Core Viewpoint - By the end of 2024, China's installed capacity of renewable energy generation will surpass that of thermal power for the first time, marking significant progress in energy structure transformation. However, this transition is challenging due to the instability of renewable energy and the need for traditional energy sources to ensure grid stability. A unified national electricity market is essential for optimizing power resource allocation and facilitating market participation of both renewable and traditional energy sources [1][21]. Group 1: Current State of Energy Transition - As of 2024, the installed capacity of renewable energy in Shanxi province has increased from 11% in 2015 to over 42%, with expectations to reach nearly 50% by the end of 2025 [21]. - The total electricity consumption in China is projected to be 63% from market-based transactions in 2024, with cross-provincial and cross-regional market transactions reaching 1.4 trillion kilowatt-hours, a tenfold increase since 2016 [21]. - The construction of a unified electricity market is progressing, with the goal of establishing a national market by 2025, which will revolutionize resource allocation and modernize governance capabilities [21]. Group 2: Challenges Faced - The transition to renewable energy has been complicated by the inability of many provinces to absorb renewable energy due to insufficient system adjustment capabilities, particularly during winter when thermal power is needed for heating [5][9]. - The gradual reduction of subsidies for renewable energy has led to a slowdown in investment from many renewable energy companies, compounding the challenges of energy consumption and market participation [5][9]. - Traditional thermal power plants face difficulties as they must adjust their output based on the fluctuating availability of renewable energy, which can lead to reduced revenues and operational challenges [7][9]. Group 3: Market Mechanisms and Innovations - The establishment of a market mechanism is crucial for revealing the true value of various energy sources, allowing them to respond to price signals and optimize resource allocation [11]. - The introduction of green electricity trading has opened new revenue streams for renewable energy companies, with green electricity transactions reaching 2.336 trillion kilowatt-hours in 2024, a 235% increase year-on-year [15]. - The marketization process has allowed thermal power plants to adapt by providing services during high electricity prices and collaborating with renewable energy sources to ensure grid stability, thus creating new revenue opportunities [17][19].

Group 1: Energy Supply and Consumption - During the first four years of the "14th Five-Year Plan," China's energy consumption growth reached 1.5 times that of the "13th Five-Year Plan," with an expected increase in electricity consumption exceeding the annual consumption of the EU over five years [4] - The energy production, supply, storage, and sales system has accelerated construction, with a projected national electricity generation of over 10 trillion kilowatt-hours in 2024, accounting for one-third of global production, and energy production reaching approximately 500 million tons of standard coal, representing one-fifth of global output [4] - The energy infrastructure network has been significantly improved, facilitating the transformation of resource advantages in central and western regions into developmental advantages, providing solid energy support for major economic provinces [4] Group 2: Green and Low-Carbon Transition - The "14th Five-Year Plan" has seen unprecedented speed and intensity in green and low-carbon energy development, with the share of renewable energy generation capacity increasing from 40% to around 60% within a year [7] - One-third of the total electricity consumed in society is now green electricity, derived from renewable sources such as wind, solar, and hydropower, with non-fossil energy accounting for an average annual increase of 1 percentage point in total energy consumption [7] - China's exports of wind and solar products during the "14th Five-Year Plan" have contributed to a reduction of approximately 4.1 billion tons of carbon emissions in other countries [7] Group 3: Technological Innovation in Energy - China leads globally in new energy technologies, with over 40% of global renewable energy patents, and has continuously set world records in photovoltaic conversion efficiency and offshore wind turbine capacity [9] - Major energy projects, including the Baihetan Hydropower Station and the domestically developed third-generation nuclear power "Hualong One," have been completed, showcasing China's hard power in energy infrastructure [10] - Energy industrial investment has shown a stepwise increase, with annual investments surpassing 4 trillion, 5 trillion, and 6 trillion yuan, accounting for nearly 10% of total fixed asset investments in society [10] Group 4: Energy Reform and Market Dynamics - The restructuring of the energy system and policy framework has accelerated, with the establishment of a unified national electricity market and the entry of all industrial and commercial users into the market [12] - New business models and formats, such as smart microgrids and virtual power plants, are rapidly developing, with significant applications in energy integration with industrial and transportation sectors [12][13] - The market vitality has been significantly released, with the number of registered electricity market operators reaching 970,000, five times that of 2020, and a majority of photovoltaic and wind turbine manufacturing enterprises being private [13]

