2025年过半，中国全国统一电力市场建设迈出关键一步。 6月底，中国南方区域电力市场启动连续结算试运行，从之前只是按周、按月等短期开展交易变成 可以每天不间断交易。现在，买卖双方可以在这个"电力超市"里根据需求随时跨省区买卖电力。 （来源：中国新闻网） 由此，价格"指挥棒"将发挥作用。以海南与广东联络线为例，南方区域市场结算试运行期间，联网 线路日均交互送电近1000兆瓦时，且呈现夜间海南负荷需求大、广东送电海南，中午时段海南光伏 大发、海南送电广东的特性。 统一电力市场建设，也将进一步解决中国新能源跃升发展带来的消纳需要。 华北电力大学国家能源发展战略研究院执行院长王鹏对中新社记者表示，近年来中国推动新能源跃 升式发展，但西部地区新能源大基地的风光消纳面临困难。统一电力市场有助于新能源全国范围内 合理流动，形成适合中国国情、有更强新能源消纳能力的新型电力系统，有助于能源清洁低碳转 型。 就南方电网区域电力市场来看，通过利用各省区的供需时段和调节性能差异，可以在更大范围内自 动适应新能源发电的随机性与波动性。2024年11月，在新能源大发的情况下，南方电网区域全网 新能源利用率达到99.21%。 对进一步建设 ...

南方区域电力市场交易范围覆盖广东、广西、云南、贵州、海南等地，市场注册主体数量超22万 个。转为连续结算后，预计日均交易规模达到38亿千瓦时；"高峰高价、低谷低价"，市场将释放更 真实、更连续的价格信号，提升电力资源的优化配置效率。 （转自《人民日报》） 28日，经过35个月的前期准备和12轮的短期试运行测试，南方区域电力市场正式转入连续结算试 运行阶段。从之前按周、按月等短期开展交易变成可以每天不间断交易，双方根据需求随时跨省区 买卖电力。这是全国统一电力市场初步建成的重要标志性成果。 根据相关规划，到2025年，全国统一电力市场初步建成，电力市场顶层设计基本完善，实现全国基 础性交易规则和技术标准基本规范统一。 （丁怡婷） ...

Core Viewpoint - The construction of a unified national electricity market in China is accelerating, with a goal to be fundamentally established by the end of this year, as stated by the General Manager of State Grid Corporation, Pang Xiaogang [1]. Group 1: National Electricity Market Development - The establishment of a unified national electricity market is a key task in deepening electricity system reform and building a unified national market [1]. - By July 2024, the Central Committee's decision on further deepening reforms aims to enhance energy management and establish a unified electricity market [1]. - The "National Unified Electricity Market Development Planning Blue Book" aims for a preliminary establishment of the market by 2025, with basic design and unified trading rules and technical standards [1]. - By 2029, the goal is to fully establish the national electricity market, promoting unified market rules, fair regulation, and high-standard connectivity of market facilities [1]. Group 2: Electricity System Transformation - The Chinese electricity system is undergoing significant transformation due to the substantial increase in renewable energy, affecting the characteristics of power sources and the operation of the grid [2]. - The focus is on enhancing the resilience of the grid, with research on preventing large-scale power outages and improving grid stability management [2]. - The company is also enhancing the construction of both the main grid and distribution networks to address previous weaknesses and improve operational technology [2]. Group 3: Technological Innovation and Renewable Energy - Innovation is crucial for the development of the electricity system, with ongoing research in operational simulation control and advanced technologies like superconducting transmission and long-distance flexible DC transmission [2]. - As of now, the installed capacity of wind and solar energy in the State Grid's operating area exceeds 1,325 GW, accounting for 46.9% of total installed capacity, making it the largest power source [2]. - To address the intermittent and volatile nature of renewable energy, the company is developing pumped storage power stations and upgrading coal power plants for flexibility and cleanliness [2].

