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]

Core Insights - The article discusses the significant achievements and challenges faced by China's renewable energy sector, emphasizing the need for new consumption models to address increasing difficulties in energy absorption and power system regulation [1] Policy Developments - In February 2025, the National Development and Reform Commission and the National Energy Administration issued a notice aimed at market-oriented reforms for renewable energy grid pricing to tackle consumption issues [1] - In May 2025, a notice was released to promote green electricity direct connection projects, introducing new consumption scenarios [1] - On September 12, 2025, a further notice was published to refine pricing mechanisms for local consumption of renewable energy, providing clear guidelines for project investors [1] Project Construction Requirements - The notice outlines specific technical requirements for renewable energy local consumption projects, clarifying the rights and obligations of project participants [2] - It emphasizes the importance of establishing clear physical and safety responsibility boundaries to mitigate risks and operational disputes [2] Consumption Ratio and Weighting - The notice mandates that the annual self-consumed electricity from renewable sources must account for at least 60% of total available generation and 30% of total electricity consumption, with a minimum of 35% for new projects starting in 2030 [3] - This high self-consumption ratio aims to reduce the pressure on public grids and ensure alignment with user electricity demands [3] Economic Feasibility Assessment - Investors must evaluate the feasibility of projects based on their ability to reduce electricity costs, focusing on energy costs, transmission and distribution fees, and system operation fees [4] - A comparison between public grid purchasing costs and self-consumption costs is essential for determining economic viability [4] Transmission and Distribution Fee Considerations - The notice introduces a reform in transmission and distribution fees, shifting from a volume-based to a capacity-based charging model [5] - This change may lead to increased costs for projects with low load factors compared to provincial averages, while potentially reducing costs for those with higher load factors [5][6] Market Participation Pathways - Renewable energy local consumption projects can also generate revenue through "excess power grid connection," but this is highly dependent on the local electricity market's structure [7] - In regions with continuous spot markets, projects face both higher revenue opportunities and increased risk management requirements [7] - Conversely, in areas without continuous spot markets, projects are generally not allowed to send power back to the grid, limiting revenue generation opportunities [8] Overall Impact - The introduction of these policies provides investors with clear guidelines for assessing project feasibility, addressing challenges in local consumption, and promoting renewable energy absorption, ultimately benefiting the renewable energy sector and the broader electricity system [8]

Core Viewpoint - The National Development and Reform Commission and the National Energy Administration have issued a notice to improve pricing mechanisms to promote the local consumption of renewable energy, emphasizing the importance of developing wind and solar energy for achieving carbon neutrality goals [1] Group 1: Policy Implementation - The notice aims to enhance the local consumption of renewable energy resources, which is crucial for meeting the green energy demands of enterprises and supporting the transition to a low-carbon economy [1] - Public power grids are required to provide stable supply assurance services for local consumption projects, ensuring that renewable energy accounts for at least 60% of the total available generation and 30% of total consumption, increasing to 35% for new projects starting in 2030 [1][2] Group 2: Cost Sharing and Fees - Local consumption projects will bear the costs of stable supply services based on the principle of "who benefits, who bears," including transmission and distribution fees and system operation fees [2] - The calculation of capacity fees will be based on existing policies and the average load rate, with specific formulas provided for determining these costs [2] Group 3: Market Participation - Local consumption projects will have equal market status with other power generation companies and users, participating in the electricity market under unified rules [3] - Projects must engage directly in market transactions without relying on grid companies for purchasing electricity, and they will be responsible for line loss costs associated with their electricity generation [3] Group 4: Implementation and Monitoring - Provincial pricing authorities are tasked with monitoring the implementation of these policies, providing guidance, and ensuring that project owners understand the policy intentions [3] - The notice will take effect on October 1, 2025, with existing projects needing to align with the new regulations through local pricing authorities [3]

