Q&A 136 号文件出台的背景和总体目标是什么？ 对话专家：136 号文对电煤的中长期影响推演 20250924 摘要 136 号文件标志着新能源告别全额保障性收购，全面进入市场交易，对 电力市场化和全国统一电力市场建设具有划时代意义，旨在缓解工商业 用户成本压力并提高电网调节能力。 新能源全面入市改变了火电在现货市场中的主体地位，尤其在午间低谷 时段，火电面临负电价风险，同时辅助服务成本增加进一步加剧了火电 的经营压力。 存量新能源项目受到政策调整影响，部分省份已开始降低或调整标杆上 网电价；增量项目收益率显著下降，如山东户用光伏收益率从 15%降至 7%，预计该效应将扩展至其他省份。 新型储能通过峰谷套利对火电形成竞争压力，国家政策推动储能发展， 增加了市场参与主体，间接压制了晚高峰时段的市场价格，影响火电的 竞争力和收益。 当前电力市场供过于求，2025 年 1-8 月全国用电量增长低于预期，新 增新能源装机导致弃电率上升，火电利用小时数同比下降约 160-180 小 时，预计 2026 年该趋势将持续。 136 号文件于 2025 年 3 月出台，其背景主要是由于新能源发展速度过快，特 别是 202 ...

Core Viewpoint - The development of the spot market has become an important means of optimizing resource allocation in China's electricity market, marking significant progress since the initiation of the national unified electricity market reform [1][2]. Group 1: Progress in Electricity Market Construction - The construction of the electricity spot market in China has made positive progress since the pilot began in 2017, evolving from non-existence to a comprehensive system [1]. - 2023 is recognized as a landmark year for the preliminary establishment of the national unified electricity market, with significant achievements in cross-regional trading mechanisms and market operations [2]. - The electricity market has achieved collaborative continuous operation between provincial and intra-provincial markets, forming a preliminary market structure that integrates medium- and long-term, spot, and ancillary services [2]. Group 2: Importance of Spot Market - The electricity spot market has become a crucial avenue for optimizing resource allocation, contributing positively to supply security, consumption promotion, and energy transition [2]. - During the peak summer load period, the national grid's electricity load reached a record high of 1.235 billion kilowatts, an increase of 0.055 billion kilowatts compared to the previous summer [3]. Group 3: New Energy Integration - The promotion of new energy's participation in market transactions is a key focus, with nearly 650 billion kilowatt-hours of new energy participating in market transactions from January to August 2023, a year-on-year increase of over 30% [4]. - The green electricity and green certificate market is thriving, with green electricity consumption reaching 597.7 billion kilowatt-hours from January to July 2023, a year-on-year increase of 42.69% [4]. Group 4: Challenges and Recommendations - The rapid development of new energy poses challenges in safety and consumption, leading to issues of "too much and too little" energy supply [5]. - Recommendations include accelerating the construction of a national unified electricity market to enhance new energy absorption and establishing a multi-value market system to ensure reliable electricity supply [6].

中长期市场是电力市场的 "压舱石"，其成熟度决定了电力市场的稳定度与可持续性，截至2024年底，全国 大多数省份中 长期市场交易已常态化开市，交易频次和周期趋近运行日。为实现精细化管理、进一步衔接现货市场，《指引》在交易组 织、签约期限与比例、限价等方面提出具体要求。 一是 交易组织。截至 2024年底，山西、山东、吉林等19个地区最小交易周期已达到D-2日，云南已达到D-1日，为 进一 步推动中长期市场和现货市场在交易时间尺度的有效衔接，更好体现电力市场全电量分时价值， 《指引》提出加快推动 D-2连续开市与中长期交易分时段组织等精细化安排，更好适配新能源时段性出力特性，同时有利于引导用户侧响应价格 信号、错峰用电。 二是 签约期限与比例。对于新能源和核电企业，为稳定投资预期、同时考虑用户侧绿色电力消费需求，支持相关企业与电 力用户签订多年期协议。具体在签约比例上，考虑电力保供要求、 电力 市场 建设进展 等因素，建立中长期签约比例动态 调整机制，适时调整相关要求。 中央财经委员会第六次会议强调，纵深推进全国统一大市场建设。《关于全面加快电力现货市场建设工作的通知》指出， 全面加快电力现货市场建设，2025 ...

