Summary of Key Points from the Conference Call Industry Overview - The conference call focused on the **electric power industry** in China, particularly regarding the recent policies released by the National Energy Administration and the National Development and Reform Commission aimed at promoting market-oriented electricity systems and new energy systems [1][2][3]. Core Insights and Arguments - **Policy Initiatives**: The government has introduced several policies, including the establishment of an electricity spot market, near-consumption of new energy projects, and large-scale construction of new energy storage systems. These policies are seen as a continuation of previous initiatives rather than standalone measures [1][2][3]. - **New Energy System Characteristics**: The new energy system is centered around load, emphasizing interaction between sources and networks. It is characterized by being clean, low-carbon, safe, abundant, economically efficient, and flexible [6][8]. - **Near-Consumption Pricing Mechanism**: This mechanism applies not only to distributed photovoltaic projects but also to large wind power bidding projects, encouraging the use of cheap and clean new energy to meet demand [7][8]. - **Market Mechanisms for Profitability**: The government aims to ensure profitability for all parties involved through market mechanisms, including capacity pricing policies and the encouragement of emerging business entities [10][13]. - **Emerging Business Entities**: New business models such as green electricity direct connection and zero-carbon parks are encouraged, but these entities must also bear costs such as transmission and distribution fees [5][13]. Important but Overlooked Content - **Storage's Role in New Energy**: Storage plays a crucial role in the new energy market, allowing for the storage of energy during low-price periods and selling it during high-price periods, thus enhancing overall profitability [19][20]. - **Projected Growth of Storage Capacity**: By the end of 2024, the total installed capacity of new storage is expected to reach 74 GW, increasing to 180 GW by the end of 2027, indicating a significant growth trajectory [18][22]. - **Challenges in Large-Scale Projects**: The development of large-scale renewable energy bases in regions like Northwest China faces challenges such as slow construction of ultra-high voltage transmission lines and insufficient power delivery capacity [47][49]. - **Impact of Spot Market on Profitability**: The establishment of the electricity spot market is expected to significantly influence the profitability of power generation and consumption entities, with an increasing demand for auxiliary services as renewable energy penetration rises [50]. Conclusion The conference highlighted the ongoing transformation in China's electric power industry, driven by new policies aimed at enhancing market efficiency and promoting renewable energy. The emphasis on storage solutions and the establishment of a spot market are critical for the future profitability and stability of the energy sector.

Investment Rating - The report maintains a positive outlook on the power and gas sectors, recommending various companies within these industries for investment [5][14]. Core Insights - The report highlights the competitive results of the electricity pricing mechanism in Shandong, indicating that wind power is favored over solar power, with wind power pricing at 0.319 CNY/kWh and solar at 0.225 CNY/kWh [9][10]. - A new pricing mechanism for nearby consumption of renewable energy has been established, clarifying economic responsibilities and allowing renewable projects to pay for supply reliability [12][13]. - Global gas prices are showing mixed trends, with European and Asian prices rising while U.S. prices are declining, reflecting varying supply and demand dynamics [15][20]. Summary by Sections 1. Electricity: Shandong Pricing Mechanism and New Renewable Energy Policies - Shandong's first competitive pricing results show wind power projects with a total capacity of 3.5911 GW and a mechanism electricity price of 0.319 CNY/kWh, while solar projects have a capacity of 1.265 GW and a price of 0.225 CNY/kWh [9][11]. - The new pricing mechanism for nearby consumption aims to enhance the utilization of renewable energy and reduce the pressure on the power system [12][13]. 2. Gas: Global Price Variations - As of September 12, U.S. Henry Hub spot prices are at $2.94/mmBtu, down 3.61% week-on-week, while European TTF prices are at €32.00/MWh, up 1.27% [15][16]. - The report notes that U.S. gas production remains high despite a slight decline, while European prices are influenced by supply constraints and increased heating demand due to cooler temperatures [15][20]. 3. Weekly Market Review - The gas sector outperformed the Shanghai and Shenzhen 300 index, while the public utilities, power, and environmental sectors underperformed [36]. 4. Company and Industry Dynamics - Recent announcements include the implementation of market-oriented pricing reforms for renewable energy in Jiangxi province, effective from October 2025 [40]. - The report also discusses various company announcements, including operational updates and financial instruments [43]. 5. Key Company Valuation Tables - The report provides valuation metrics for key companies in the public utility sector, highlighting buy and hold recommendations for several firms based on their earnings and price-to-earnings ratios [45][46].

