Core Viewpoint - The article discusses the recent guidelines issued by the National Development and Reform Commission and the National Energy Administration aimed at promoting the consumption and regulation of renewable energy, establishing a multi-level renewable energy consumption and regulation system by 2030, and ensuring that new electricity demand is primarily met by new renewable energy generation [1][2]. Group 1: Policy Overview - The guidelines propose 22 specific measures across six areas to facilitate the large-scale development and high-quality consumption of renewable energy [2]. - By 2030, a collaborative and efficient multi-level renewable energy consumption regulation system is expected to be established, with a focus on meeting the annual demand for over 200 million kilowatts of new renewable energy [2][3]. - The guidelines emphasize the importance of integrating renewable energy bases in desert and arid regions, ensuring both local consumption and external delivery [2][3]. Group 2: Development and Integration - The guidelines call for optimizing the integrated development and consumption of water and wind energy bases, particularly in the southwestern region, to enhance the utilization of existing hydropower channels [3]. - There is a push for the orderly development and consumption of offshore wind energy, with a focus on optimizing the offshore transmission network and ensuring nearby consumption [3][4]. - The guidelines encourage the integration of renewable energy with traditional industries, promoting the transfer of high-energy-consuming industries to regions with clean energy advantages [4]. Group 3: Market Mechanisms - The guidelines propose expanding the market-based system for renewable energy consumption, including flexible trading mechanisms and long-term purchase agreements to stabilize consumption [6][7]. - There is a focus on establishing a pricing mechanism that reflects the characteristics of renewable energy generation and encourages market participation from various stakeholders [7]. - The guidelines also highlight the need for a unified national electricity market system to facilitate the direct trading of renewable energy across provinces and regions [5][7]. Group 4: System Adaptation and Infrastructure - The guidelines emphasize enhancing the adaptability of the new power system to renewable energy, including the construction of pumped storage power stations and the promotion of advanced energy storage technologies [8]. - There is a call to improve the grid's capacity to accept renewable energy, including the construction of a new type of distribution system that accommodates large-scale distributed renewable energy [8].

Core Viewpoint - The article emphasizes the importance of energy storage in the development of a new energy system in China, highlighting its transition from a mere tool for renewable energy consumption to a core component of energy flexibility and system support [3][4]. Group 1: Policy Guidance - The National Development and Reform Commission and the National Energy Administration released guidelines aimed at establishing a multi-level renewable energy consumption and regulation system by 2030, ensuring that new electricity demand is primarily met by renewable energy generation [2][10]. - By 2035, a new power system capable of accommodating a high proportion of renewable energy is expected to be established, further enhancing the renewable energy consumption regulation system [2][10]. Group 2: Energy Storage Development - The guidelines create a clear value positioning and profit model for the new energy storage industry, promoting its strategic elevation as a key element in the energy system [3]. - The document encourages the integration of source, grid, load, and storage, as well as the development of new business models for nearby renewable energy consumption [3][4]. Group 3: Technological Innovation - The white paper on carbon peak and carbon neutrality emphasizes the importance of energy storage as a foundational element for the new power system, advocating for the diversified application of various storage technologies such as lithium-ion batteries and compressed air storage [4][19]. - The article discusses the need for advanced, safe, and efficient new energy storage technologies to enhance the utilization of renewable energy [5][19]. Group 4: Market Mechanisms - The guidelines propose the establishment of a unified national electricity market to facilitate the consumption of renewable energy, including the development of market rules that support the participation of distributed energy resources and storage [17][18]. - It is suggested to innovate pricing mechanisms to encourage the consumption of renewable energy and improve the flexibility of cross-regional electricity transmission pricing [18][20]. Group 5: Implementation and Monitoring - The article outlines the responsibilities of various stakeholders, including the National Development and Reform Commission and provincial energy departments, in ensuring the effective implementation of renewable energy consumption strategies [20][21]. - A monitoring and regulatory framework is proposed to track the progress of renewable energy utilization and ensure compliance with established targets [21].

