智通财经见习记者｜蒋习 发电侧容量电价机制再完善，新型储能首次入列。 2026年1月30日，国家发展改革委、国家能源局发布《关于完善发电侧容量电价机制的通知》(发改价格 〔2026〕114号，下称《通知》)。 《通知》的总体思路是要分类完善煤电、天然气发电、抽水蓄能、新型储能容量电价机制，优化电力市 场机制；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，对机组可靠容量根据顶峰能力 按统一原则进行补偿，公平反映不同机组对电力系统顶峰贡献。 中国新能源已成为第一大装机电源类型，但新能源随机性、波动性强，必须配套建设一定规模的调节性 电源。目前，承担系统调节任务的主要是煤电、气电、抽水蓄能和新型储能。 "十四五"期间，中国陆续建立煤电、抽水蓄能容量电价机制，部分省份探索建立了气电、新型储能容量 电价机制，通过发放"保底工资"的制度性安排，推动相关电源顶峰时发电保供、平时为新能源让路，保 障电力系统安全平稳运行，有力促进了新能源消纳利用。 但随着新型电力系统建设发展，现行容量电价机制遇到一些新情况新问题。 国家发展改革委、国家能源局有关负责人在答记者问时指出，具体包括部分地区煤电利用小时数快速下 降，现有容 ...

【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 ...

《通知》提出，分类完善煤电、气电、抽水蓄能、新型储能容量电价机制。 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； 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； 经济观察网 据央视新闻客户端消息，今天，国家发展改革委、国家能源局发布《关于完善发电侧容量 电价机制的通知》，这是进一步深化能源领域改革的重要举措。 国家发展改革委市场与价格研究所研究员杨娟介绍，现在，风电、光伏这些新能源的比例越来越高，我 们用的电越来越清洁。但它们"靠天吃饭"，什么时候发、发多少都不可控。要保障电力系统稳定，必须 有一批像煤电、气电、抽水蓄能、新型储能这样的"调节电源"充当"稳定器"与"安全阀"。容量电价，本 质上就是为电力系统支付的"安全保障费用"。新能源多的时候，这些调节电源处于待命状态，让新能源 多发；当无风无光不能发电的时候，这些"调节电源"能立刻顶上。 专家指出，此次完善发电侧容量电价机制，有利于调动企业投资建设积极性，有效保障电力供应安全， 更好满足广大用户用电需求，同时有利于推动新能源高质量发展，促进经济社会绿色低碳转型。 建立电网侧独立新型储能容量电价机制，结合放电 ...

一是煤电、气电。各地将通过容量电价回收煤电机组固定成本的比例提升至不低于50%，即每年每千瓦 165元；可参照煤电容量电价的确定方法建立气电容量电价机制。 二是抽水蓄能。2021年，我委《关于进一步完善抽水蓄能价格形成机制的意见》(发改价格〔2021〕633 号)明确提出，逐步实现抽水蓄能电站主要通过参与市场回收成本、获得收益。根据文件精神，《通 知》完善了抽水蓄能容量电价机制：对633号文件出台前开工建设的电站，维持现行价格机制不变，具 体由各地制定或校核；对633号文件出台后开工建设的电站，实行"一省一价"，由各地按照弥补平均成 本的原则制定当地统一的容量电价，同时电站自主参与电力市场，获得的收益由电站和用户分享。 据国家发改委网站消息，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》(发改价格 〔2026〕114号，以下简称《通知》)。就此，国家发展改革委、国家能源局有关负责同志对有关问题作 出解答。 问：为什么要完善 ...

Core Viewpoint - The article discusses the implementation of a new capacity pricing mechanism for power generation, aimed at enhancing the stability and efficiency of the electricity system while supporting the transition to a green and low-carbon energy structure [4][14][16]. Summary by Sections 1. Introduction of the Notification - The National Development and Reform Commission (NDRC) and the National Energy Administration (NEA) issued a notification to improve the capacity pricing mechanism for power generation, aligning with national energy reform and the construction of a new energy system [4][14]. 2. Reasons for Improvement - The rapid development of renewable energy in China necessitates the construction of flexible power sources to ensure stable electricity supply during periods of low renewable output. The existing capacity pricing mechanisms for coal, gas, and pumped storage power have been established to support this transition [5][6]. 3. Classification and Improvement of Capacity Pricing Mechanisms - The notification categorizes and improves the capacity pricing mechanisms for coal, gas, pumped storage, and independent new energy storage. For coal and gas, the fixed cost recovery ratio through capacity pricing will be raised to at least 50%, equating to 165 yuan per kilowatt annually [7][17]. - For pumped storage, existing projects will maintain current pricing, while new projects will adopt a unified capacity pricing based on average cost recovery principles [7][18]. - A new capacity pricing mechanism for independent new energy storage will be established based on local coal capacity pricing standards, considering peak contribution and discharge duration [8][19]. 4. Establishment of Reliable Capacity Compensation Mechanism - A reliable capacity compensation mechanism will be introduced to ensure that different types of power generation units are compensated fairly based on their peak capacity contributions, promoting healthy competition among technologies [9][20]. 5. Optimization of Market Trading and Pricing Mechanisms - The notification encourages fair participation of pumped storage and new energy storage in the electricity market, allowing for adjustments in coal power trading price limits based on local market conditions [10][22]. - It promotes flexible pricing mechanisms in long-term contracts to better reflect supply and demand dynamics [11][22]. 6. Impact on End Users - The policy will not affect electricity prices for residential and agricultural users, while commercial users may see a balanced impact due to the adjustments in capacity pricing and energy market costs [12][13]. 7. Positive Effects of the Improved Mechanism - The improvements are expected to enhance power supply security, support renewable energy utilization, and promote the healthy development of flexible power sources, ultimately facilitating the construction of a new energy system [13][16].