Investment Rating - The report maintains an "Overweight" rating for the electricity sector [2] Core Views - The new pricing policy for nearby consumption of renewable energy is expected to balance cost sharing and catalyze the development of green electricity direct connection projects. The policy will be implemented on October 1, 2025, requiring that renewable energy self-consumption accounts for at least 60% of total available generation and 30% of total consumption [5][10] - The recent surge in storage policies indicates a growing recognition of the value of regulatory power sources, with a target of adding over 100 million kilowatts of new storage capacity by 2027, leading to direct investments of approximately 250 billion yuan [5][10] - The implementation of AI in the energy sector is anticipated to create investment opportunities, with a focus on establishing a collaborative mechanism between computing power and electricity by 2030 [5][10] Summary by Sections Industry Views - The new policy for nearby consumption of renewable energy is expected to promote green electricity direct connection and address cost-sharing issues [5][10] - Storage policies are being introduced to enhance the value of regulatory power sources, with significant investment expected in new storage capacity [5][10] - The integration of AI in the energy sector is set to improve operational efficiency and create new investment avenues [5][10] Market Review - The Shanghai Composite Index closed at 3,870.60 points, up 1.52%, while the CSI 300 Index closed at 4,522.00 points, up 1.38%. The CITIC Power and Utilities Index closed at 3,077.52 points, up 0.90%, underperforming the CSI 300 Index by 0.49 percentage points [55][56] Key Company Recommendations - Recommended stocks include New天绿色能源 (H), 龙源电力, 中闽能源, and 吉电股份 in the green electricity sector, and 华能国际, 华电国际, and 宝新能源 in the thermal power sector [6][7]

近年来，我国新能源大规模发展，取得了举世瞩目的成就，但同时也面临消纳难度上升、电力系统调节 压力加大等挑战，为此，各方积极探索消纳利用新能源的新模式。2025年2月，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》，致力于通过 市场手段解决消纳难题；同年5月，出台《关于有序推动绿电直连发展有关事项的通知》，提出绿电直 连项目的消纳新场景。9月12日，两部委再次联合发布《关于完善价格机制促进新能源发电就近消纳的 通知》（以下简称《通知》），从参数要求、费用承担、市场路径三大维度对就近消纳项目给出清晰规 范。这一政策为项目投资者评估项目可行性、制定投资策略提供了核心依据，也为新能源就近消纳项目 的规模化落地提供了制度保障。 项目建设技术要求：参数设置的深层逻辑 新能源就近消纳项目较常见的电力系统成员有一定的特殊性，有着发电企业与电力用户的双重身份。为 清晰项目在不同身份下的权利与义务，《通知》对项目接网方式、消纳比例等建设条件提出了十分明确 的要求。 一是形成清晰物理界面和安全责任界面。《通知》明确项目内部电源、负荷以及储能等作为整体与公共 电网连接，其中，电源 ...

原标题："两部门：完善价格机制促进新能源发电就近消纳" 中新网9月12日电据国家发展改革委网站消息，国家发展改革委、国家能源局发布关于完善价格机制促 进新能源发电就近消纳的通知。通知表示，大力推动风能、太阳能等新能源资源开发利用，对助力能源 绿色低碳转型、实现碳达峰碳中和目标具有重要意义。发展新能源就近消纳，是促进新能源资源开发利 用、满足企业绿色用能需求的重要途径。为贯彻落实党中央、国务院决策部署，推动新能源实现更高水 平的就近消纳，现就有关事项通知如下。 一、公共电网提供稳定供应保障服务。对电源、负荷、储能等作为整体与公共电网连接，形成清晰物理 界面和安全责任界面、以新能源发电为主要电源的就近消纳项目，公共电网按照接网容量提供可靠供电 等服务，保障其安全稳定用电。就近消纳项目电源应接入用户和公共电网产权分界点的用户侧，新能源 年自发自用电量占总可用发电量比例不低于60%，占总用电量比例不低于30%、2030年起新增项目不低 于35%；项目应当具备分表计量条件，由电网企业在发电、厂用电、并网、自发自用、储能等关口安装 计量装置，准确计量各环节电量数据。 二、就近消纳项目公平承担稳定供应保障费用。按照"谁受益 ...

21世纪经济报道记者周潇枭雷椰北京报道9月12日，国家发展改革委、国家能源局对外发布《关于完善 价格机制促进新能源发电就近消纳的通知》(下文简称《通知》)。 新能源发电就近消纳项目既发电、也用电，发电时是发电企业、用电时是电力用户，这些项目与公共电 网的边界需进一步明确。 《通知》明确指出，对电源、负荷、储能等作为整体与公共电网连接，形成清晰物理界面和安全责任界 面、以新能源发电为主要电源的就近消纳项目，公共电网按照接网容量提供可靠供电等服务，保障其安 全稳定用电。 何谓"物理界面和安全责任界面清晰"？《通知》指出，就近消纳项目电源应接入用户和公共电网产权分 界点的用户侧。项目应当具备分表计量条件，由电网企业在发电、厂用电、并网、自发自用、储能等关 口安装计量装置，准确计量各环节电量数据。 何谓"以新能源发电为主"？《通知》指出，项目的新能源年自发自用电量占总可用发电量比例不低于 60%，占总用电量比例不低于30%、2030年起新增项目不低于35%。 国家发展改革委、国家能源有关负责人表示，新能源发电就近消纳项目，应该具备界面清晰、计量准 确、以新能源发电为主等基本条件。对符合条件的就近消纳项目，公共电网应当 ...