Core Viewpoint - The article outlines the guidance from the National Development and Reform Commission and the National Energy Administration aimed at promoting the consumption and regulation of renewable energy, with a goal to establish a multi-level renewable energy consumption and regulation system by 2030 and a new power system adaptable to high proportions of renewable energy by 2035 [1][3]. Overall Requirements - The strategy is guided by Xi Jinping's thought, emphasizing a systematic approach, categorized policies, diversified consumption, market guidance, safety, and innovation to ensure high-quality consumption of renewable energy while meeting the growing electricity demand primarily through new renewable generation [3]. Classification Guidance for Renewable Energy Development and Consumption - The article emphasizes the need to coordinate the development and consumption of renewable energy in "desert, Gobi, and wasteland" areas, optimizing the economic viability of these bases and ensuring responsibility for consumption at receiving ends [5][6]. - It also highlights the integration of hydropower and wind-solar bases, promoting orderly development of offshore wind energy, and enhancing the capacity for concentrated renewable energy development within provinces [6][7]. Promoting New Models and Innovative Development of Renewable Energy Consumption - The article discusses the innovation of integrated development models for renewable energy, supporting the establishment of collaborative industrial systems in resource-rich areas, and promoting the integration of renewable energy with traditional industries [9][10]. Enhancing the Adaptability of the New Power System to Renewable Energy - It calls for improvements in system regulation capabilities, including the construction of pumped storage power stations and advanced storage technologies, to enhance the utilization of renewable energy [13][14]. - The article also stresses the need for a new power dispatch system and enhanced safety governance for the new power system [14][12]. Improving the National Unified Electricity Market System for Renewable Energy Consumption - The article outlines the expansion of a multi-level market system for renewable energy consumption, promoting flexible trading mechanisms and enhancing the role of the spot market [16][17]. - It emphasizes the need for a comprehensive pricing mechanism that reflects the characteristics of renewable energy and encourages its consumption [17][18]. Strengthening Technological Innovation Support for Renewable Energy Consumption - The article highlights the importance of breakthroughs in efficient renewable energy generation technologies and flexible regulation systems, as well as advancements in grid operation technologies [19][20]. Assurance Measures - It discusses the optimization of management mechanisms for renewable energy consumption, emphasizing the need for clear responsibilities among various stakeholders, including government agencies, grid companies, and power generation enterprises [21][22]. - The article also mentions the establishment of monitoring and regulatory mechanisms to ensure the achievement of renewable energy consumption targets [23].

Core Viewpoint - The National Development and Reform Commission and the National Energy Administration have issued guidelines to promote the consumption and regulation of renewable energy, aiming to enhance the power system's capacity to accept, allocate, and regulate renewable energy, thereby supporting carbon peak and national contribution goals [1][3]. Summary by Sections Background and Significance - The rapid growth and increasing share of renewable energy in China have led to significant consumption pressure, making the coordination of renewable energy development and consumption a major issue for green and low-carbon energy transition. The guidelines are part of the 2025 reform tasks to improve the power system's capacity for renewable energy [3][4]. Overall Arrangement - The guidelines emphasize a systematic approach, categorized strategies, diversified consumption, market guidance, safety, and innovation. They set targets for renewable energy consumption regulation for 2030 and 2035, aiming for a collaborative and efficient multi-level consumption regulation system by 2030 and a high-proportion renewable energy system by 2035 [4][5]. New Ideas and Measures - The guidelines propose several innovative measures, including: - Classifying renewable energy development and consumption into five categories to optimize various development models [5][6]. - Promoting new models and business formats for renewable energy consumption, such as integrated development models and smart microgrids [6][7]. - Enhancing the adaptability of the new power system to renewable energy, including building a new grid platform and improving the power dispatch system [7][8]. Market System Improvement - The guidelines focus on improving the national unified electricity market system to better accommodate the characteristics of renewable energy generation. This includes expanding market mechanisms, shortening trading cycles, and establishing rules for various renewable energy sources to participate in the market [8][9]. Technological Innovation Support - The guidelines highlight the importance of technological innovation in ensuring efficient renewable energy consumption, including advancements in power prediction accuracy, flexible regulation technologies, and smart control technologies [9][10]. Management Enhancement - The guidelines propose a shift from a single renewable energy utilization rate indicator to a comprehensive evaluation system for assessing renewable energy consumption effectiveness. They also call for a monitoring and early warning mechanism for the entire cycle of renewable energy planning, construction, grid connection, and consumption [10][11]. Implementation Steps - The National Development and Reform Commission and the National Energy Administration will further refine supporting policies to ensure the implementation of the guidelines. Provincial energy authorities will be responsible for organizing and achieving local renewable energy consumption targets [11][12].

