战略部署需克服结构性挑战。 张益国 先生指出，当前新能源基地开发痛点主要集中于源 网荷储各环节在规划建设上不够匹配，以及大型基地叠加生态治理和长距离输电成本的经 济性问题。对此，他提出要推动新能源场站、调节电源和输电通道的同步规划建设，加强 新能源与有关产业集成融合发展，特别要重视提升省区间电力互济平衡能力，加强技术和 机制创新，多措并举推动新能源高质量消纳，提升发展的综合效益。 中国能源研究会常务理事李俊峰先生 指出，随着"136号文"将风光项目开发权由中央逐步 下放至地方，行业正从过去的"抢项目"转向更看重区位、消纳与经济性的"选项目"阶段。 当前装机节奏放缓属于机制切换下的正常磨合过程，短期调整趋势清晰。他判断，2025 年市场大概率呈现"前高后低、波动过渡"的波浪式走势，而随着新机制逐步消化、项目筛 选逻辑稳定，2026年有望实现较为明显的修复与反弹。 近期，彭博新能源财经BNEF上海峰会圆满闭幕。作为一年一度的能源盛会，本次BNEF上海 峰会汇聚了来自全球能源行业的顶尖嘉宾、创新先锋与行业领袖，围绕中国在"双碳"目标下 推动能源结构转型、深化电力市场改革，以及中国清洁技术企业在全球扩张中所面临的机遇 ...

点击注册小程序 本周数据更新：本周动力煤价格加速下跌 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 本周行情回顾： 本周SW公用事业一级板块上涨0.12%，在31个SW一级板块中排名第17；沪深300上涨1.28%，上证综指上 涨0.37%，深证成指上涨1.26%，创业板指上涨1.86%。细分子板块中，火电下跌0.2%，水电上涨0.66%， 光伏发电上涨0.07%，风力发电上涨0.62%，电能综合服务上涨0.35%，燃气下跌1.66%。本周公用事业涨 幅前五的个股分别为闽东电力（+16.86%）、中闽能源（+12.62%）、惠天热电（+12.60%）、华通热力 （+7.56%）、德龙汇能（+6.19%）；周跌幅前五的个股分别为上海电力（-13.53%）、恒盛能源 （-12.13%）、大众 ...

今天分享的是：2025电力市场改革和新能源高质量发展 报告共计：32页 电力市场改革步入深水区，新能源高质量发展面临系统成本挑战 随着全球能源转型加速，电力市场改革与新能源高质量发展已成为不可回避的议题。近年来，中国在构建新型电力系统的过程中，既面临能源清洁化与安全 稳定的双重压力，也迎来电网投资增长与市场机制完善的重要机遇。在这一背景下，如何平衡"能源不可能三角"——即能源的清洁性、安全性与经济性，成 为电力系统转型的核心课题。 系统成本临界点已至，电力市场机制亟待完善 煤电建设"回潮"反映系统可靠性需求 尽管新能源快速发展，煤电核准与开工规模在近年出现波动上升。这一现象背后的逻辑在于，电力系统作为实时平衡系统，必须满足最高负荷需求。在储能 等灵活性资源尚未完全成熟的阶段，煤电因其建设周期短、出力稳定，仍在系统中承担重要保供作用。未来，随着抽水蓄能、新型储能、虚拟电厂等灵活性 资源规模扩大，煤电角色将逐步由主力电源转向调节性与保障性电源。 总结 当前，中国电力市场改革已进入以"消纳绿电为主线、安全为底线、央地协同为动力"的新阶段。全国统一电力市场建设与现货市场推进，将成为新型电力系 统构建的重要抓手。而在新 ...

Core Viewpoint - The article discusses the opportunities in the energy storage industry amidst the ongoing reforms in the electricity market and the rise of digital intelligence, highlighting significant partnerships and strategic agreements in Europe [2][3]. Group 1: Strategic Partnerships and Agreements - 中汽新能 signed a strategic cooperation agreement with Belgium's AVESTA for a capacity of 2GWh, marking a significant step in expanding its international presence [4][7]. - 库博能源 established a strategic cooperation with Romania's VoltLink Energy, focusing on a 1GWh capacity, which aims to enhance their overseas business and leverage VoltLink's market experience [9][11]. Group 2: Market Growth and Projections - The European energy storage market is entering a critical phase, with cumulative installed capacity expected to exceed 100GW by the end of November, driven primarily by large-scale storage projects [3][12]. - The EU aims for a target of 500-780GWh of installed capacity by 2030, indicating a substantial growth potential in the sector [3][12]. Group 3: Economic Drivers and Challenges - The economic viability of energy storage has improved due to declining costs and increased revenue opportunities, with CAPEX for LFP storage systems expected to decrease by approximately 37% from 2022 to 2025 [16]. - Despite strong growth prospects, the European storage market faces challenges, including lengthy approval processes and market fragmentation, which could hinder achieving the 2030 targets [17][18].