构建全国统一容量电价体系 夯实调节电源规模发展基础 ——《关于完善发电侧容量电价机制通知》政策解读 计）。新政策在国家层面首次明确：服务电力系统安全运行、未参与配储的电网侧独立新型储能，可给 予容量电价支持，标志着新型储能的重要系统价值得到全国层面的制度性确认。 近年来我国电力市场发展驶入快车道，辅助服务市场、现货市场相继在全国推广，用价格精准反映电力 供需，引导投资和消费，发挥了巨大的作用。然而调节电源仅靠市场化收益目前难以生存，提供固定收 益的容量电价成为支持其发展的最佳选择，也是国际上的通用做法。新政策出台之前，国家级发电侧容 量电价政策仅有覆盖抽蓄的633号文和覆盖煤电的1501号文，燃气轮机和新型储能缺乏统一的容量电价 政策。部分地区通过容量补偿等方式开展了扶持调节电源发展的探索，在一定程度上缓解了其固定成本 回收问题。但总体看，各省政策差异较大，制度层级和稳定预期仍有不足，难以形成覆盖全国、协同运 行的统一机制。这导致全国调节电源发展速度跟不上风光电源，造成越来越大的电力保供安全隐患，长 远看也会限制风光电的进一步发展。 二、新政策创新提出可靠容量补偿机制，补齐全国统一电力市场建设关键一环 我国发 ...

1月30日，国家发改委、 国家能源局发布的《关于 完善发电侧容量电价机制的通知》指出，分类完善容量电价机制，包括完善煤电及 天然气发电容量电价机制、完善抽水蓄能容量电价机制、建立电网侧独立新型储能容量电价机制。 以下为原文 发改价格〔2026〕114号 各省、自治区、直辖市及新疆生产建设兵团发展改革委、能源局，天津市工业和信息化局、辽宁省工业和信息化厅、重庆市经济和信息 化委员会、甘肃省工业和信息化厅、北京市城市管理委员会，国家能源局各派出机构，国家电网有限公司、中国南方电网有限责任公 司、内蒙古电力（集团）有限责任公司、中国核工业集团有限公司、中国华能集团有限公司、中国大唐集团有限公司、中国华电集团有 限公司、国家电力投资集团有限公司、中国长江三峡集团有限公司、国家能源投资集团有限责任公司、国家开发投资集团有限公司、华 润（集团）有限公司、中国广核集团有限公司： 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，助力经济社会绿色发展，现就完善发电侧容量电价机制有关工作通知如下。 一、总体思路 适应新型电力系统和电力市场体 ...

Core Viewpoint - The article discusses the implementation of a new capacity pricing mechanism for power generation, focusing on the establishment of an independent capacity pricing mechanism for grid-side new energy storage, aimed at ensuring the stable operation of the power system and promoting green development [6][8]. Group 1: Overall Strategy - The strategy aims to adapt to the needs of the new power system and market, balancing power supply security, green energy transition, and efficient resource allocation [8]. - It emphasizes the need to improve capacity pricing mechanisms for coal, natural gas, pumped storage, and new energy storage, optimizing the power market structure [8]. Group 2: Capacity Pricing Mechanism Improvement - The capacity pricing mechanism for coal and natural gas power generation will be enhanced, with a recovery ratio of fixed costs for coal power plants increased to no less than 50% [9]. - A capacity pricing mechanism for natural gas power generation will be established, determining prices based on a fixed cost recovery ratio [10]. - For pumped storage, the pricing will continue to be government-regulated for projects started before the issuance of relevant guidelines, while new projects will have their prices determined based on market participation [10]. Group 3: Establishment of New Energy Storage Pricing Mechanism - An independent capacity pricing mechanism for grid-side new energy storage will be established, with pricing based on local coal power capacity standards and adjusted according to peak capacity [11]. - The management of grid-side new energy storage projects will follow a list-based approach, with specific requirements set by the National Energy Administration [11]. Group 4: Reliable Capacity Compensation Mechanism - A reliable capacity compensation mechanism will be established to compensate power generation units based on their ability to provide stable power during peak demand periods [12]. - The compensation will consider fixed costs that cannot be recovered in energy and ancillary service markets, with adjustments based on supply-demand relationships and market progress [12]. - The compensation scope will include coal, gas, and eligible new energy storage units, gradually expanding to include pumped storage [12]. Group 5: Supporting Policies - The article outlines the need to improve electricity market trading and pricing mechanisms, allowing for flexible pricing in long-term contracts based on market conditions [14]. - It also discusses the integration of capacity fees and compensation into local system operating costs, with specific pricing rules for energy storage [15]. - A shared cost allocation method for regional pumped storage capacity fees will be established, promoting market-based optimization [15]. Group 6: Implementation and Coordination - The article emphasizes the importance of collaboration among provincial price authorities and relevant departments to implement capacity pricing policies effectively [16]. - It highlights the need for an assessment system to evaluate users' economic capacity to bear electricity costs, which will inform compensation standards [16]. - Strengthening capacity fee assessments will guide power generation units to enhance operational efficiency and peak output capabilities [17].

