12月23日，广西电力交易中心有限责任公司发布《广西壮族自治区新能源项目机制电价竞价实施细则（试行）（征求意见稿）》。文件提出： 1、竞价项目范围 1）2025年6月1日及以后投产，即全容量并网的风电、太阳能发电项目，不包括2025年6月1日以前已开展竞争性配置的海上风电项目。 2）原则上按照光伏、海上风电、其他风电等技术类型分别设置机制电量规模、分别组织竞价。 竞价上限，考虑新能源项目合理成本收益、绿色价值、电力市场供需形势、用户承受能力等因素确定；竞价下限，初期考虑成本因素、避免无序竞争等设 定后续适时取消下限。 3）已投产和计划次年12月31日前投产（首次竞价为2025年6月1日至2026年12月31日内投产），且未纳入过机制电价执行范围的新能源项目。 单个新能源项目申请纳入机制电量，暂定不超过其全部上网电量的80%。若竞价周期内新能源项目存在已成交的中长期交易电量、绿电电量，相应调减新 能源增量项目竞价申报上限。 此前，11月6日，《广西壮族自治区深化新能源上网电价市场化改革实施方案（征求意见稿）》中曾明确首次增量新能源项目竞价上限暂定为0.36元/千瓦 时，竞价下限暂定为0.131元/千瓦时。 4） ...

【深圳商报讯】(首席记者董思)记者从南方电网深圳供电局获悉，广东省首批新能源用户竞价交易结算 账单于近日发放。在深圳403个完成市场注册的新能源增量项目中，有170个项目在全省首次竞价交易中 达成交易并获得首批账单，覆盖4000余户光伏用户。 "这是广东省创新建立的新能源'托底保护价'差价结算机制，'机制电量'相当于有一部分电量享有'保底 收益'，使新能源用户既避免市场价格波动带来收益风险，又能通过精准报价享受一定红利，保留其参 与高价市场竞争的机遇，为新能源市场化进程保驾护航。" "从刚开始接触政策到最后顺利完成竞价，供电人员给我们很多专业指导，让我们省心不少。"张先生是 拿到首批竞价交易结算账单的光伏用户，他表示，新能源上网电价市场化改革对他们来说，意味着打破 传统定价模式，推动市场形成真实反映供需的价格信号，用户既可选择以"价格接受者"身份入市，也可 以聚合为虚拟电厂等新模式参与，灵活性更高，但同时用户也面临新挑战，提高自身新能源项目的调节 能力变得更重要。 今年国家发展改革委、国家能源局联合印发《关于深化新能源上网电价市场化改革促进新能源高质量发 展的通知》(发改价格〔2025〕136号)，明确"新能 ...

Core Insights - The auction for renewable energy prices in Guangdong has successfully established a clearing price of 0.36 yuan per kilowatt-hour, marking a significant step towards a market-driven pricing system for renewable energy in the province [1][2]. Group 1: Auction Results - The auction attracted participation from tens of thousands of distributed photovoltaic projects, with 11,588 projects selected, totaling a registered capacity of 5.24 million kilowatts, all clearing at the price of 0.36 yuan per kilowatt-hour [2]. - The auction was conducted within a price range set by the Guangdong Provincial Development and Reform Commission and the Energy Bureau, with an upper limit of 0.40 yuan per kilowatt-hour and a lower limit of 0.20 yuan per kilowatt-hour [2]. Group 2: Competitive Mechanism - The introduction of a "competitive effectiveness coefficient" in the auction process aims to enhance competition and price discovery, with the coefficient set at 1.2 to adjust the clearing scale based on actual market demand [3]. - The Guangdong power grid has streamlined the integration process for renewable energy projects, ensuring data accuracy and facilitating smooth transactions in the auction [3]. Group 3: Market Dynamics - The new pricing mechanism is expected to drive the renewable energy industry in Guangdong towards improved technology and cost structures, as the competition intensifies among market participants [4]. - Starting November 1, 2025, the Guangdong electricity spot market will allow for a price range with a lower limit of -50 yuan per megawatt-hour and an upper limit of 1,800 yuan per megawatt-hour, enhancing the reflection of supply and demand dynamics [4][5].

Core Insights - The first batch of competitive bidding settlement bills for new energy users in Guangdong Province has been issued, with 170 projects successfully trading in the first round, covering over 4,000 photovoltaic users [1][2] - The National Development and Reform Commission and the National Energy Administration have issued a notice to promote market-oriented pricing for new energy projects, allowing them to participate in market transactions [1][2] - The Shenzhen Power Supply Bureau has established a specialized team to support the implementation of these policies, providing comprehensive services and guidance to users [1][3] Summary by Sections New Energy Market Reform - The reform aims to ensure that all new energy projects (wind and solar) enter the electricity market, with prices determined through market transactions [1][2] - For existing projects before June 1, 2025, a mechanism price of 0.453 yuan per kilowatt-hour will be applied, providing revenue security [2][7] - New projects after this date can secure a stable price through competitive bidding, while unselected projects will be priced according to market rates [2][7] User Experience and Support - Users have reported positive experiences with the guidance provided by power supply personnel during the bidding process, highlighting the flexibility and challenges of the new market [3] - The Shenzhen Power Supply Bureau plans to continue enhancing its service model to attract more participants in the electricity market [3] Impact on the Electricity Industry - The reform is expected to drive high-quality development in the new energy sector by establishing a true market price and promoting efficient allocation of resources [5][6] - It will also facilitate the construction of a new type of power system, ensuring that various energy sources fairly share the costs of system adjustments [5][6] - The establishment of a unified national electricity market is anticipated, with market rules being refined to support this goal [6]