Overall Requirements - The guidance aims to establish a multi-level renewable energy consumption and regulation system by 2030, ensuring that new electricity demand is primarily met by renewable energy generation, with a significant enhancement in the adaptability of the new power system and its regulatory capabilities [4][5][6] Classification Guidance for Renewable Energy Development and Consumption - The strategy emphasizes the dual approach of promoting both the external delivery and local consumption of renewable energy from "sand, desert, and wasteland" bases, particularly in arid regions [5] - It advocates for the integrated development and consumption of hydropower, wind, and solar energy, optimizing the configuration of renewable energy based on the characteristics of hydropower [6] - The orderly development and consumption of offshore wind energy are encouraged, with a focus on optimizing the offshore transmission network [6] Promoting New Models and Innovative Development of Renewable Energy Consumption - The guidance supports the integrated development of renewable energy, particularly in resource-rich areas, and aims to establish a collaborative industrial system [7] - It encourages the transfer of high-energy-consuming industries to regions with abundant clean energy, promoting the use of renewable energy in traditional industries [7] - New business models for nearby consumption of renewable energy, such as integrated source-grid-load-storage systems, are to be developed [8] Enhancing the Adaptability of the New Power System to Renewable Energy - The plan includes accelerating the construction of hydropower stations and energy storage facilities to improve system regulation capabilities [9] - It aims to enhance the grid's capacity to accept renewable energy by optimizing the national power flow and expanding transmission channels [10] - A new power dispatching system will be established to clarify the regulatory relationships among various energy sources and improve intelligent control levels [11] Improving the National Unified Power Market System for Renewable Energy Consumption - The guidance proposes expanding a multi-level market system for renewable energy consumption, promoting flexible trading mechanisms [11] - It emphasizes the need for a market rule system that accommodates the characteristics of renewable energy generation and distribution [12] - Innovative pricing mechanisms for renewable energy transmission and consumption are to be established to enhance market responsiveness [12] Strengthening Technological Innovation Support for Renewable Energy Consumption - The focus is on advancing efficient renewable energy generation technologies and improving power prediction accuracy [13] - The development of flexible regulation technologies and large-capacity energy storage solutions is prioritized [14] - The application of advanced technologies such as AI and big data in grid management is encouraged to enhance dynamic sensing capabilities [14] Assurance Measures - The guidance calls for optimizing the management mechanism for renewable energy consumption, setting regional utilization targets, and ensuring coordinated development [15] - Clear responsibilities are outlined for various stakeholders, including energy authorities and grid companies, to ensure effective implementation of consumption measures [16] - A monitoring and regulatory framework will be established to track renewable energy utilization rates and ensure compliance with targets [16]

Core Viewpoint - The article discusses the recent issuance of the "Guiding Opinions on Promoting the Consumption and Regulation of New Energy" by the National Development and Reform Commission and the National Energy Administration, highlighting the need for improved policies to manage the rapid growth of new energy sources in China and ensure their effective integration into the energy system [2][3]. Summary by Sections Background and Significance - The rapid growth and increasing share of new energy in China's energy mix have led to significant consumption pressures, necessitating a balance between development and consumption. The guiding opinions aim to enhance the capacity of the power system to accept, allocate, and regulate new energy, supporting carbon peak and national contribution goals [3]. Overall Arrangement for New Energy Consumption - The guiding opinions propose a systematic approach to enhance new energy consumption, with goals set for 2030 and 2035. By 2030, a multi-layered consumption regulation system will be established, ensuring that new energy meets the majority of new electricity demand. By 2035, a high-proportion new energy system will be in place, optimizing resource allocation and supporting national goals [4]. New Ideas and Measures - The guiding opinions introduce innovative measures, including categorizing new energy development and consumption into five types, promoting new consumption models and business formats, and enhancing the adaptability of the new power system to large-scale new energy development [5][6]. National Unified Electricity Market System - The focus is on improving the electricity market's adaptability to new energy characteristics, including expanding market mechanisms, shortening trading cycles, and establishing rules for various new energy sources to participate in the market [7]. Technological Innovation Support - Emphasis is placed on technological innovation to ensure efficient consumption of new energy, including advancements in power prediction accuracy, flexible regulation technologies, and the application of AI and big data in energy management [8]. Management of New Energy Consumption - The guiding opinions propose a shift from a single utilization rate indicator to a comprehensive evaluation system for new energy consumption, with a focus on establishing a monitoring and early warning mechanism for the entire cycle of planning, construction, grid connection, and consumption [9]. Implementation of the Guiding Opinions - The article outlines the responsibilities of various entities in implementing the guiding opinions, including the National Development and Reform Commission, provincial energy authorities, and power grid companies, ensuring that the measures are effectively executed [10].