Core Viewpoint - The release of the "Notice on Improving Price Mechanisms to Promote Local Consumption of Renewable Energy" aims to clarify the economic responsibilities and boundaries of renewable energy projects, facilitating their development and integration into the power system [1][2]. Summary by Sections Price Mechanism Improvement - The notice establishes a "who benefits, who bears" principle for local consumption projects, mandating fair payment of transmission and distribution fees, and system operation fees [3][4]. - Projects not connected to the public grid are exempt from stability supply guarantee fees [3][4]. Project Requirements - Local consumption projects must have clear physical and safety responsibility interfaces, with at least 60% of their annual self-consumed electricity coming from renewable sources and at least 30% of total electricity consumption [2][6]. - From 2030 onwards, new projects must have at least 35% of their total electricity consumption from renewable sources [2]. Economic Responsibilities - The notice introduces the concept of "stability supply guarantee fees" to reflect the value of backup services provided by the grid, promoting fairness in cost-sharing among users [5][6]. - Projects will pay transmission and distribution fees based on their capacity rather than actual electricity consumption, which aims to prevent cost burdens from being shifted to other users [6][7]. Incentives for Development - The new pricing mechanism encourages projects to enhance their self-balancing capabilities and reduce grid connection capacity, thereby alleviating pressure on the power system [7][8]. - Projects with higher load factors than the average will benefit from lower transmission and distribution costs, incentivizing efficient use of grid resources [8][9]. Future Trends - The integration of distributed generation and user-side storage is expected to evolve into a unified investment and operational model, promoting the development of distributed energy resources [9].

Core Points - The National Development and Reform Commission and the National Energy Administration have issued a notice to enhance the local consumption of renewable energy [1] - The notice emphasizes the role of public power grids in providing stable supply services for renewable energy projects [1] - Local consumption projects must ensure that renewable energy self-consumption accounts for at least 60% of total available generation and 30% of total consumption, with new projects starting from 2030 required to have at least 35% [1] Summary by Sections - **Policy Implementation** - The notice aims to promote higher levels of local consumption of renewable energy [1] - It outlines the responsibilities of public power grids in ensuring reliable supply for renewable energy projects [1] - **Technical Requirements** - Local consumption projects must connect to users and public grids at the property boundary [1] - Renewable energy self-consumption must meet specified thresholds to qualify for local consumption [1] - **Cost Sharing** - Local consumption projects are required to fairly bear the costs associated with stable supply services based on the principle of "who benefits, who bears" [1] - Projects not connected to the public grid are exempt from paying stable supply guarantee fees [1]

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 ...

Core Viewpoint - The National Development and Reform Commission and the National Energy Administration have issued a notice to improve the pricing mechanism to promote the nearby consumption of renewable energy generation, emphasizing the importance of integrating renewable energy into the public grid for stable and reliable electricity supply [1][3]. Group 1: Policy Implementation - The public grid will provide stable supply services for nearby consumption projects, ensuring that renewable energy accounts for at least 60% of total available generation and 30% of total consumption, with new projects starting from 2030 required to meet a minimum of 35% [3][4]. - Projects must have metering conditions and install measurement devices at various points to accurately measure electricity data [3][4]. Group 2: Cost Sharing - Nearby consumption projects will bear the costs of stable supply services based on the principle of "who benefits, who bears," including transmission and distribution fees and system operation fees [4][5]. - The calculation method for capacity fees is specified, with average load rates based on local industrial users [4]. Group 3: Market Participation - Nearby consumption projects will participate equally in the electricity market, with specific rules for trading and pricing based on market conditions [5]. - Projects are required to engage directly in market transactions without relying on grid companies for purchasing electricity [5]. Group 4: Implementation Oversight - Provincial price authorities are tasked with monitoring and summarizing implementation experiences, providing policy interpretations, and ensuring project owners understand the policy intentions [6]. - Projects must apply for grid connection and establish contracts with grid companies, clarifying responsibilities related to safety and other aspects [6].

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 ...