（文章来源：新华财经） 新华财经北京1月20日电云南省发展和改革委员会发布关于进一步优化调整分时电价政策的通知。其中 提到，自2026年3月1日起，除国家有专门规定的电气化铁路（含地铁）牵引用电外，由电网代理购电的 大工业用户和用电容量在100千伏安及以上的一般工商业用户执行政府规定的分时电价，直接参与电力 市场交易的用户不再执行政府规定的分时电价。 通知还明确，直接参与电力市场交易的工商业用户，分时电价形成机制按照电力市场规则执行。其中， 电力市场交易主体在签订中长期交易合同时，应当同时申报用电曲线、分时段电量电价，以反映发、用 电曲线特性和分时价格差异；参与电力现货市场的交易价格按照电力现货市场交易相关规则执行。 ...

Core Viewpoint - The article discusses the significant changes in the distributed photovoltaic (PV) market in Shandong, China, particularly the decision to exclude non-natural person household distributed PV projects from the mechanism price bidding starting in 2027, which may lead to substantial market impacts [1][2]. Group 1: Market Dynamics - From 2020 to 2023, the share of newly installed household PV capacity has consistently exceeded 20%, establishing a three-way market division among household, commercial, and centralized PV sectors [1]. - As of September 2023, Shandong has a cumulative installed PV capacity of 91.728 million kilowatts, maintaining its position as the leading province in China for over seven years, with distributed PV accounting for 59.78 million kilowatts [1]. - The mechanism price bidding for renewable energy projects is being promoted across provinces, with Shandong taking the lead in policy changes [1][2]. Group 2: Policy Implications - The exclusion of non-natural person household distributed PV projects from the mechanism price bidding is seen as a response to the influx of capital that deviates from the original intent of distributed PV, which is to promote local consumption [2]. - The current mechanism price system is viewed as a transitional policy, with the future direction aimed at a unified national electricity market that emphasizes the core attributes of electricity generation [2][4]. Group 3: Future Opportunities - The article suggests that rather than avoiding the Shandong market, stakeholders should leverage it as a "testing ground" to explore viable market-oriented business models, such as energy storage integration and virtual power plants [3]. - The recent changes in time-of-use pricing policies are expected to create challenges for distributed PV while benefiting commercial energy storage, indicating a shift in market dynamics [3][4]. - The cancellation of time-of-use pricing does not imply a uniform electricity price but rather a market-driven price formation, which will necessitate a restructuring of energy storage business models [4].

Core Viewpoint - The article discusses the draft proposal for the Sichuan 2026 Electricity Market Trading Overall Plan and the Electricity Market Rules System V4.0, focusing on the optimization of time-of-use pricing and the establishment of a market mechanism to enhance electricity supply security and promote clean energy utilization [2][4]. Summary by Sections 1. Market Trading Overview - The expected electricity market trading scale in Sichuan for 2026 is approximately 2,300 billion kilowatt-hours [6]. - All industrial and commercial users are expected to participate directly in the electricity market trading, with those not participating being represented by grid companies [6][8]. 2. Pricing Mechanism - Electricity prices on the generation side will be formed through bilateral negotiations and centralized trading, with no upper limit on market trading prices for high-energy-consuming users [4][27]. - The retail settlement formula includes a linkage ratio of 5%-10% for pricing adjustments [4]. 3. Market Participants - Participants include electricity users, generation companies, electricity sales companies, grid companies, and new operational entities such as energy storage and virtual power plants [8][12]. - New energy sources like distributed solar and wind power are encouraged to participate in market trading [37]. 4. Trading Types - The trading includes long-term and spot trading, with specific arrangements for annual, monthly, and intra-month transactions [16][19]. - Spot trading will be organized based on real-time market conditions, ensuring optimal resource allocation [20][24]. 5. Settlement Mechanism - The settlement for wholesale trading will follow a "daily clearing monthly settlement" model, with real-time market prices used for hourly settlements [32]. - Retail trading will be settled monthly based on the contracts signed between retail users and electricity sales companies [32]. 6. Risk Management - A market risk monitoring and mitigation mechanism will be established to address price volatility and ensure market stability [38]. - Measures will be implemented to monitor the performance of electricity sales companies and ensure compliance with market rules [39]. 7. Implementation and Coordination - The Sichuan Development and Reform Commission, along with other regulatory bodies, will oversee the market's construction and operation, ensuring effective coordination among stakeholders [46]. - Market participants are encouraged to maintain fair practices and comply with regulations to foster a stable trading environment [46].