Core Viewpoint - The article outlines the guidelines for promoting the consumption and regulation of renewable energy in China, aiming to establish a new power system that accommodates a high proportion of renewable energy by 2035, with a focus on enhancing system regulation capabilities and optimizing energy consumption mechanisms [5][6]. Group 1: Overall Requirements - The guidelines emphasize the need for a multi-layered renewable energy consumption and regulation system to be established by 2030, ensuring that new electricity demand is primarily met by renewable energy sources [6]. - By 2035, a new power system that supports high proportions of renewable energy will be fundamentally established, with a unified national electricity market playing a crucial role in resource allocation [6]. Group 2: Classification Guidance for Renewable Energy Development and Consumption - The guidelines advocate for the coordinated development of renewable energy bases in desert and arid regions, promoting both local consumption and external delivery [7]. - There is a focus on optimizing the integrated development of hydropower, wind, and solar energy, particularly in southwestern regions with large hydropower bases [8]. Group 3: New Models and Innovative Development for Renewable Energy Consumption - The guidelines encourage the development of new business models for renewable energy consumption, such as integrated source-grid-load-storage systems and smart microgrids [10]. - Support is provided for the integration of renewable energy with industrial development, particularly in high-energy-consuming industries transitioning to cleaner energy sources [9]. Group 4: Enhancing the Adaptability of the New Power System to Renewable Energy - The guidelines call for the acceleration of system regulation capabilities, including the construction of pumped storage power stations and the promotion of advanced storage technologies [11]. - There is an emphasis on improving the grid's capacity to accept renewable energy, including the development of a new grid platform that enhances collaboration between main and distribution networks [11]. Group 5: Improving the National Unified Electricity Market System for Renewable Energy Consumption - The guidelines propose expanding a multi-level market system for renewable energy consumption, allowing for flexible trading mechanisms and promoting long-term purchase agreements [14]. - There is a focus on establishing market rules that accommodate the unique characteristics of renewable energy generation and distribution [15]. Group 6: Strengthening Technological Innovation Support for Renewable Energy Consumption - The guidelines highlight the need for breakthroughs in efficient renewable energy generation technologies, including advancements in solar and wind power [16]. - Emphasis is placed on the development of intelligent control technologies that enhance the dynamic sensing capabilities of the grid [17]. Group 7: Assurance Measures - The guidelines stress the importance of optimizing management mechanisms for renewable energy consumption, including setting regional utilization targets and ensuring coordinated planning [18]. - Responsibilities are clearly defined among various stakeholders, including government agencies, grid companies, and power generation enterprises, to ensure effective implementation of renewable energy consumption strategies [19].