近日，国家发展改革委印发《输配电定价成本监审办法》《省级电网输配电价定价办法》《区域电网输 电价格定价办法》和《跨省跨区专项工程输电价格定价办法》四项输配电定价办法修订的征求意见稿 （以下统称《办法》）。此次修订标志着我国输配电价改革即将迈入新阶段，旨在进一步健全输配电价 科学形成机制，为加快建设全国统一电力市场体系、深入推进能源绿色低碳转型提供重要制度保障与新 动能。 厘清成本边界，彰显电网生态价值。《办法》清晰界定了输配电定价成本的边界，延续了"抽水蓄能电 站、新型储能电站的成本费用"不得计入输配电定价成本的规定，使输配电价聚焦于电网输电和配电的 核心职能。与此同时，扩大了税金涵盖品种，首次将环境保护税、水资源税等税金纳入定价成本，彰显 出电网的生态环保价值，有利于合理优化成本构成。 延续激励机制，促进电网提质增效。《办法》延续了"实际利用小时数超出核价利用小时数产生的收 益，30%由电网企业分享"的规定，此部分收益可用于配套调峰能力建设、输电通道优化扩容等关键领 域，形成良好的激励相容、良性循环的长效机制，能有效激励电网企业不断提升通道利用效率、增强清 洁电力输送能力，为更高比例新能源接入提供系统支撑。 ...

Group 1 - The core viewpoint of the article is that the recent revisions to the pricing methods for electricity transmission and distribution mark a new phase in China's electricity pricing reform, aimed at establishing a scientific pricing mechanism and supporting the transition to a unified national electricity market and a low-carbon energy system [1] Group 2 - The revised methods introduce an innovative capacity mechanism to ensure returns on grid investments, allowing for a two-part or single capacity pricing model for cross-regional projects focused on clean energy transmission, which enhances infrastructure cost recovery and promotes efficient use of transmission channels [1][2] - The methods clarify cost boundaries by excluding certain costs from pricing, such as those from pumped storage and new energy storage stations, while including environmental taxes, thereby highlighting the ecological value of the grid [2] - The continuation of incentive mechanisms allows grid companies to share 30% of the revenue from actual utilization hours exceeding the approved hours, which can be reinvested into key areas like peak-shaving capacity and transmission optimization [2] Group 3 - The methods establish a unified pricing system that supports the development of a national electricity market by ensuring transparency and reasonable pricing, clearly defining the functions and pricing of different grid levels [3] - By enhancing the flexibility of pricing for cross-regional transmission projects, the methods aim to break down inter-provincial barriers and optimize resource allocation, facilitating the consumption of clean energy across larger areas [3][4] - The methods emphasize the importance of fair cost-sharing between in-province and out-of-province users to prevent additional charges that could hinder electricity imports, thus promoting efficient energy flow from resource-rich areas to load centers [4] Group 4 - The innovative pricing mechanisms proposed are expected to lower the costs of cross-regional transmission of clean energy, enhancing its competitiveness in the unified electricity market and supporting the transition of the energy structure [5] - The methods encourage the development of distributed energy systems by exploring single capacity pricing for local consumption scenarios, which aligns with new business models in the energy sector [5] - The continuation and enhancement of the revenue-sharing mechanism, where 70% of excess revenue from cross-regional projects is allocated to support clean energy transmission, incentivizes renewable energy companies to improve efficiency and address issues of energy wastage [6]

在电力市场上，用电高峰时电价高，用电低谷时电价低。抽水蓄能电站"入市"，能够通过在低价时买电 抽水，高价时放水发电，获得调节电力系统负荷和消纳新能源的市场收益。2024年10月，梅州抽水蓄能 电站率先在国内以"报量报价"方式整站参与电力现货交易。截至目前，已累计交易市场电量17.4亿千瓦 时，响应市场需求启动4200余次。随着新机组"入市"，梅州抽水蓄能电站在电力市场交易规模达到150 万千瓦，相当于每小时可交易电量150万千瓦时。 本报电(记者程远州)8月26日，广东省梅州抽水蓄能电站二期工程首台机组投产，同步进入电力市场交 易全部电量。这是我国抽水蓄能电站首次实现"投产即入市"，对促进全国统一电力市场建设具有重要意 义。 ...