根据通知，就近消纳项目公平承担稳定供应保障费用。按照"谁受益、谁负担"原则，对电力系统提供的 稳定供应服务，就近消纳项目公平承担输配电费、系统运行费等费用；未接入公共电网的项目，不缴纳 稳定供应保障费用。 通知明确，公共电网提供稳定供应保障服务。对电源、负荷、储能等作为整体与公共电网连接，形成清 晰物理界面和安全责任界面、以新能源发电为主要电源的就近消纳项目，公共电网按照接网容量提供可 靠供电等服务，保障其安全稳定用电。就近消纳项目电源应接入用户和公共电网产权分界点的用户侧， 新能源年自发自用电量占总可用发电量比例不低于60%，占总用电量比例不低于30%、2030年起新增项 目不低于35%。 本报北京9月12日电(记者邱海峰)记者12日从国家发展改革委获悉，国家发展改革委、国家能源局日前 印发《关于完善价格机制促进新能源发电就近消纳的通知》，部署推动新能源实现更高水平的就近消 纳。 ...

在公共电网服务保障方面，《通知》明确，对电源、负荷、储能一体化且以新能源为主要电源的就近消 纳项目，公共电网将按接网容量提供可靠供电服务，保障项目安全稳定用电。 9月12日，国家发展改革委、国家能源局联合发布《关于完善价格机制促进新能源发电就近消纳的通 知》(以下简称《通知》)，从公共电网服务、费用承担、市场参与、组织实施四方面明确政策举措，旨 在通过价格机制创新，推动风能、太阳能等新能源实现更高水平就近消纳，为能源绿色低碳转型、实现 碳达峰碳中和目标提供有力支撑。《通知》自10月1日起正式实施。 国家发展改革委相关负责人表示，近年来，为支持新能源就近消纳模式发展，国家和各地陆续出台多项 政策，鼓励试点先行，但总体上发展仍然偏慢，主要原因是项目边界和保供责任不够清晰，对公共电网 提供的稳定供应保障服务，项目应当承担的经济责任不够明确。 基于此，此次发布的《通知》特别聚焦了新能源消纳过程中的电网服务、成本分摊、市场公平性等核心 问题，并提出一系列针对性措施。 费用分摊机制的公平性是此次政策的重点内容。《通知》遵循"谁受益、谁负担"原则，明确就近消纳项 目需公平承担输配电费、系统运行费等稳定供应保障费用，未接入公 ...

央视网消息：据国家发改委消息，国家发展改革委、国家能源局发布关于完善价格机制促进新能源 发电就近消纳的通知。对电源、负荷、储能等作为整体与公共电网连接，形成清晰物理界面和安全责任 界面、以新能源发电为主要电源的就近消纳项目，公共电网按照接网容量提供可靠供电等服务，保障其 安全稳定用电。就近消纳项目电源应接入用户和公共电网产权分界点的用户侧，新能源年自发自用电量 占总可用发电量比例不低于60%，占总用电量比例不低于30%、2030年起新增项目不低于35%；项目应 当具备分表计量条件，由电网企业在发电、厂用电、并网、自发自用、储能等关口安装计量装置，准确 计量各环节电量数据。 国家发展改革委 国家能源局关于 完善价格机制促进新能源发电就近消纳的通知 发改价格〔2025〕1192号 一、公共电网提供稳定供应保障服务。对电源、负荷、储能等作为整体与公共电网连接，形成清晰 物理界面和安全责任界面、以新能源发电为主要电源的就近消纳项目，公共电网按照接网容量提供可靠 供电等服务，保障其安全稳定用电。就近消纳项目电源应接入用户和公共电网产权分界点的用户侧，新 能源年自发自用电量占总可用发电量比例不低于60%，占总用电量比例不 ...

问：《通知》的主要内容有哪些？ 答： 通知共分为五部分。 第一部分 为适用范围与基本原则，明确绿电直连项目的定义、分类、特 征及原则。 第二部分 为加强规划引导，明确项目建设、规划统筹、模式创新、源荷匹配等方面要 求。 第三部分 为加强运行管理，从项目自身管理、电网接入要求、调度运行管理、安全责任界面 和系统友好性等方面，对绿电直连项目和电网企业提出具体要求。 第四部分 为交易与价格机制， 鼓励项目作为整体参与电力市场，按规定缴纳相关费用，并明确计量结算要求。 第五部分 为组织 保障， 明确国家发展改革委、国家能源局、地方能源主管部门、国家能源局派出机构、电网企业和 电力市场运营机构等工作要求。 问：《通知》对投资建设绿电直连项目作出哪些规定？ 答： 一是支持各类经营主体投资建设绿电直连项目 。 《通知》明确支持包括民营企业在内的各类 经营主体（不含电网企业）投资绿电直连项目， 省级能源主管部门应配合做好相关工作，支持民营 资本等参与 。 二是充分调动投资主体积极性。 《通知》提出项目电源可由用户投资，也可由新能 源发电企业或双方成立的合资公司投资；直连专线原则上应由用户、电源主体投资。 三是维护各类 投资主 ...