Investment Rating - The report assigns an "Overweight" rating for the industry, indicating a potential increase of over 15% relative to the CSI 300 index [9]. Core Insights - The adjustment of the spot electricity price cap in Ningxia from 0.56 yuan/kWh to 0.8 yuan/kWh highlights the ongoing shortage of regulating power sources, suggesting a positive outlook for regulating power [2][4]. - The report notes that the lack of peak regulation units in northern power plants should lead to an increase in industry valuations [4]. Summary by Sections Market Dynamics - Ningxia's spot electricity price cap was raised to 0.8 yuan/kWh, reflecting the ongoing issues with regulating power supply [4]. - The new pricing mechanism for electricity in Ningxia includes a capacity price of 165 yuan/kW·year starting January 2026, which will be shared among all industrial and commercial users [4]. Regional Insights - The mechanism electricity price in Ningxia is set at 0.2197 yuan/kWh, lower than Shandong's 0.225 yuan/kWh, indicating regional pricing disparities [4]. - The report discusses the limitations imposed by Guangdong's policy on photovoltaic mechanism electricity, which may restrict the growth of solar energy in the region [4]. Statistical Overview - In August, total electricity generation reached 936.3 billion kWh, showing a year-over-year increase of 1.6% [4]. - The year-to-date electricity generation for industrial enterprises was 6,419.3 billion kWh, reflecting a year-over-year increase of 1.5% [4].

Report Summary 1. Investment Ratings - No investment ratings for the industry are provided in the report. 2. Core Views - The industrial silicon price is in high - level consolidation. The supply side has potential disturbances, and the short - term price may maintain high - level consolidation, but there is a risk of a price drop if polysilicon enterprises implement production cuts. The supply of polysilicon is expected to increase slightly, and the price is also in high - level consolidation. The high inventory of downstream raw materials makes it difficult to have concentrated restocking in the short term, which may suppress the price [1]. 3. Summary by Content Industrial Silicon - **Price Information**: The average price of non - oxygenated 553 (East China) industrial silicon remained flat at 9,000 yuan/ton, and the average price of 421 (East China) was stable at 9,500 yuan/ton. The closing price of the futures main contract rose 0.63% to 8,800 yuan/ton. The prices of various types of industrial silicon in different regions (such as Huangpu Port, Tianjin Port, Kunming, and Sichuan) remained unchanged [1]. - **Supply and Demand**: As the silicon price rises, some previously shut - down silicon plants in Xinjiang have resumed production. The southwest production area has entered the wet season, with lower power costs and a steady increase in enterprise start - up rates. On the demand side, polysilicon enterprises continue to cut production, but some silicon material plants have复产 plans; the organic silicon market has supply fluctuations, and silicon alloy enterprises purchase as needed with low inventory - building willingness [1]. - **Investment Strategy**: Adopt range - bound operations, buy out - of - the - money put options, and consider participating in the reverse spread of contracts 2511 and 2512 [1]. Polysilicon - **Price Information**: The prices of N - type dense material, N - type re - feeding material, N - type mixed material, and N - type granular silicon remained unchanged. The closing price of the futures main contract fell 0.12% to 53,545 yuan/ton. The prices of N - type silicon wafers (210mm, 210R, 183mm) increased, while the prices of some battery cells and components remained flat [1]. - **Supply and Demand**: Silicon material enterprises continue to cut production, but some may have new capacity put into operation, with a slight increase in expected output. The trading volume in the polysilicon market has increased significantly, and inventory has decreased. However, the terminal demand pressure is large, and the component price increase faces resistance [1]. - **Investment Strategy**: Before the implementation of supply - side reform policies, consider lightly buying on dips [1]. Industry News - On September 11, the IPO application of China Power Construction New Energy Group Co., Ltd. was accepted. The company plans to raise 9 billion yuan and drive a total investment of 48.481 billion yuan in wind and solar power projects, with an expected new installed capacity of 8.46 million kilowatts [1]. - On September 12, the Ningxia Development and Reform Commission solicited opinions on establishing a generation - side capacity price mechanism. The capacity price standards for coal - fired power units and grid - side new energy storage will be 100 yuan/kilowatt - year from October to December 2025 and 165 yuan/kilowatt - year from January 2026 [1].