Core Insights - The article discusses the opportunities in the energy storage industry amidst power market reforms and digitalization, highlighting a collaborative report titled "2025 Power Market and Digital Energy Storage Research Report" to be released at the upcoming summit [2] Group 1: Company Developments - Sungrow Power has secured a significant order in Chile, providing energy storage equipment and long-term service agreements for a 509MW/2036MWh storage project with Generadora Metropolitana [3][4] - The Dune Plus project, with a total investment of $629 million, will enhance grid stability and peak shaving capabilities through the deployment of 406 container units of the PowerTitan storage system [4] - As of 2025, Sungrow Power has disclosed a total of over 44.8GWh in energy storage orders globally, indicating a strong market presence [5] Group 2: Market Trends - Chile has established a leading position in Latin America's energy storage sector, with an installed capacity of 1,105MW as of July 2025, significantly surpassing Brazil and Mexico [9] - The country is expected to attract over $4.3 billion (approximately 300 billion RMB) in energy storage investments from 2025 to 2029, driven by strong policy support and a clear energy transition strategy [9] - The anticipated growth in Chile's energy storage capacity is projected to exceed 5GW between 2025 and 2030, with Chinese companies actively securing orders in the region [9]

河南、山东电力交易中心公示20家售电公司欠费3717万元，单家最高欠费1487万元，履约担保即将被执 行。行业风险集中暴露，市场加速洗牌，部分企业通过金融创新寻找出路。 电力交易市场近日掀起波澜。 近日，河南与山东两地电力交易中心相继发布公告，对20家欠费售电公司进行公示，总欠费金额达3717 万元，其中单家最高欠费金额已达1487万元。这不是孤例，广东两家售电公司因提交伪造履约保函被强 制退出市场。 售电行业正经历着残酷的洗牌。 随着"136号文"发布，新能源上网电量全面进入电力市场，上网电价全面由市场形成。我国多层次统一 电力市场加快构建，省间、区域、省内中长期交易常态开展。 这些变化对电力交易从业者的岗位能力要求日益提高。 20家售电公司的集体欠费 2025年11月，河南与山东两地电力交易中心相继发布公告，17家河南售电公司和3家山东售电公司因未 按时支付相关结算费用，面临履约担保被执行的局面。 这不是简单的资金周转问题，而是售电行业风险集中暴露的阴影。 根据公告，若这些售电公司在公示期内仍未完成欠费缴纳，国网河南省电力公司和国网山东省电力公司 将启动履约保障凭证支付流程。 单家售电公司最高欠费金额已达 ...

Core Insights - The recent surge in the energy storage industry is primarily driven by improved economic viability of storage projects, particularly in China, the US, and Europe, where investment enthusiasm and returns are closely linked to market conditions [2] - The demand for energy storage is expected to spike in both the US and China due to regulatory changes and market reforms, leading to temporary supply-demand mismatches and price increases [2] Group 1: Market Dynamics - The economic improvement in energy storage projects is attributed to cost reductions and policy incentives, with China seeing a shift from mandatory solar project integration to market-based trading, increasing the real demand for storage [2][4] - In the US, demand is being front-loaded to avoid potential tariffs and restrictions, while China's market is accelerating deployment in response to market reforms [2][3] Group 2: Economic Factors - The economic viability of storage projects in Inner Mongolia has significantly improved due to policy changes that allow for market participation and capacity compensation, alongside cost reductions from increased production efficiency [4] - The price of lithium carbonate has stabilized around 70,000 yuan per ton, contributing to lower battery costs, while US tax incentives have maintained attractive returns for independent storage projects [17] Group 3: Supply Chain Insights - There is a persistent discrepancy between global energy storage shipment volumes and installed capacities, primarily due to the majority of battery production occurring in China and logistical delays affecting installation statistics [5][6] - The difference between shipment and installation volumes is better understood as "in-transit products" rather than inventory, as long-term storage of batteries can negatively impact their performance [7] Group 4: Future Projections - The domestic energy storage market is expected to grow organically, driven by inherent demand factors such as peak-valley price differences, even without subsidies [8] - The long-term target of 2000 GWh for energy storage installations is based on various factors, including the proportionate allocation of storage to existing solar capacity and the retirement of fossil fuel plants [9] Group 5: Relationship with Renewable Energy - The ideal configuration of energy storage with renewable sources like solar and wind is characterized by a 1:1 capacity matching, with the duration of storage determined by usage patterns [10] - The growth of renewable energy installations will likely lead to a reduction in the utilization hours of fossil fuel power generation, supported by policies aimed at phasing out less efficient plants [16] Group 6: Industry Growth Drivers - The certainty of rapid growth in the energy storage market is driven by the ongoing energy transition and regulatory reforms, although potential constraints exist in the supply chain, particularly among smaller manufacturers [14] - Energy storage enhances the stability of the grid, facilitating the increased integration of renewable energy sources, thereby allowing for a higher share of renewables in the energy mix [15]