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 - The national market for cross-provincial and cross-regional electricity trading is projected to reach 1.4 trillion kilowatt-hours by 2024, a tenfold increase since 2016 [2]. - The total marketized electricity trading volume increased from 1.1 trillion kilowatt-hours in 2016 to 6.2 trillion kilowatt-hours in 2024, rising from 17% to 63% of total electricity consumption [2]. - The electricity market has effectively played a role in ensuring supply, promoting transformation, and stabilizing prices, contributing significantly to high-quality economic and social development [2]. Group 2: Policy and Regulation - Since the new round of electricity system reform, a multi-layered market framework has been established, covering inter-provincial and intra-provincial transactions, as well as various trading periods and types [1]. - The basic rules for electricity market operation have been revised, and a series of supporting regulations have been developed to unify the market's operational standards [1][4]. Group 3: Renewable Energy Integration - Over 50% of the national renewable energy generation is expected to be consumed through market mechanisms by 2024, maintaining a utilization rate of over 95% despite rapid growth in installed capacity [3]. - The trading volume of green certificates and green electricity reached 446 billion kilowatt-hours in 2024, a year-on-year increase of 364%, with about one-quarter of renewable energy achieving environmental value through this market [3]. Group 4: Future Outlook - By 2025, the goal is to establish a preliminary national unified electricity market with basic regulatory and technical standards unified, and by 2029, to fully build the national unified electricity market [4]. - The construction of a national unified electricity market is seen as a vital support for the new development pattern and a necessary choice for promoting green and low-carbon energy transition [5].

绿电直连政策以制度创新"四应"国家大局 绿电直连是风、光、生物质等新能源通过直连线路向单一电力用户供给绿电，实现电量清晰物理溯 源的模式。国家发展改革委、国家能源局不循旧历，联合 印发《关于有序推动绿电直连发展有关事 项的通知》（以下简称《通知》） ，实现 "四应"，即呼应社会诉求、响应行业发展、回应系统安 全、顺应电力改革，以制度创新服务国家大局，助推新质生产力发展，凸显了国家发展改革委、国 家能源局的政治机关意识和服务型政府责任担当。 一、呼应社会诉求快速出台政策 为此，《通知》从四个方面对加强规划引领进行部署。 一是在项目建设上区分四种情形 ， 对存量 负荷、新增负荷、出口外向型企业、新能源消纳受限等情况，分门别类予以规范。特别是对具有自 备电厂的存量负荷，提出足额清缴可再生能源发展基金前提下的绿电直连实施路径。 二是在规划统 筹上强调 "三入" ， 即风光发电规模要计入省级新能源发电开发建设方案，项目建设方案要纳入省 级或城市的能源电力和国土空间规划，特殊情况接入 220（330）千伏电网的要纳入电力系统安全 风险专项评估范畴。 三是模式创新上强调三个明确 ， 主责单位明确，原则上由负荷作为绿电直连 ...

