智通财经6月4日电，国家能源局2025年电力市场建设能力培训班暨电力市场建设工作座谈会在云南昆明 举办。会议要求，要深刻认识全国统一电力市场建设面临的新形势、新任务，准确把握派出机构市场建 设和监管能力建设新挑战、新要求，进一步健全完善电力市场顶层设计和"1+6"基本规则体系，持续推 进南方区域、长三角电力市场建设，加快推动各省（区、市）电力现货市场转入连续运行，稳妥推进新 能源全面参与市场，指导各地有效落实国家基础规则要求，统筹有序抓好年度重点监管工作，深化穿透 式监管、数字化监管创新实践，有效筑牢电力市场运行"三道防线"，全力完成2025年初步建成全国统一 电力市场的目标任务。 国家能源局：持续推进南方区域、长三角电力市场建设 加快推动各省（区、市）电力现货市场转入连 续运行 ...

会上，国家能源局市场监管司通报了电力市场建设和市场监管总体情况，宣贯解读了《电力辅助服 务市场基本规则》等规则制度，解答了各派出机构关切问题。国家发展改革委体改司、价格司介绍 了全国统一电力市场体系建设、推进新能源全面参与市场等政策考虑。南方、华东、西北监管局， 甘肃、山西监管办分享了电力市场建设和市场监管典型实践经验。参会人员表示，本次培训深化了 对建设全国统一电力市场的认识，进一步提升了电力市场建设业务能力，对做好下阶段市场建设和 监管工作具有重要指导意义。 国家发展改革委体改司、价格司，驻委纪检监察组 ， 国家能源局市场监管司 、 机关党委（人事 司） 、 各派出机构相关人员参加会议。 5月28日至29日，国家能源局2025年电力市场建设能力培训班暨电力市场建设工作座谈会在云南昆 明举办。国家能源局党组成员、副局长宋宏坤出席会议并讲话。 会议指出，新一轮电力体制改革以来，电力市场建设取得积极成效，市场化交易规模持续扩大，市 场制度规则体系加速成型，市场功能持续深化，中长期、现货和辅助服务市场体系有机衔接，统筹 开展电力领域综合监管、专项监管、不当干预行为整治等市场监管工作，市场优化资源配置作用进 一步显 ...

Group 1 - The core viewpoint of the news highlights the strong performance of the green electricity ETF (159669), which has risen nearly 1% amid market fluctuations [1] - The Guangdong Power Trading Center has issued draft rules for the sustainable development pricing settlement mechanism for new energy projects, which includes a formula for calculating the price difference based on market averages [1] - The mechanism will have a competitive bidding process for determining the incremental project price, with a cap on the mechanism volume ratio not exceeding 90% [1] Group 2 - Open Source Securities anticipates a significant increase in green certificate issuance in 2024, which may initially depress prices but will stabilize as supply pressures ease [2] - The introduction of consumption ratio assessments for high-energy industries and data centers by the National Development and Reform Commission is expected to boost institutional demand and invigorate the green certificate market [2] - The combination of "electricity + green certificate" bundled trading and mandatory consumption policies is projected to enhance the environmental value of green certificates, leading to improved ROE for renewable energy operators [2]

Core Viewpoint - The release of the "Basic Rules for Electric Power Auxiliary Service Market" aims to accelerate the construction of a unified national electricity market and regulate the operation and management of the auxiliary service market, ensuring the legal rights of market participants [1][2]. Group 1: Development and Structure of the Auxiliary Service Market - Electric power auxiliary services are defined as services provided by adjustable power resources to maintain the safe and stable operation of the power system, including peak regulation, frequency regulation, standby, and ramping [1]. - The development of the auxiliary service market in China has gone through three stages: free service (before 2006), planned compensation (2006-2014), and partial marketization (2014-present) [2]. - Currently, 16 provinces have established peak regulation markets, 15 provinces have frequency regulation markets, 2 provinces have ramping markets, and 6 regions have established various markets for frequency regulation, standby, and peak regulation [1]. Group 2: Implementation of the Basic Rules - The "Basic Rules" are a crucial part of the national unified electricity market's "1+N" regulatory framework, aiming to unify the design of medium and long-term, spot, and auxiliary service markets [2]. - The rules include new operational entities such as energy storage companies, virtual power plants, smart microgrids, and vehicle-grid interaction operators, allowing equal participation of all capable entities in the auxiliary service market [2]. - The next steps involve guiding local authorities to develop implementation details that align with the "Basic Rules" and ensuring a smooth connection between the auxiliary service market and the spot market [2].