Core Insights - The article discusses the implementation of peak electricity prices across various regions in China as the country enters the winter peak demand period in December 2025, with significant price differences observed in multiple provinces [3][4]. Pricing Trends - In December, peak electricity prices are being executed in regions such as Guangdong, Shandong, Hunan, and others, with only Shandong and Hebei South Network implementing valley prices [3]. - A total of 22 regions have a maximum peak-valley price difference exceeding 0.6 yuan/kWh, while 17 regions have a peak-to-flat price difference exceeding 0.3 yuan/kWh [3]. - Guangdong maintains the highest peak-valley price difference at 1.298 yuan/kWh, a year-on-year increase of 0.2%, followed by Hunan at 1.065 yuan/kWh and Shandong at 0.985 yuan/kWh [3][4]. Year-on-Year Comparison - Compared to the same period last year, 23 provinces show a trend of decreasing maximum price differences, while 12 provinces exhibit an increasing trend [3]. - The most significant year-on-year increases in maximum price differences exceeding 0.6 yuan/kWh are observed in Tianjin (10%), Hebei South Network (9.1%), and Sichuan (5.4%) [3]. Regional Pricing Details - The article provides detailed pricing tables for various provinces, including the electricity prices for commercial users in Guangdong, Hunan, and other regions, highlighting the differences in peak, flat, and valley pricing [4][5][10][20]. - For instance, the peak price in Guangdong's Pearl River Delta is 1.6084 yuan/kWh, while the valley price is 0.3104 yuan/kWh, resulting in a peak-valley price difference of 1.2980 yuan/kWh [4]. Impact on Energy Storage - The changes in time-of-use pricing policies significantly affect the profitability of user-side energy storage, with ongoing monitoring of price trends by CNESA [4].

Core Viewpoint - The Zhejiang Provincial Development and Reform Commission has released a draft notice for optimizing the time-of-use electricity pricing policy, aiming to better align electricity pricing with seasonal supply and demand characteristics, thereby promoting energy conservation and stability in electricity supply [2][10]. Group 1: Optimization of Time Periods - The time periods for commercial and industrial users will be adjusted based on seasonal electricity supply and demand. The peak period will now be from 16:00 to 23:00, while the low valley period will be extended by one hour [2][10]. - Specific time periods for different seasons are defined: - Spring and Autumn (February to June, September to November): - Peak: 16:00-23:00 - Low Valley: 0:00-7:00, 11:00-14:00 - Summer and Winter (January, July, August, December): - Peak: 16:00-18:00, 22:00-23:00 - Low Valley: 0:00-7:00, 11:00-14:00 [3][15]. Group 2: Holiday Pricing Adjustments - During major holidays such as Labor Day and National Day, the first three days will have a low valley period from 0:00 to 9:00 and a deep valley period from 9:00 to 15:00 [5][10]. Group 3: Pricing Structure and Floating Ratios - The pricing base for commercial and industrial users will be adjusted to include the grid electricity price, line loss costs, and system operation costs. The floating ratios for peak, high peak, flat, low valley, and deep valley periods are set at 2.05:1.85:1:0.4:0.2 [16][10]. Group 4: Electric Vehicle Charging Policies - Electric vehicle charging facilities will follow the same peak and valley periods and pricing structures as commercial electricity users. The low valley period will be adjusted to 10:30-13:30, while the low valley period for residential users will be from 23:00 to 8:00 the next day [18][10]. Group 5: Dynamic Adjustment Mechanism - A dynamic adjustment mechanism will be established to respond to changes in electricity supply and demand, allowing for timely adjustments to peak and valley periods and floating ratios based on the electricity market conditions [19][10]. Group 6: Implementation and Communication - The new policy will be communicated to users in advance, and the provincial electricity company will be responsible for monitoring the impact of the time-of-use pricing policy and ensuring its smooth implementation [20][10].