Investment Rating - The report maintains an "Overweight" rating for the energy and power equipment sectors [7] Core Viewpoints - The acceleration of the national unified electricity market is driving the construction of ultra-high voltage (UHV) projects, which are essential for achieving interconnection within the national grid [2][19] - The construction of UHV is not only to meet renewable energy consumption but also to address long-term energy imbalances, with significant demand for long-distance transmission solutions [14][41] - The report anticipates a peak in approvals for UHV projects, with expectations of 5-6 direct current (DC) and 3-4 alternating current (AC) projects approved in 2025, a significant increase from 2024 [3][45] Summary by Sections UHV Project Acceleration - The report predicts that the pace of UHV project approvals will accelerate, with an expected average of 6-7 UHV projects starting annually during the 14th Five-Year Plan period [1][3] - The expected annual order volume for UHV projects is projected to reach approximately 46 billion yuan, a 182% increase compared to the average winning bid amount from 2020 to 2024 [3][14] Market Dynamics - The UHV equipment market is characterized by high barriers to entry and concentrated profits, with major equipment components accounting for 80% of the market share [5][15] - Key suppliers such as State Grid NARI, Pinggao Electric, China XD Electric, and XJ Electric are expected to benefit significantly from the upward cycle of the sector [6][15] Back-to-Back Projects - Back-to-back DC transmission projects are crucial for addressing the power interconnection needs of adjacent provinces with asynchronous grids, with 5-6 projects expected to be approved within the year [4][16] - The report highlights that suppliers of converter transformers and converter valves are likely to see significant benefits from these projects [4][16] Financial Projections for Key Companies - State Grid NARI is projected to generate net profits of 1.15-1.64 billion yuan from each conventional/flexible DC UHV project, with an estimated profit elasticity of 1.1-1.6% [6][18] - Pinggao Electric is expected to earn 0.84/1.05 billion yuan from each DC/AC UHV project, with a profit elasticity of 4.2%/5.3% [6][18] - China XD Electric is projected to earn 2.4/1.2 billion yuan from each DC/AC UHV project, with a profit elasticity of 10.1%/5.0% [6][18] - XJ Electric is expected to generate net profits of 0.66-0.99 billion yuan from each conventional/flexible DC UHV project, with a profit elasticity of 3.1-4.7% [6][18]

Group 1 - The article discusses the implementation of the "Basic Rules for the Electricity Auxiliary Service Market," which aims to optimize the pricing mechanism and establish a unified regulatory framework for the electricity auxiliary service market in China [2][3] - The new rules are expected to enhance the construction of a national unified electricity market, improve the utilization of renewable energy, and accelerate the cultivation of new productive forces in the electricity sector [2][3][5] Group 2 - The rules provide a solid institutional foundation for the construction of a national unified electricity market, transitioning from previous stages of free service and planned compensation to a market-oriented approach [3][4] - The introduction of a "market connection" chapter in the rules aims to improve the overall operational efficiency of the electricity market and reduce operational costs by optimizing resource allocation [4][5] Group 3 - The rules are designed to enhance the absorption and utilization of renewable energy, which is projected to exceed 40% of installed capacity by the end of 2024, addressing challenges related to the randomness and volatility of renewable energy sources [5][6] - The scope of entities eligible to provide auxiliary services has been expanded to include not only traditional power generation companies but also new entities such as energy storage companies and virtual power plants, thereby maximizing the potential of flexible resources [5][6][7] Group 4 - The rules support the rapid development of new productive forces in the electricity sector, such as energy storage and virtual power plants, by granting them equal market status with traditional power generation companies [7][8] - A multi-dimensional value realization system is established for new entities, allowing them to provide various auxiliary services and create a dual-driven profit model, thus facilitating a shift from policy-driven to market-driven development [8]

技术驱动、机制护航，助力破解电网灵活调节难题 为贯彻落实加快建设全国统一大市场要求，构建全国统一电力市场体系，加快构建新型电力系 统，指导和规范全国电力辅助服务市场建设运营管理，保障电力系统稳定运行和能源电力安全供 应，国家发展改革委、国家能源局近日联合发布《电力辅助服务市场基本规则》（以下简称《规 则》），标志着我国电力中长期市场、现货市场和辅助服务市场三大电力市场核心基本规则全面 建成。《规则》的出台，既是能源转型关键制度突破，亦为新型电力系统建设注入市场化动能。 电力辅助服务市场是保障电力系统安全稳定运行、促进新能源发展的重要制度。目前，我国电力 辅助服务市场基本实现全国覆盖，市场化的辅助服务品种不断拓展，初步建立以市场为引导的辅 助服务资源优化配置机制，形成以调峰、调频、备用等交易品种为核心的区域、省级辅助服务市 场体系，通过市场实现对资源的优化配置。部分地区在辅助服务市场机制创新上进行了积极探 索，积极推动电力辅助服务市场与现货市场的协同运行，引导独立储能、虚拟电厂、负荷侧可调 节资源、厂网互动运营企业等新型主体参与辅助服务市场，取得了良好效果。电力辅助服务市场 的持续规范运行，对推进全国统一电力市 ...