Summary of Key Points from the Conference Call Company Overview - The conference call pertains to China General Nuclear Power Corporation (CGN) and its operations in the nuclear power sector. Core Developments - **Project Updates**: - Huizhou Unit 3 achieved First Concrete Date (FCD) on June 10, 2025, marking the start of full construction [2] - Lufeng Unit 6 completed dome lifting on July 14, 2025, and entered equipment installation [2] - Huizhou Unit 2 completed its hot functional test on July 30, 2025, preparing for commercial operations [2] - A-share convertible bonds were issued on July 25, 2025, to support nuclear projects and optimize capital structure [2] - **Financial Performance**: - On-grid power generation reached 1,133.6 billion kWh in H1 2025, up 6.93% YoY [5] - Revenue was RMB 39.167 billion, down 0.5% YoY, with net attributable profit at RMB 5.952 billion, down 16.3% YoY [5] - Electricity sales revenue increased by 0.9% YoY to RMB 306.58 billion, but overall growth was hindered by declining market-based tariffs [21] Industry Context - **Electricity Consumption**: - China's electricity consumption rose by 3.7% YoY in H1 2025, totaling approximately 4.84 trillion kWh, driven by high summer temperatures [6] - Non-fossil energy sources accounted for over 60% of installed capacity and contributed 43.1% to total power generation, up 3.7 percentage points YoY [6] - **Nuclear Power's Role**: - Nuclear power represented about 1.7% of China's total installed capacity but contributed around 5.2% of total power generation as of June 2025 [7] - The average utilization hours for nuclear facilities increased by 167 hours YoY, indicating high stability [7] Safety and Operational Management - The company maintained zero incidents classified as Level 2 or above on the International Nuclear Event Scale in H1 2025 [9] - 91.07% of managed nuclear power units reached the world's top quartile advanced level based on WANO key performance indicators [10] Financial Strategy and Market Dynamics - **Market-Based Tariffs**: - The average market-based tariff in Guangdong was approximately 0.33 RMB per kWh, down by 6.5 RMB cents YoY [32] - The company is actively negotiating with provincial authorities regarding tariff adjustments to mitigate revenue impacts [33] - **Acquisitions and Capital Expenditures**: - The company approved a cash acquisition of equity interests in four companies, including Huizhou Nuclear Power, expected to complete by year-end [4] - Future capital expenditures will primarily be funded through bank loans, with minimal additional capital anticipated for completed projects [34] Environmental Impact - The company's operations contributed to a reduction of approximately 34.09 million tons of standard coal consumption and about 107 million tons of CO2 emissions, supporting national carbon neutrality goals [14] Future Outlook - The company plans to enhance research on strategic issues and improve operational management to ensure safe production during peak demand seasons [25] - Anticipated stable macroeconomic growth is expected to drive higher electricity consumption demand in H2 2025, benefiting nuclear unit generation [26] Conclusion - The company is positioned to leverage ongoing projects and market dynamics while focusing on safety, operational efficiency, and environmental sustainability to navigate the challenges and opportunities in the nuclear power sector.