Core Viewpoint - The article discusses the electricity purchasing prices for September 2025 across various regions in China, highlighting the changes in peak and valley pricing, and the impact of time-of-use pricing policies on energy storage profitability [2][4]. Summary by Sections Electricity Purchasing Prices Overview - As of September 2025, most regions have released their electricity purchasing prices, with the exception of Inner Mongolia West, Jilin, and Xinjiang [2]. - No new time-of-use pricing policies have been announced for this month [4]. Peak and Valley Pricing - In September, 18 regions have a peak-valley price difference exceeding 0.6 yuan/kWh, while 16 regions have a peak segment price difference exceeding 0.3 yuan/kWh [4]. - Guangdong has the highest peak-valley price difference at 1.3136 yuan/kWh, followed by Hainan at 1.043 yuan/kWh and Shandong at 0.854 yuan/kWh [4]. Year-on-Year Comparison - Compared to the same period last year, the maximum price differences have generally decreased, with only 9 regions experiencing an increase [4]. - Notable decreases in price differences were observed in Heilongjiang (-57.4%), Jiangsu (-40.6%), and Liaoning (-35.2%) due to adjustments in time-of-use pricing policies [4]. Regional Pricing Details - The article provides detailed tables of electricity prices for various regions, including peak, flat, and valley pricing for different voltage levels [5][6][10][19]. - For example, in Guangdong, the non-time-of-use price for 1-10 kV is 0.6893 yuan/kWh, while the peak price is significantly higher during peak hours [5][10]. Impact on Energy Storage - The changes in time-of-use pricing policies significantly affect the profitability of user-side energy storage systems, with ongoing monitoring by CNESA [4]. Future Data Availability - CNESA will continue to track electricity price trends, with detailed summaries and data analysis available in their global energy storage database [4].

Core Viewpoint - The recent adjustment of time-of-use electricity pricing by Sichuan power companies, including Leshan Electric Power, is aimed at benefiting residential users, which is expected to significantly impact the companies' earnings in 2025 [1][3][4]. Group 1: Impact of Time-of-Use Pricing Adjustment - Leshan Electric Power announced that the new low valley pricing for residential users will lead to an estimated reduction of approximately 16.6 million yuan in its electricity business revenue for 2025 [3][4]. - The low valley pricing will apply to residential users with a "one household, one meter" policy, with rates set at 0.175 yuan/kWh during the low valley period in the wet season and 0.2535 yuan/kWh in the dry and normal water periods [3][4]. - Other Sichuan power companies, such as Xichang Electric Power and Guang'an Aizhong, also reported expected impacts on their earnings due to the new pricing policy, with estimated reductions of 5.55 million yuan and 39.38 million yuan in net profit for 2025, respectively [4][3]. Group 2: Company Performance and Market Reaction - Leshan Electric Power's preliminary net profit for the first half of 2025 is reported to be approximately 7.90 million yuan, while Xichang Electric Power expects around 3.10 million yuan [5]. - Despite the announced impacts of the pricing adjustments on earnings, the capital market has shown strong interest in Leshan Electric Power, with its stock price rising significantly from around 7 yuan to a peak of 18 yuan [5]. - The companies are also exploring new business opportunities, such as Leshan Electric Power's investment in a new energy storage project and Guang'an Aizhong's establishment of an investment fund focused on renewable energy [7].

Core Viewpoint - The recent adjustments to time-of-use electricity pricing policies across various provinces in China, particularly the designation of midday hours as low-cost periods, have significantly impacted the photovoltaic (PV) industry, leading to a decline in solar power profitability and forcing the sector to seek new avenues for revenue generation [1][5][11]. Group 1: Policy Adjustments - Multiple provinces, including Jiangsu, Anhui, and Hunan, have implemented or are in the process of finalizing time-of-use electricity pricing policies that classify midday hours as low-cost periods, with reductions in electricity prices by as much as 60% [1][5][6]. - As of now, over 20 provinces have adopted similar midday low-cost electricity policies, with some provinces setting the price as low as 0.12 yuan per kilowatt-hour [1][6][7]. Group 2: Impact on the Photovoltaic Industry - The new pricing policies have led to a significant decrease in the profitability of solar power projects, with internal rates of return (IRR) for some projects dropping from 12% to as low as 6% [10]. - The midday hours, which traditionally contribute about 40% of daily solar power generation, are now classified as low-cost periods, severely affecting the cash flow of solar power projects that lack energy storage solutions [9][10]. Group 3: Market Dynamics and Future Directions - The current time-of-use pricing mechanism is seen as an administrative measure rather than a market-driven approach, raising questions about its effectiveness in regulating the market [11]. - The photovoltaic industry is urged to transition towards a more integrated model that combines grid connection, self-consumption, and energy storage to adapt to the new pricing environment [12]. - Enhancing the capacity of the electricity grid to accommodate renewable energy sources is deemed essential for the sustainable development of the photovoltaic sector [14][15].