Core Viewpoint - The establishment of a national unified electricity market is a crucial component of the broader national market, essential for promoting energy transition and optimizing electricity resource allocation [1][5]. Group 1: Market Development - From June 1, all newly commissioned renewable energy projects will participate in market trading, with prices determined by the market, breaking regional barriers and expanding cross-province and cross-region trading [1]. - The scale of market-based electricity trading is projected to reach 6.2 trillion kilowatt-hours by 2024, up from 1.1 trillion kilowatt-hours in 2016, increasing its share of total electricity consumption from 17% to 63% [2]. - The long-term electricity trading volume accounts for over 90% of market-based trading, effectively supporting supply stability during peak demand periods [2]. Group 2: Renewable Energy Integration - Over 50% of renewable energy generation is expected to be absorbed through market mechanisms by 2024, maintaining a utilization rate of over 95% despite rapid growth in installed capacity [3]. - The green certificate and green electricity trading volume is projected to reach 446 billion kilowatt-hours in 2024, a 364% increase year-on-year, with about a quarter of renewable energy achieving environmental value through this market [3]. Group 3: Policy and Regulatory Framework - The new round of electricity system reform has led to the establishment of a multi-layered market framework, with comprehensive rules for long-term, spot, green electricity, and green certificate trading [1]. - By 2025, the goal is to establish a preliminary national unified electricity market with standardized trading rules and technical standards, aiming for full completion by 2029 [4]. Group 4: Economic Impact - The reforms have effectively released dividends, enhancing the electricity market's role in ensuring supply, promoting transformation, and stabilizing prices, thereby contributing to high-quality economic development [2]. - Average electricity prices for residents and businesses are significantly lower than the global average, positioning China favorably in terms of energy costs [3].

Core Viewpoint - The construction of a national unified electricity market is essential for optimizing electricity resource allocation and supporting energy transition, with a three-step plan proposed for its development by 2025, 2029, and 2035 [1] Group 1: Challenges in Electricity Market - The rapid increase in the share of renewable energy generation has led to significant challenges, including intensified pressure on renewable energy consumption, with projected growth rates of 16% for wind and 44% for solar power in 2024 [2] - The electricity trading mechanism needs improvement, as issues such as weak price correlation between medium- and long-term trading and spot markets, insufficient liquidity, and a lack of unified rules hinder market efficiency [2] - The environmental value of renewable energy is not adequately reflected, with the average trading price of green certificates falling below 0.6 cents per kilowatt-hour in 2024, indicating a lack of robust demand support [2] Group 2: Solutions for Market Improvement - To address the challenges, it is crucial to accelerate the construction of a national unified electricity market and develop a market mechanism that aligns with green and low-carbon transitions [3] - Enhancements to the renewable energy consumption responsibility mechanism are necessary, including stricter accountability for electricity consumers and clearer penalties for non-compliance [4] - The electricity trading mechanism should be adapted to better reflect the temporal and spatial value of renewable energy, allowing for more flexible trading arrangements and a broader range of auxiliary services [5] Group 3: Future Prospects - The establishment of a national unified electricity market is vital for breaking down inter-provincial barriers and optimizing resource allocation, which will enhance the electricity system's adaptability to high proportions of renewable energy [7] - This market will serve as a foundational infrastructure for fostering new productive forces in the energy sector and addressing international green trade barriers, thereby strengthening China's position in global climate governance [8] - The successful implementation of this market requires collaboration among government departments, grid companies, power generation groups, and electricity consumers, paving the way for a new energy system focused on non-fossil energy sources [9]

"十四五"时期，全国统一电力市场建设按下"加速键"，市场活力加速释放。山东积极响应国家能源战略 转型号召，依托全国唯一综合改革试点和首批现货试点，以电力市场改革为核心驱动力，创新"一型两 化"建设路径，打造全国统一电力市场"六个省级示范"，探索出了一条具有山东特色的电力市场化改革 之路。 构建全周期市场 稳定供需促发展 2025年11月30日至2025年12月1日，中国能源研究会组织专家对山东电力市场建设情况进行了全面评 估。专家组一致认为：山东电力市场的建设运营与创新实践，深度契合全国统一电力市场"1+6"基础规 则体系要求，形成了一系列创新成果和先进经验，市场运营完备性、稳定性、成熟度处于全国前列，在 省级电力市场层面具有较强示范效应和推广价值。 "十四五"以来，山东坚持政府主导、政企协同，推动各类市场一体化设计、协同运营，成功构建了"中 长期+现货+辅助服务+零售+绿电绿证+容量补偿"的全周期、全品种电力市场体系。这一体系不仅在空 间上实现了省间与省内的全面覆盖，更在时间上贯通了中长期与现货交易，品种上囊括了电能量、辅助 服务等多个维度，形成了完整且充满活力的市场生态。 中长期市场作为电力市场的"压舱石 ...