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" [5] Core Insights - The mechanism electricity pricing results for renewable energy projects across 19 provinces are better than expected, but there is significant regional differentiation [1][21] - The transition from fixed pricing to market-based pricing for renewable energy projects is expected to enhance investment in areas with better consumption conditions and higher returns [2][40] - The focus of competition in the industry is shifting from scale expansion to refined operations, emphasizing the importance of electricity trading strategies and cost reduction capabilities [2][40] Summary by Sections 1. Special Research - The mechanism electricity pricing results show that most provinces provide over 80% of the incremental projects with guaranteed pricing, while regions like Xinjiang, Qinghai, Yunnan, and Jiangxi have lower ratios [1][24] - The bidding results reflect local renewable energy consumption levels and policy guidance, with eastern provinces generally achieving better results than western provinces [2][27] - The report highlights the need for a balance between promoting renewable energy and maintaining market stability in the eastern region [30] 2. Market Information Tracking - The average transaction price for electricity in Jiangsu province is reported at 339.58 yuan/MWh [4] - The average price of thermal coal in the Bohai Rim region is 703 yuan/ton, showing a slight increase [13] - The price of natural gas in the Netherlands is reported at 28 euros per trillion watt-hours, indicating a decrease [13] 3. Industry Dynamics - The Central Economic Work Conference emphasizes the need to address local government debt risks and promote the construction of a new energy system [11] - The establishment of the High-Temperature Gas-Cooled Reactor Modern Industrial Chain Alliance marks a significant step in the commercialization of fourth-generation nuclear energy technology [12] 4. Investment Portfolio and Recommendations - For thermal power, the report suggests focusing on companies like Huadian International and Huaneng International, as the profitability of thermal power is expected to stabilize [13] - In the hydroelectric sector, companies like Yangtze Power and Chuanwei Energy are recommended due to improved water conditions [13] - For nuclear power, long-term growth potential is highlighted for China National Nuclear Power and China General Nuclear Power [13] - In the green energy sector, companies with refined operational capabilities such as Longyuan Power and Three Gorges Energy are recommended [14]

央广网广州12月12日消息（记者徐钡儿）12月12日，广东电力交易中心交易组织部专责徐云打开交易系统，将广 东省发展改革委、广东省能源局联合签发的《关于公布2025年新能源项目机制电价竞价结果的通知》与竞价中标 项目清单发布给市场主体，大屏同步刷新——那串红色数字0.360元/千瓦时再次跳出，这份由政府主管部门正式 揭晓的"最终成交价"，不仅让分布式光伏以每度电0.36元的价格成功锁定未来收益，而且标志着广东省新能源电 价体系从"政策主导"向"市场主导"迈出关键一步。 "十四五"时期，南方电网广东电网公司全力推进广东目标网架建设。（央广网发 陈海东 摄） 新能源竞价中标 实现预期目标 记者从广东电力交易中心获悉，本次竞价活动吸引了全省数万个分布式光伏项目参与，最终11588个项目入选，总 备案容量达到524万千瓦，全部以0.360元/千瓦时出清。 凸显广东特色 广东新能源上网电价市场化改革政策263号文明确6月1日后并网的增量新能源项目，全部站上竞价起跑线，通过机 制竞价锁定收益。 "广东此次竞价机制创新引入'竞争有效性系数'，电量出清规模取初始竞价规模与申报电量规模除以竞争有效性系 数两者的较小值，有力促进 ...

（文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：国家能源局，发改委《关于深化新能源上网电价市场 化改革促进新能源高质量发展的通知》（发改价格〔2025〕136号），标志着新能源电站收益模式从固 定电价向市场化交易转型。江苏省的136号承接细则《江苏省深化新能源上网电价市场化改革促进新能 源高质量发展实施方案》也已经发布，请问国电南自的虚拟电厂智慧运营管控系统是否参与接入？ 国电南自（600268.SH）12月5日在投资者互动平台表示，尊敬的投资者，您好！公司虚拟电厂智慧运 营管控系统已和江苏省电力营销的电力负荷管理系统对接，已参与江苏省电力市场辅助服务交易。感谢 您对公司的关注，感谢您的理解和支持！ ...