Core Viewpoint - The article discusses the recent adjustments in time-of-use electricity pricing policies across various regions in China, highlighting their significant impact on commercial and industrial energy storage projects [2][3][19]. Group 1: Time-of-Use Pricing Policy - In the first half of 2025, seven regions including Jilin, Sichuan, and Jiangsu officially updated their time-of-use pricing policies, while three regions issued drafts for public consultation [2][3]. - Key characteristics of the adjustments include changing midday peak periods to flat or valley segments, narrowing the fluctuation range, maintaining stable peak-valley fluctuation ratios, and more refined time segment divisions [2][4][15]. - The adjustments reflect local electricity supply and demand characteristics, significantly affecting the operational revenue of commercial and industrial energy storage projects [3][19]. Group 2: Trends in Pricing Policy Adjustments - Time segment adjustments have led to the midday peak being reclassified as flat or valley periods, with 22 provinces now implementing low valley pricing during midday [4][5]. - The fluctuation range has been reduced, resulting in smaller peak-valley price differences, as seen in Jiangsu where the previous policy allowed for broader price fluctuations [7][13]. - Most provinces did not adjust the peak-valley fluctuation ratios, with Jiangsu being an exception, increasing its ratios for different voltage levels [14]. Group 3: Electricity Grid Purchase Price Situation - From January to July 2025, the average maximum peak-valley price difference across 32 regions was 0.618 yuan/kWh, a 9.1% decrease year-on-year [16]. - The regions with the highest price differences were Guangdong (1.297 yuan/kWh), Hainan (1.053 yuan/kWh), and Hunan (0.975 yuan/kWh) [16][17]. - The adjustments in pricing policies, particularly in Jiangsu, have led to a significant decline in the economic viability of energy storage projects, with estimated daily electricity revenue dropping by 47% from the previous year [19][24]. Group 4: Impact on Commercial and Industrial Energy Storage Development - The changes in pricing policies, especially in Jiangsu, have posed challenges to the economic feasibility of energy storage projects, necessitating further market exploration and participation in virtual power plants and demand response initiatives [19][24]. - The rapid growth of renewable energy installations in Jiangsu, which reached over 100 million kW, has influenced the operational models of distributed solar + storage systems [24]. - The article emphasizes the need for thorough market research and monitoring of electricity supply and demand structures in major solar installation provinces to adapt to policy changes and market reforms [24].

Core Viewpoint - The provincial development and reform commission announced an optimization of the time-of-use electricity pricing policy, effective from August 1, aimed at enhancing the efficiency of electricity consumption and ensuring stable economic operations. Group 1: Policy Adjustments - The optimization includes adjustments to peak and valley time periods and an expansion of the execution range of the time-of-use pricing policy [1][3] - The new pricing structure divides the day into three segments: peak, flat, and valley, each lasting 8 hours [1][4] - The peak hours are set from 16:00 to 24:00, while the valley hours span from 00:00 to 16:00, allowing for a continuous 16-hour low-cost period [2][4] Group 2: Impact on Users - The adjustments are expected to lower midday electricity costs by reallocating peak hours, potentially releasing an additional 3 million kilowatts of electricity demand [2] - The reduction of peak hours includes the cancellation of peak pricing in September, resulting in a total decrease of 120 peak pricing hours annually [2] - The policy now allows commercial users with a capacity of 100 kVA or below to choose between time-of-use pricing or flat pricing, enhancing user flexibility [3] Group 3: Specific User Considerations - Hospitals, previously exempt from the time-of-use pricing policy, can now opt to participate based on their electricity consumption needs [3]