《电力辅助服务市场基本规则》出台 全国统一电力市场落下"关键一子" 中国人民大学重阳金融研究院高级研究员马国书强调，这一变革契合我国国情，通过平台化供需出清 模式重塑成本结构，为国民经济全产业链的市场化改革奠定了电价基础。 国家电网公司国家电力调度控制中心副总工程师王德林表示，"煤电的'调节先锋'角色，本质上是 《规则》带来的机制创新与企业技术改造'双向奔赴'的成果。"随着辅助服务市场逐步建设完善，调 度机构正在经历由" 电力供需平衡组织者 "向" 系统调节多维价值挖掘者 "的战略转型，这既是新型 电力系统建设的必然要求，也为煤电在新能源主导的电网中找准了市场化定位。 王德林强调，《规则》构建的市场化激励机制，正促使煤电调节能力释放发生"质变"：一方面，通 过"爬坡补偿""备用容量定价"等新增交易品种，煤电参与系统调节的收益明显提升；另一方面，调 度机构能够通过价格信号引导资源配置，在极端寒潮等场景下，进一步提升煤电响应速度，促动电网 安全防线从"被动防御"转向"主动构建"。 文 | 中国电力报 记者 李东海 作为全国统一电力市场"1+N"规则体系的关键"一子"， 《电力辅助服务市场基本规则》 （以下简称 《 ...

Core Viewpoint - The introduction of the "Basic Rules for the Electricity Auxiliary Service Market" marks a significant step in China's electricity market reform, establishing a unified framework for auxiliary services, long-term, and spot trading [2][4]. Group 1: Coal Power Transformation - Coal power, traditionally the backbone of China's electricity system, is transitioning from a base-load provider to a flexible regulator due to the increasing capacity of wind and solar power, which now exceeds 1.456 billion kilowatts, accounting for 42.8% of the total installed capacity [4]. - The new rules clarify the principle of "who provides, who profits; who benefits, who bears," optimizing the pricing mechanism for auxiliary services and enhancing the participation of adjustable resources in system regulation [4][5]. - The average peak-shaving depth of coal power units has increased from 40% to 60% since 2021, with some units reaching 70%-80%, significantly improving grid flexibility [4]. Group 2: Market Mechanism Innovation - The new rules address the shortage of flexible resources and define various market products, including standby and ramping services, facilitating coordination across different time scales [8]. - The introduction of new trading products has allowed coal power to participate in system regulation, enhancing revenue structures from a reliance on power generation to diversified service income [5][6]. - The rules aim to break down regional barriers and unify provincial regulations, providing a standardized framework for the national auxiliary service market [8]. Group 3: Renewable Energy Integration - In 2024, the effective utilization rate of renewable energy in China exceeded 96%, aided by the introduction of new trading products that allow for better coordination among thermal, hydro, and storage power [9]. - The new rules have incorporated new entities such as storage companies and virtual power plants into the market, creating a collaborative adjustment framework among various energy sources [9]. - By the end of 2024, new storage capacity is expected to reach 78.3 million kilowatts, with independent storage accounting for 60% of the new installations, indicating a shift from policy-driven to market-driven growth [9]. Group 4: Safety and Efficiency in Power Systems - The previous reliance on administrative directives for power system safety has shifted towards a market-based balance, enhancing resource allocation efficiency and stakeholder engagement [12]. - The rules serve as a foundational framework for a unified national electricity market, promoting cross-regional resource optimization and transitioning from local to global optimization [12][13]. - The transition from passive response to proactive balancing in the system is facilitated by the new market mechanisms, which enhance the safety and reliability of power supply [12][13].