Core Viewpoint - The new "Basic Rules for the Electric Power Medium and Long-term Market" aims to enhance the efficiency and stability of China's electric power market, responding to the integration of renewable energy and the emergence of new market participants, with implementation starting on March 1, 2026 [2][8]. Group 1: Comprehensive Transformation of the Electric Power Medium and Long-term Market - The new rules focus on upgrading the market structure from traditional models to a diversified approach that includes new participants and extends trading cycles [3]. - The rules clarify the entry paths for new market participants, ensuring equal market status and defining the roles of virtual power plants and distributed resources [3]. - The rules propose a comprehensive trading framework covering multiple time periods, enhancing resource allocation efficiency and ensuring better alignment with real-time supply and demand [3]. Group 2: Market Pricing Mechanism - The pricing mechanism remains market-driven, with all transaction prices formed through competition among market participants, preventing third-party interference [4]. - The rules allow for flexible pricing mechanisms based on market supply and demand, while also establishing price limits to prevent market manipulation [4]. Group 3: Risk Prevention Mechanisms - The rules identify six major risk categories, emphasizing the need for local governments to establish risk warning and emergency response plans [5]. - A closed-loop risk management system is proposed, including monitoring, warning, response, and disclosure processes to ensure market stability [5]. Group 4: Implementation and Operational Enhancements - Local implementation guidelines must be completed by March 1, 2026, tailored to regional characteristics and market maturity [6]. - The rules call for a unified technical support platform to enhance digital operations and ensure efficient market functioning [6]. - Emphasis is placed on the integration of cross-regional trading to maximize resource utilization and ensure market coordination [6]. Group 5: Monitoring and Risk Control - Establishing a robust market monitoring and risk control system is crucial for maintaining market order and preventing violations [7]. - The development of intelligent systems for identifying and addressing improper trading behaviors is highlighted [7]. Conclusion - The introduction of the "Basic Rules for the Electric Power Medium and Long-term Market" signifies a new phase in the reform and development of China's electric power market, aiming to solidify market stability and enhance operational efficiency [8].

Core Viewpoint - The newly issued "Basic Rules for the Medium and Long-term Electricity Market" represents a systematic optimization of the electricity market framework, aligning with the goals of a unified national electricity market and adapting to the needs of the electricity spot market development [2][3] Group 1: Overall Framework Optimization - The coverage of the rules has been expanded from "basic rules for medium and long-term electricity trading" to "basic rules for the medium and long-term electricity market," encompassing the entire market chain including registration, trading, execution, settlement, information disclosure, and risk prevention [3] - The integration of rules has been strengthened by removing redundant details and referencing other basic rules, enhancing the completeness and coordination of the medium and long-term market rules [3] - A new chapter on "Market Technical Support System" has been established to meet the requirements of a unified national electricity market and multi-entity participation, ensuring a unified, stable, and compatible trading platform [3] Group 2: National Coordination Enhancement - The market layout has been unified to break down inter-provincial barriers, with cross-regional medium and long-term trading organized by the Beijing and Guangzhou electricity trading centers [4] - A unified technical support system will facilitate "one registration, nationwide sharing," allowing participants to engage in cross-provincial trading without repeated registration processes, thus reducing transaction costs and time [4] Group 3: Spot Market Integration - The rules aim to achieve efficient integration with the spot market, aligning trading sequences, clearing, and settlement with spot market requirements [5] - An innovative settlement mechanism will allow dynamic linkage, with medium and long-term market settlement prices potentially based on day-ahead or real-time market clearing prices [5] - The rules clarify that time-of-use electricity prices will be determined by the market, reflecting real supply and demand conditions [5] Group 4: Adaptation for New Energy Market Entry - The rules enhance trading flexibility to address the intermittent nature of renewable energy, allowing adjustments to contract electricity volumes [6] - Green electricity transaction prices will consist of energy prices and environmental values, with clear settlement processes to ensure traceability [6] - Long-term green electricity trading is encouraged to provide stable cash flow for renewable energy companies [6] Group 5: Empowering New Entities - New types of market participants are defined and included in the electricity market framework, providing clear pathways for their participation [7] - The rules specify that decentralized resources can sign aggregation service contracts with new types of entities to participate in the medium and long-term market [7] - The rights of new types of entities and decentralized resources will be protected through separate settlement of energy prices [7] Group 6: Implementation in Yunnan - Yunnan is actively promoting the efficient implementation of the new rules, aligning provincial regulations with national standards [8] - The province is innovating competitive mechanisms for different cost power sources to enhance collaboration with the spot market [8] - New types of entities are being cultivated, with rules established for virtual power plants to participate in the market [8] Future Outlook - The comprehensive implementation of the new rules is expected to mature the electricity market framework, enhancing the quality and efficiency of the unified national electricity market [9] - Mechanism innovations will drive the market vitality of renewable energy and new entities [9] - The synergistic operation between medium and long-term and spot markets will be fully realized [9]