Core Insights - The Southern Power Grid Company released the "Southern Power Market Construction White Paper" during the sixth International Forum on New Power Systems, detailing the development of China's first continuously operating regional power market from pilot exploration to regional full coverage [1] Group 1: Development and Achievements - After ten years of reform, significant breakthroughs have been achieved in the institutional and mechanism aspects of the Southern Power Market [1] - The regional power market has entered a phase of continuous settlement trial operation, with over 250,000 market service entities participating [1] - The market-based trading volume of electricity exceeds 70%, and the cumulative electricity transmitted from the west to the east has surpassed 30 trillion kilowatt-hours [1] Group 2: Green Energy and Market Impact - The trading volume of green certificates in the Southern region accounts for 63% of the national total, providing a practical example for the construction of a unified national power market [1] - In the current year, the trading volume of green electricity and green certificates on the Southern regional power trading platform exceeded 250 billion kilowatt-hours, representing a year-on-year increase of 360% and surpassing the total of the previous three years [1]

Group 1 - The core viewpoint of the article is the collaboration between China and the UK in the field of electricity market reform, initiated through a memorandum signed at the Sino-British Electricity Market Reform Seminar held in Suzhou [2] - The seminar involved representatives from energy authorities, the British Embassy in China, and relevant research institutions, focusing on innovative discussions regarding electricity systems and market reforms [2] - The establishment of the Sino-British Electricity Market Reform Consultation Group aims to provide professional consulting and policy recommendations for both governments in the area of electricity market reform [2] Group 2 - The China side, represented by the Zhongguancun Energy Storage Industry Technology Alliance, will collaborate with institutions such as Tsinghua University and UK partners like the S Curve Economic Research Institute and University College London (UCL) [2] - The research will focus on the experiences and existing issues of electricity market reform in both countries, as well as exploring how these reforms can empower the development of the energy storage industry [2]

Core Viewpoint - The significant achievements of China's electricity market reform over the past decade have been highlighted, emphasizing the importance of efficient operation and scientific regulation in achieving high-quality energy development amid global energy transitions [4]. Market Rule Foundation - The design of the electricity market's foundational rules has been a primary task since the 2015 reform, with a series of basic rules established by the National Development and Reform Commission and the National Energy Administration [5]. - The newly revised "Basic Rules for Electricity Market Operation" in 2024 has laid the groundwork for a unified national electricity market rule system, addressing previous fragmentation and standardizing market operations across the country [5][6]. Efficient Market System - The medium- and long-term market has been crucial in stabilizing electricity supply, with provincial spot markets officially operating and the auxiliary service market expanding to support high proportions of renewable energy [7]. - The market-based pricing mechanism has been refined, with the National Energy Administration completing three regulatory cycles for the determination of transmission and distribution prices, facilitating market transactions [7]. - In 2024, market-based trading of renewable energy exceeded 1 trillion kilowatt-hours, accounting for 55% of total electricity generation, indicating a successful transition from a "single electricity market" to a more diversified market structure [7]. Diverse Market Structure - The volume of market-based electricity transactions has increased from 1.1 trillion kilowatt-hours in 2016 to 6.2 trillion kilowatt-hours in 2024, with the proportion of total electricity consumption rising from 17% to 63% [8]. - The number of registered operating entities has surpassed 1 million, a 20-fold increase since 2016, with various new market participants emerging, including independent storage and virtual power plants [8]. Strengthening International Cooperation - The forum released two English reports showcasing the progress and planning of China's electricity market, aiming to enhance international collaboration and knowledge sharing in this field [9]. - The need for countries to explore new electricity market construction and regulatory models in response to global energy transitions was emphasized, with China encouraged to continue strengthening international cooperation and learning from advanced experiences [9].