Core Viewpoint - The Shanghai Municipal Development and Reform Commission has announced the mechanism electricity price for the 2025 new energy incremental projects at 0.4155 yuan per kilowatt-hour, reaching the bidding cap set at 0.42 yuan per kilowatt-hour, aligning with previous pricing for existing projects and local coal benchmark prices [1][6]. Bidding Results - A total of 2,039 projects were selected in the bidding for the 2025 new energy incremental projects, with a total mechanism electricity volume of approximately 540 million kilowatt-hours [2][3]. Project Composition - The majority of selected projects are distributed photovoltaic projects, with only 10 centralized photovoltaic and 2 onshore wind projects included, reflecting Shanghai's unique characteristics as a densely populated city with limited land resources [3][11]. Price Benchmark - The announced price of 0.4155 yuan per kilowatt-hour is the highest among provinces that have released results, marking a new high for national mechanism electricity prices. This price is significantly higher than those in other regions, with a difference of 0.2201 yuan per kilowatt-hour compared to Gansu [6][7]. Policy Background - This bidding process is part of the national reform for market-oriented pricing of new energy electricity, aimed at promoting high-quality development in the sector. Shanghai has established a "sustainable development price settlement mechanism" for new energy projects [8][12]. Regional Differentiation - Shanghai's high electricity price is attributed to its unique market conditions, including a relatively loose supply of mechanism electricity and a limited number of qualifying projects, leading to less competition [9][10]. Industry Impact - The price of 0.4155 yuan per kilowatt-hour provides a clear and attractive return benchmark for new energy projects, particularly distributed photovoltaic projects, encouraging further investment in Shanghai's new energy sector [11][12].

Core Viewpoint - The energy storage industry is experiencing a significant surge in demand, contrasting sharply with the previous two years of declining prices for storage systems. This shift is driven by a supply-demand imbalance, with domestic and international factors contributing to the increased demand for energy storage solutions [1][2][3]. Demand Side Summary - The domestic market has set a target of over 180 million kilowatts for energy storage installations through the "New Type Energy Storage Scale Construction Special Action Plan (2025-2027)," providing a strong impetus for market growth [1]. - Various provinces are introducing or planning capacity price compensation mechanisms, and the ongoing market-oriented reform of renewable energy grid prices is clarifying the revenue models for energy storage [1]. - The application of large battery cell technology has improved the economic viability of energy storage systems, leading to increased investment willingness from companies [1]. - Internationally, Europe is facing urgent demand for energy storage to stabilize electricity prices and ensure grid reliability, while emerging markets in the Middle East and Asia-Pacific are rapidly developing, creating a synchronized demand scenario [1]. Supply Side Summary - The supply side is currently unable to keep pace with the surging demand due to the long production cycles of upstream materials such as anode and cathode materials and electrolytes, which cannot be rapidly expanded in the short term [2]. - Different application scenarios have varying requirements for battery cell energy density and cycle life, leading to a shortage of specialized production capacity and exacerbating the battery supply shortage [2]. Long-term Industry Trends - The current enthusiasm for energy storage is a natural outcome of the development stage of the renewable energy industry, as energy storage helps to stabilize the grid and mitigate issues related to the intermittent nature of wind and solar power [2][3]. - Energy storage has transitioned from being an optional strategy for power generation companies to a necessary component, enabling them to meet grid connection requirements and reduce losses from curtailment while expanding revenue channels through market participation [2]. - The strategic value of energy storage is becoming increasingly recognized, as it plays a crucial role in ensuring grid safety, promoting renewable energy consumption, and enhancing energy efficiency [3]. Future Outlook - The current "one cell is hard to find" situation may ease as supply and demand balance out, but the long-term development of the energy storage industry is just beginning [4]. - Companies should focus on technological innovation and sustainable business models rather than solely on short-term capacity expansion and price benefits [4]. - The energy storage industry's growth is vital for advancing energy transition goals and ensuring national energy security, with the market's current heat reflecting a re-evaluation of the value of energy storage [4].

文 | 山东省发改委 1 2月1日，山东省发改委发布关于公开征求《山东省新能源可持续发展差价结算实施细则 （征求意见稿）》《山东省电力零售市场价格风险防控实施细则（征求意见稿）》意见建 议的公告。 《山东省新能源可持续发展差价结算实施细则》中明确：实施细则新能源，是指并入山东 电网的风电、太阳能发电项目(以下统称"新能源项目" )，其中2 0 2 5年5月31日及以前投产 的为存量项目，2 0 2 5年6月1日（含）起投产的为增量项目。 机制电量 存量项目机制电价 ，按照我省燃煤基准电价（ 每千瓦时0.3 9 4 9元 ，含增值税）执行。 增量项目机制电价 ，根据《山东省新能源机制电价竞价实施细则》及年度竞价通知等规 定 执 行 。 详 见 ： 正 式 发 布 ！ 山 东 " 136 号 文 " 优 化 发 电 侧 容 量 补 偿 机 制 ， 存 量 0.3949 元/ kWh 差价电费结算 差价结算费用（以下简称"差价电费"）按月计算 。计算公式为： 月度差价电费=（机制电价-结算参考价）×月度机制电量。 结算参考价： 结算参考价，现阶段风电、光伏分别按照山东电力现货市场同类型集中式 项目月度发电侧实时市场 ...