在此之前，部分省份的市场管理员（政府）在菜市场门口悬挂了一张价目表，明确规定"早市5元/斤、 午市3元/斤、晚市2元/斤"，无论是何种菜贩、何种规模的饭店，均需按照既定的价目表进行批发交易。 即便是用量巨大的万吨级大饭店，也没有议价空间，既不能提出"我主要在凌晨进货，能否按便宜时段 计价"，也不能协商"一次性采购10吨，是否可以签订全年包价协议"。这种统一定价、统一时段的做法 在市场建设初期有利于简化规则、降低管理成本。但随着交易规模扩大和主体类型多样化，其交易安排 高度刚性，价格信号难以及时反映真实供需变化，行政设定的高、低价时段与市场运行脱节，整体市场 配置效率偏低等弊端逐步显现。 从"统一定价"到"自主灵活" 《规则》第三十五条规定："对直接参与市场交易的经营主体，不再人为规定分时电价水平和时段。" 现在，市场管理员说"我不再硬性规定什么时候高价、什么时候低价了。你们买卖双方自己谈，按不同 时段分别定价交易"。因此，例如某个饭店主要在凌晨采购白菜，而此时正好是某位菜贩蔬菜供应充足 的时段，双方即可协商形成一个更低的交易价格，实现供需匹配和互利共赢。 对应到电力市场，这意味着直接参与市场交易的电力用户可以 ...

Core Viewpoint - The National Development and Reform Commission and the National Energy Administration have issued the "Basic Rules for the Medium and Long-term Electricity Market," providing essential institutional support for the construction of a unified national electricity market [1] Group 1: Pricing Mechanism Changes - The new rules eliminate the rigidly defined time-based electricity pricing, allowing market participants to negotiate prices based on supply and demand dynamics [2][3] - This shift enables electricity users and producers to express their preferences for different time-based pricing, leading to more efficient and flexible market allocation of electricity resources [3] Group 2: Trading Flexibility - The rules introduce a more flexible trading mechanism, transitioning from a "scheduled bulk purchase" model to an "on-demand fresh supply" model, enhancing trading flexibility and accommodating high proportions of renewable energy [4][5] - Long-term contracts can still be negotiated at fixed times, while short-term transactions can occur daily, allowing for adjustments based on real-time supply and demand [4] Group 3: Price Alignment - The new regulations aim to gradually align the price limits of medium and long-term trading with those of spot trading, reducing arbitrage opportunities that distort price signals [6][8] - This alignment will create a coherent pricing system across different trading periods, enabling better price transmission and stability for electricity investments and consumption decisions [8]

电力中长期市场迈向高质量发展新阶段 ——《电力中长期市场基本规则》解读 广东电力交易中心党委书记、董事长 黄远明 《电力中长期市场基本规则》（下称"新规则"）的出台，是深化电力市场化改革的关键一步，是贯彻落 实党的二十届四中全会关于构建高水平社会主义市场经济体制的精神在能源领域的具体实践，标志着我 国电力市场体系从初步建成迈向高质量发展的新阶段。新规则为全国各省及区域电力市场探索试点前沿 机制、破解能源优化难题、助力新型电力系统建设提供了顶层制度保障，为实现"双碳"目标及"十五 五"发展注入强劲的市场动力。 一是聚焦能源结构转型，担当新型电力系统的稳定器。针对未来新能源占比高、发电出力不确定性强、 主体合同调整需求大的特点，新规则通过丰富交易时序、提出连续开市、优化分时量价形成，引入合同 灵活调整等机制，使中长期市场成为管理不确定性、平抑风险的有效工具，提升电力系统的可靠性和稳 定性。此外，规则整合了绿色电力交易专章条款，鼓励数年绿电交易，促进绿色价值兑现，护航新能源 产业健康发展。 二是聚焦市场建设阶段深化，筑牢全国统一市场的基石。电力市场从"省为实体"逐步走向"全国统一市 场"，同时现货市场全面铺开对中长 ...