capacity compensation mechanism after the continuous operation of local electricity spot markets, allowing for fair compensation based on reliable capacity without differentiating between unit types, promoting fair competition among various technologies [3]. Group 3: Optimizations in Market Trading and Pricing Mechanism - The notification encourages fair participation of pumped storage and new energy storage in the electricity market to form accurate price signals and enhance their regulatory roles [4]. - It allows local adjustments to the lower limit of medium- and long-term market trading prices for coal power, promoting fair competition among all types of units [4]. - The notification encourages flexible pricing mechanisms in medium- and long-term contracts to better reflect supply and demand conditions, avoiding mandatory fixed pricing [4]. Group 4: Impact on End Users - The policy will not affect electricity prices for residential and agricultural users, who will continue to follow existing pricing policies [5]. - For industrial users, the adjustments in the capacity pricing mechanism will lead to a balance between increased costs through capacity pricing and decreased costs through energy market recovery, resulting in minimal impact on their electricity purchasing costs [5]. Group 5: Positive Effects of the Improved Capacity Pricing Mechanism - The improvements will enhance the security and supply capacity of the power system, stimulate the construction of regulating power sources, and better support the utilization of renewable energy [6]. - It will promote the healthy development of regulating power sources, guiding enterprises in efficient layout and management, cost reduction, and technological innovation, thereby facilitating the construction of a new power system [6].

【纠错】 【责任编辑:谷玥】 通知明确，各地电力现货市场连续运行后，有序建立发电侧可靠容量补偿机制，对各类机组根据可提供 的顶峰能力按统一原则进行补偿，并结合电力市场建设和电价市场化改革等情况逐步扩展补偿范围，公 平反映不同机组对电力系统顶峰贡献。 通知要求，各地要周密组织实施，做好政策解读，引导企业加强经营管理，促进行业健康发展；加快建 立健全电力市场体系，推动调节性电源公平参与市场，促进调节作用充分发挥，助力新型电力系统建 设。 新华社北京1月30日电（记者戴锦镕）记者1月30日从国家发展改革委获悉，为贯彻落实党中央和国务院 关于推进能源领域价格改革，加快建设新型能源体系的决策部署，引导调节性电源平稳有序建设，保障 电力系统安全稳定运行，助力能源绿色低碳转型，近日，国家发展改革委、国家能源局联合印发《关于 完善发电侧容量电价机制的通知》。 通知提出，适应新型电力系统和电力市场体系建设需要，分类完善煤电、气电、抽水蓄能、新型储能容 量电价机制。一是各地结合实际提高煤电容量电价标准，可参照煤电建立气电容量电价机制；二是对近 年新开工的抽水蓄能电站，按照弥补平均成本的原则制定当地统一的容量电价；三是建立电网侧独 ...

Group 1 - The article discusses the emergence of a new power system that integrates safety, green energy, and efficiency, while optimizing the electricity market and establishing a reliable capacity compensation mechanism [5][6]. - It highlights the importance of categorizing and improving coal, gas, pumped storage, and new energy storage capacity pricing [5]. - The article lists various companies involved in the power equipment sector, indicating a diverse range of players in the market [6].

Core Insights - China has built the world's largest and most complex hybrid AC-DC power grid, becoming the largest platform for renewable energy consumption globally [1][2] Group 1: Power Grid Characteristics - The capability for large-scale resource allocation has been continuously enhanced, with 45 ultra-high voltage transmission channels established, including 24 DC and 21 AC lines, optimizing national power resource allocation [1] - The security and supply capacity of the power grid has withstood severe tests, supporting an average annual increase of 80 million kilowatts in power load demand, ensuring reliable power supply equivalent to the total consumption of the US, EU, and Japan combined, with no major blackouts in recent years [1] - The grid has significantly promoted the green and low-carbon energy transition, supporting over 1.8 billion kilowatts of renewable energy access and efficient consumption, aiding the goal of exceeding 20% non-fossil energy consumption by 2025 [1] Group 2: Future Developments - With the rapid increase in renewable energy installation and the development of new power systems, future power systems will exhibit higher complexity and randomness, necessitating new requirements for grid development [2] - The National Development and Reform Commission and the National Energy Administration have issued guidelines to promote high-quality grid development, aiming to establish a new grid platform by 2030, integrating main grids, distribution networks, and smart microgrids [2] - The focus will be on creating a coordinated development framework for main, distribution, and microgrids, ensuring efficient collaboration and advancing major project investments to contribute to the construction of a new energy system and modernization of China [2]