Core Insights - In July, the national electricity market transaction volume reached 624.6 billion kilowatt-hours, a year-on-year increase of 7.4% [1] - From January to July, the cumulative electricity market transaction volume was 3.59 trillion kilowatt-hours, up 3.2% year-on-year, accounting for 61.2% of total electricity consumption, a decrease of 0.9 percentage points year-on-year [1] - The green electricity transaction volume in July was 25.6 billion kilowatt-hours, showing a significant year-on-year growth of 43.2% [1] Electricity Market Developments - The provincial transaction volume in July was 461.4 billion kilowatt-hours, increasing by 7.3% year-on-year, while the inter-provincial and inter-regional transaction volume was 163.2 billion kilowatt-hours, up 7.9% year-on-year [1] - Cumulatively, from January to July, the provincial transaction volume was 2.73 trillion kilowatt-hours, a 1.6% increase year-on-year, and the inter-provincial and inter-regional transaction volume was 855.8 billion kilowatt-hours, up 9% year-on-year [1] - The cumulative green electricity transaction volume from January to July reached 181.7 billion kilowatt-hours, reflecting a year-on-year increase of 42.1% [1] Future Outlook - The year 2025 marks a critical point for the new round of electricity system reform, coinciding with the preliminary establishment of a national unified electricity market [1] - Significant progress has been made in the construction of a unified national electricity market, including the establishment of a normalized trading mechanism across power grid operating areas and the successful transition of the southern regional electricity market to continuous settlement trial operation [1] - The southern regional electricity market has achieved the largest scale of centralized unified clearing of electricity in the world, which is crucial for building a national unified market and breaking down inter-provincial barriers [1]

Core Insights - In July, the total electricity market transaction volume reached 624.6 billion kilowatt-hours, representing a year-on-year growth of 7.4% [1] - From January to July, the cumulative electricity market transaction volume was 3.59 trillion kilowatt-hours, a year-on-year increase of 3.2%, accounting for 61.2% of the total electricity consumption, which is a decrease of 0.9 percentage points year-on-year [1] - The green electricity transaction volume in July was 25.6 billion kilowatt-hours, showing a significant year-on-year increase of 43.2% [1] Provincial and Cross-Regional Transactions - In July, provincial electricity transaction volume was 461.4 billion kilowatt-hours, with a year-on-year growth of 7.3%, while cross-provincial and cross-regional transaction volume was 163.2 billion kilowatt-hours, increasing by 7.9% year-on-year [1] - From January to July, provincial transaction volume totaled 2.73 trillion kilowatt-hours, up by 1.6% year-on-year, and cross-provincial and cross-regional transaction volume reached 855.8 billion kilowatt-hours, reflecting a year-on-year growth of 9% [1] Market Development and Reforms - The year 2025 marks the 10th anniversary of the new round of electricity system reform and the preliminary establishment of a national unified electricity market [1] - Significant progress has been made in the construction of a unified national electricity market, including the establishment of a normalized trading mechanism across power grid operating areas by State Grid and Southern Grid [1] - The Southern regional electricity market successfully transitioned to continuous settlement trial operation on June 28, becoming the largest centralized and unified electricity market globally, which is crucial for building a unified national market and breaking down inter-provincial barriers [1]

Core Viewpoint - The "14th Five-Year Plan" period marks a significant advancement in energy reform and development, with a focus on high-quality growth and the establishment of a unified national energy market [1] Group 1: Energy Reform and Development - The "14th Five-Year Plan" is characterized by deepening energy reforms and enhancing development momentum [1] - The restructuring of the system and policy framework is accelerating, with the construction of a national unified electricity market being expedited [1] - The coal and new energy sectors are fully entering the market, and all industrial and commercial users are now part of the market [1] Group 2: Market Dynamics and Participation - The oil and gas sector is beginning to form a "national network," and the Energy Law has been implemented [1] - Macro-control and industry governance mechanisms for energy are being further improved [1] - The vitality of the market is being rapidly released, with the number of registered electricity market operators reaching 970,000, which is five times that of 2020 [1] Group 3: Role of Private Enterprises - Ten measures have been introduced to promote the development of the private economy in the energy sector [1] - The majority of photovoltaic equipment manufacturing companies and over 60% of wind turbine manufacturers are private enterprises [1] - In some nuclear power projects, private enterprises hold up to 20% of the shares, indicating their significant role in driving energy transition and reform [1]