Core Viewpoint - The National Development and Reform Commission and the National Energy Administration have released guidelines to promote the consumption and regulation of renewable energy, aiming to establish a multi-level renewable energy consumption regulation system by 2030 and a new power system adaptable to high proportions of renewable energy by 2035 [1][4]. Group 1: Overall Requirements - By 2030, a collaborative and efficient multi-level renewable energy consumption regulation system is expected to be established, ensuring the smooth integration, diverse utilization, and efficient operation of renewable energy [4]. - The guidelines aim to meet the annual demand for the reasonable consumption of over 200 million kilowatts of new energy, supporting the achievement of carbon peak goals [4]. Group 2: Classification Guidance for Renewable Energy Development and Consumption - The guidelines emphasize the need to coordinate the external delivery and local consumption of renewable energy from "desert, Gobi, and wasteland" bases, enhancing the economic viability of these bases [5]. - It encourages optimizing the integrated development and consumption of hydropower, wind, and solar energy, particularly in the southwestern regions [6]. Group 3: Promoting New Models and Innovative Development of Renewable Energy Consumption - The guidelines advocate for the development of new business models for local consumption of renewable energy, including integrated source-grid-load-storage systems and smart microgrids [8]. - It supports the integration of renewable energy with industrial development, particularly in regions rich in renewable resources [7]. Group 4: Enhancing the Adaptability of the New Power System to Renewable Energy - The guidelines call for improving system regulation capabilities, including the construction of pumped storage power stations and the promotion of advanced storage technologies [9]. - It emphasizes the need to enhance the grid's capacity to accept renewable energy, optimizing the national power flow and expanding the range of renewable resource allocation [10]. Group 5: Improving the National Unified Power Market System for Renewable Energy Consumption - The guidelines propose expanding a multi-level market system for renewable energy consumption, promoting flexible and continuous trading mechanisms [12]. - It encourages the establishment of market rules that accommodate the characteristics of renewable energy generation and distribution [13]. Group 6: Strengthening Technological Innovation Support for Renewable Energy Consumption - The guidelines highlight the importance of advancing technologies for efficient renewable energy generation and flexible regulation systems [14]. - It promotes the application of advanced technologies such as artificial intelligence and big data in the coordination of microgrids [15]. Group 7: Safeguard Measures - The guidelines stress the need for optimizing the management mechanism for renewable energy consumption, setting regional utilization rate targets, and ensuring comprehensive implementation of consumption measures [16]. - It outlines the responsibilities of various stakeholders, including the National Development and Reform Commission, provincial energy departments, and grid enterprises, in ensuring the effective consumption of renewable energy [17].

南方财经11月10日电，国家发展改革委、国家能源局发布促进新能源消纳和调控的指导意见。其中提 到，优化新能源消纳管理机制。强化规划指导作用，在五年电力发展规划中分档设置不同地区新能源利 用率目标，科学统筹新能源发展与消纳，协同推进新能源规划布局及配套电网、调节能力建设。完善新 能源消纳评估方法，推动新能源消纳评估逐步由单一新能源利用率指标向综合评价指标体系转变。各省 级能源主管部门科学开展本地区年度新能源利用率目标制定及未来3年展望工作，明确年度新能源开发 与消纳方案。根据新能源利用率目标和可再生能源电力消纳责任权重目标，统筹确定年度并网新能源 （含分布式新能源）新增开发规模。落实可再生能源消费最低比重目标要求，加快建立强制消费与自愿 消费相结合的绿证消费机制，进一步压实可再生能源电力消纳责任。 ...

Core Viewpoint - The company held a successful Q3 2025 earnings presentation, engaging with investors and addressing 17 questions with a 100% response rate, indicating strong investor relations and transparency [1] Group 1: Company Strategy and Operations - The company is currently constructing 10 pumped storage power stations with a total installed capacity of 12 million kilowatts, expected to be operational by the 14th Five-Year Plan or early in the 15th Five-Year Plan [4] - The company is focusing on both pumped storage and new energy storage projects to diversify its business and enhance funding for its main operations [2][3] - The company has invested in three pumped storage projects in Inner Mongolia, indicating a strategic focus on regions with significant renewable energy resources [5] Group 2: Market Position and Competitive Advantage - Pumped storage is recognized as the most mature and widely used long-duration energy storage solution, with the lowest lifecycle costs, making it essential for large-scale grid regulation [3] - The company aims to optimize project site selection, control project costs, and improve operational efficiency to enhance the competitiveness of its pumped storage business [9] - The company is actively monitoring market conditions and adjusting its pricing strategies for energy storage to remain competitive amid increasing market dynamics [6][9] Group 3: Financial Performance and Projections - The pumped storage business accounted for 62.14% of the company's revenue in the first three quarters, highlighting its significance as a primary income source [4] - The company is tracking the performance of its projects, including the profitability of the Shenzhen pumped storage station, which is reported to be operating well [7] - The company has not disclosed specific financial impacts from the upcoming projects but emphasizes that future earnings will depend on government-approved capacity pricing and market conditions [12]