Core Viewpoint - The National Energy Administration (NEA) has outlined the energy situation for 2025, emphasizing energy security, green low-carbon transformation, and orderly industry development as key areas of focus for the upcoming years [9][10][12]. Group 1: Energy Supply and Security - By 2025, China's energy supply security will be significantly enhanced, with coal production stable and oil and gas output reaching historical highs, including a 1.5% increase in crude oil production and a 6.2% increase in natural gas production [9][10]. - The electricity supply will remain stable, supported by the commissioning of several ultra-high voltage direct current transmission projects, improving the interconnectivity of the power system [9][10]. Group 2: Green Low-Carbon Transformation - The development of renewable energy will accelerate, with new wind and solar installations exceeding 430 million kilowatts, bringing the total installed capacity to over 1.8 billion kilowatts, and renewable energy generation accounting for over 60% of total power generation [9][10]. - Renewable energy generation is projected to reach approximately 4 trillion kilowatt-hours, surpassing the combined electricity consumption of the 27 EU countries [9][10]. Group 3: Industry Development - The photovoltaic industry will undergo comprehensive regulation, with polysilicon and wafer prices expected to rise by 52% and 35.6%, respectively, by the end of 2025 [10]. - The price of thermal coal at the port is projected to reach 690 yuan per ton, reflecting a 75 yuan increase from the lowest point of the year [10]. Group 4: Winter Energy Supply Assurance - The overall temperature this winter is expected to be close to or slightly warmer than the historical average, but with frequent cold spells, leading to record-breaking electricity loads, including a peak load of 1.433 billion kilowatts on January 21 [12][13]. - The NEA is ensuring stable energy supply through robust monitoring and coordination, with sufficient fuel reserves and optimized electricity supply strategies [13][14]. Group 5: New Energy Storage Development - By the end of 2025, the installed capacity of new energy storage is expected to reach 136 million kilowatts, a growth of 84% compared to the end of 2024, with an average storage duration of 2.58 hours [19][22]. - The North China region will account for the largest share of new energy storage installations, with significant contributions from provinces like Xinjiang and Inner Mongolia [20][21]. Group 6: Electricity Market Development - The total electricity trading volume in 2025 is projected to reach 6.64 trillion kilowatt-hours, a year-on-year increase of 7.4%, with market-based transactions accounting for 64% of total electricity consumption [26][27]. - Cross-regional electricity trading is expected to grow significantly, reaching 1.59 trillion kilowatt-hours, marking an 11.6% increase from the previous year [26][27]. Group 7: Green Certificate Market - The green certificate market is anticipated to see a substantial increase, with a total of 930 million certificates traded in 2025, representing a 120% year-on-year growth [40][41]. - The average trading price of green certificates is expected to stabilize and rise, with a projected average price of approximately 4.14 yuan per certificate in the second half of 2025, a 90% increase from the first half [40][41].

Core Viewpoint - The article discusses the 2025 energy outlook in China, highlighting significant advancements in energy supply security, green low-carbon transformation, and the development of new energy storage systems, which are crucial for supporting economic recovery and ensuring energy supply stability. Energy Supply Security - By 2025, China's energy supply security is expected to improve significantly, with stable coal production and record-high oil and gas outputs. The industrial crude oil production is projected to increase by 1.5% year-on-year, while natural gas production is expected to rise by 6.2% [5][6] - The power supply is anticipated to remain stable, supported by the commissioning of several ultra-high voltage direct current transmission projects, enhancing the interconnectivity of the power system [6] Green Low-Carbon Transformation - The pace of green low-carbon transformation is accelerating, with new policies aimed at integrating and promoting renewable energy consumption. Wind and solar power installations are expected to exceed 430 million kilowatts, with total installed capacity surpassing 1.8 billion kilowatts, accounting for over 60% of renewable energy generation [6][7] - Renewable energy generation is projected to reach approximately 4 trillion kilowatt-hours, exceeding the combined electricity consumption of the 27 EU countries [6] New Energy Storage Development - New energy storage installations are expected to grow by 84% compared to the end of 2024, reaching a total capacity of 136 million kilowatts (351 million kilowatt-hours) by the end of 2025, marking a more than 40-fold increase compared to the end of the 13th Five-Year Plan [12][14] - The average storage duration is projected to increase to 2.58 hours, an increase of 0.30 hours from the end of 2024 [12] Electricity Market Transactions - The total electricity market transaction volume is expected to reach a record high of 664 billion kilowatt-hours in 2025, with a year-on-year growth of 7.4%. Market-based transactions are projected to account for 64% of total electricity consumption, an increase of 1.3 percentage points [15][16] - Cross-regional electricity transactions are anticipated to grow to 1.59 trillion kilowatt-hours, a historical high, with a year-on-year increase of 11.6% [16] Investment Trends - National energy investment is expected to maintain rapid growth, with key project investments exceeding 3.5 trillion yuan, a year-on-year increase of nearly 11% [21] - Investment in green transition new business formats is accelerating, with significant growth in wind and solar power installations and new energy storage projects [21][27] Regulatory Developments - The article highlights the ongoing reforms in the electricity retail market, with a focus on enhancing the regulatory framework for electricity sales companies to ensure market stability and fair competition [22][23] - The introduction of new rules for long-term electricity market transactions aims to adapt to the evolving energy landscape and support the construction of a unified national electricity market [19][20]

新华财经北京1月30日电（记者安娜） 国家能源局能源节约和科技装备司副司长边广琦30日说，截至 2025年底，全国已建成投运新型储能装机规模达到1.36亿千瓦／3.51亿千瓦时，与"十三五"末相比增长 超40倍，实现跨越式发展。 当日，国家能源局举行新闻发布会。边广琦是在会上作出上述表述的。 党中央、国务院高度重视新型储能发展，党的二十届四中全会明确提出"大力发展新型储能"。"国家能 源局深入贯彻落实党中央、国务院决策部署，统筹谋划、多措并举，推动新型储能发展取得扎实成效， 为构建新型能源体系和新型电力系统提供有力支撑。"边广琦在会上说。 分地域来看，华北地区装机占比最大。记者从会上了解到，华北地区已投运新型储能装机规模占全国 32.5%，西北地区占28.2%，华东地区占14.4%，南方地区占13.1%，华中地区占11.1%，东北地区占 0.7%。"过去一年里，华北、西北为新型储能主要增长区，新增装机分别为2188万千瓦、1966万千瓦， 分别占全国新增装机的35.2%、31.6%。"边广琦说。 从单站规模来看，10万千瓦以上的大型化发展趋势明显。记者从国家能源局了解到，截至2025年底，我 国10万千瓦及以 ...