Group 1 - The article highlights the increasing importance of cross-regional electricity resource allocation in ensuring energy supply security and facilitating green transformation in China [1][2] - The Sichuan-Chongqing UHVAC project, set to be operational by the end of 2024, will deliver up to 35 billion kilowatt-hours of clean electricity annually from the Ganzi region to the Chengdu-Chongqing load center [1] - The construction of the 1000 kV UHVAC project from Aba to Chengdu East is progressing, expected to be completed by December 2026, enhancing the reliability and structure of the Sichuan power grid [1] Group 2 - Shanghai has made significant advancements in its capacity to receive external electricity, with projects like the ±800 kV Fuping UHVDC and the 1000 kV Anhui Electric East Send project [2] - The State Grid Sichuan Electric Power is optimizing the Panxi power grid to enhance its fault resistance capabilities through various engineering measures [2] - Shanghai Electric Power is implementing a digital monitoring center to oversee over 5,800 kilometers of transmission lines, improving safety and efficiency in line inspections [2] Group 3 - The establishment of a unified national electricity market is accelerating, with long-term electricity trading playing a stabilizing role [4] - Shanghai has engaged in long-term electricity trading with regions like Xinjiang, Ningxia, and Qinghai, with a cumulative transaction volume exceeding 18.5 billion kilowatt-hours for 2025, a 20% increase from 2024 [4] - Tianjin is proactively securing electricity supply for the upcoming summer peak by trading additional electricity from Xinjiang, amounting to 5,732 million kilowatt-hours, equivalent to the annual consumption of approximately 23,000 three-person households [4][5] Group 4 - In addition to Xinjiang, Tianjin plans to import electricity from Gansu and Shanxi during the summer of 2025, with cumulative trading volume reaching 1.63 billion kilowatt-hours, a 328% year-on-year increase [5]

Investment Rating - The report maintains an "Outperform" rating for the industry, indicating a positive outlook compared to the broader market [6]. Core Insights - The report highlights significant investment activities in Xinjiang by central enterprises, with over 130 billion yuan expected to be invested in 54 projects across various sectors including energy and new energy storage [4][16]. - The first cross-regional green electricity transaction in China has been successfully completed, marking a milestone in the construction of a unified national electricity market [5][21]. - The Ministry of Ecology and Environment has issued guidelines to promote voluntary disclosure of greenhouse gas emissions by enterprises, aiming to enhance the green transition and international cooperation [25][26]. Summary by Sections Market Review - From March 10 to March 14, the environmental, gas, water, and electricity sectors saw increases of 2.63%, 2.22%, 2.17%, and 1.80% respectively, while the CSI 300 index rose by 1.59% [3][10]. Industry Perspectives - **Investment in Xinjiang**: Central enterprises are heavily investing in Xinjiang, with projects covering energy, new energy storage, and equipment manufacturing, driven by the region's resource advantages and government support [4][16][17]. - **Green Electricity Trading**: The successful completion of the first cross-regional green electricity transaction involved 52.7 million kilowatt-hours, with wind power accounting for 78% and solar power for 22% of the total [5][21][22]. - **Voluntary Emission Disclosure**: The new guidelines aim to establish a comprehensive framework for voluntary greenhouse gas disclosure by 2027, promoting proactive climate responsibility among enterprises [25][26]. Investment Recommendations - The report suggests focusing on various sectors: for thermal power, it recommends Jiangsu Guoxin and cautiously suggests Sheneng Shares and Zhejiang Energy; for nuclear power, it recommends China Nuclear Power and China General Nuclear Power; for hydropower, it recommends Yangtze Power and cautiously suggests Huaneng Hydropower [6].