Core Viewpoint - The article discusses the recent guidelines issued by the National Development and Reform Commission and the National Energy Administration aimed at improving the pricing mechanism for domestic natural gas pipeline transportation, promoting efficiency, and reducing costs for end-users [3][4]. Pricing Mechanism - The guidelines establish a unified pricing model for provincial natural gas pipeline transportation, transitioning from "one line one price" and "one enterprise one price" to either zonal pricing or a unified provincial price [4]. - The previous pricing model led to significant discrepancies in transportation fees within provinces, affecting the cost for similar downstream users [4]. - The new pricing approach aims to align provincial natural gas transportation prices with cross-provincial pricing mechanisms, contributing to a "national network" [4]. Cost Structure - The pricing will be determined based on "permitted costs plus reasonable returns," with pipeline asset depreciation set at a 40-year principle and permitted return rates not exceeding the 10-year government bond yield plus 4 percentage points [4][5]. - Analysts estimate that the permitted return rate for provincial transportation will be around 6%, which is lower than the 7%-8% return rates for most cross-provincial transportation [5]. Impact on the Industry - The new regulations are expected to lead to a decrease in provincial transportation fees, benefiting downstream users by lowering costs and stimulating demand [5]. - The guidelines encourage upstream gas suppliers to engage in direct sales with urban gas companies and large users, which could streamline the supply chain and reduce costs [5][6]. Market Dynamics - The changes are anticipated to enhance the vitality of the end-user gas market and improve demand-side management for urban gas companies [6]. - Large users, such as chemical plants and gas power plants, may bypass urban gas distribution by directly accessing provincial mainline pipelines, significantly lowering procurement costs and increasing the demand for natural gas as a substitute for coal and oil [6].

为加强自然垄断环节价格监管，提升天然气管道运输效率，国家发改委、国家能源局近日发布《关于完 善省内天然气管道运输价格机制促进行业高质量发展的指导意见》（下称"《意见》"）。 行业人士认为，这将直接推动省内管输费下降。据张樨樨和东吴证券研究所分析师袁理等人测算，以10 年期国债收益率约2%计算，省内管输准许收益率在6%左右，明显低于国内大部分跨省管输准许的 7%-8%收益率。"由此，中游管输环节将告别垄断利润，转向精细化运营和服务竞争，加速行业洗牌； 下游终端用户将直接享受成本下降红利，需求潜力进一步释放。"黄庆说。 此外，《意见》还强调优化管道规划和投资管理，减少供气环节，鼓励上游供气企业与城燃企业、大用 户开展直购直销。对没有实质性管网投入、不提供必要管道运输服务的"背靠背"分输站等供气环节，加 大力度清理取消。 在行业人士看来，中游成本监审与冗余环节清理带来的直接结果是管输价格下降，从而带动终端销售价 格下滑，缓解下游用气成本压力。袁理分析称，减少供气环节有利于下游城燃企业修复对居民用户售气 的价差。他表示，当前下游城燃仍处于居民顺价周期，2022年至今年7月，全国187个（占比64%）地级 以上城市进行 ...

Core Viewpoint - The recent guidelines aim to systematically restructure the natural gas industry chain's profit distribution and behavioral rules through a pricing mechanism, allowing downstream gas users to benefit from reduced pipeline transportation costs [1][2]. Pricing Mechanism - The guidelines establish a unified pricing model for provincial natural gas pipeline transportation, transitioning from "one line one price" and "one enterprise one price" to either zonal pricing or a unified provincial price [3]. - The pricing will be determined by provincial development and reform departments based on permitted costs and regulated returns, promoting a reduction in gas supply costs by compressing supply chain layers [1][5]. Regulatory Framework - The core objective is to create a scientific, transparent, and efficient pricing mechanism to address long-standing issues such as inconsistent pricing, poor cost transmission, and inefficient resource allocation in the industry [2]. - The guidelines emphasize strict government pricing regulation for the natural monopoly of pipeline transportation while promoting market-oriented reforms for upstream gas sourcing and downstream sales [2]. Cost Structure and Impact - The pricing will be based on the "permitted cost plus reasonable return" method, with pipeline asset depreciation set at 40 years and permitted return rates not exceeding the 10-year government bond yield plus 4 percentage points [5]. - This approach is expected to lower provincial pipeline transportation fees, with estimates suggesting a permitted return rate around 6%, significantly lower than the 7%-8% rates for most cross-provincial pipelines [5]. Market Dynamics - The reduction in midstream costs and the elimination of redundant supply chain layers are anticipated to lead to lower transportation prices, subsequently decreasing end-user gas prices and alleviating cost pressures on downstream users [6]. - The new regulations are expected to enhance market vitality for end-user gas consumption and improve demand-side management for city gas companies, allowing large users to bypass distribution channels and directly access pipeline gas sources [6].

Core Viewpoint - The document outlines guidelines for improving the pricing mechanism of natural gas pipeline transportation within provinces, aiming to enhance industry efficiency and promote high-quality development [3]. Group 1: Pricing Authority and Model - Provincial development and reform departments are responsible for setting natural gas pipeline transportation prices, with no further delegation of pricing authority [4]. - A unified pricing model will be implemented, transitioning from "one line one price" and "one enterprise one price" to either zonal pricing or a province-wide uniform price, facilitating integration with inter-provincial pricing mechanisms [5]. Group 2: Price Level Determination - Pricing will be based on a "permitted cost plus reasonable return" method, with a focus on cost monitoring and considering gas throughput to determine transportation prices [6]. - The depreciation period for pipeline assets is set at 40 years, and the permitted return rate should not exceed the 10-year government bond yield plus 4 percentage points [6]. - A regulatory cycle for price adjustments is established at three years, with provisions for early reviews if significant changes occur [7]. Group 3: Pipeline Planning and Investment Management - Provinces are encouraged to enhance the management of natural gas pipeline construction and operation, ensuring economic viability and efficient operation [8]. - Investment projects must be carefully reviewed to avoid unnecessary intermediate links and ensure effective resource utilization [9]. Group 4: Reducing Supply Chain Costs - Efforts will be made to evaluate and compress supply chain costs, encouraging direct purchasing between upstream suppliers and end-users [10]. - The document emphasizes the need to eliminate unnecessary supply chain layers and regulate service pricing strictly [10]. Group 5: Market Order Regulation - Pipeline operators must adhere to government pricing policies and avoid circumventing regulations through alternative fees [11]. - The document mandates fair access to pipeline facilities and outlines the need for strict supervision of pricing practices to maintain market order [11]. Group 6: Implementation and Monitoring - Provinces are required to compile a comprehensive list of natural gas pipelines subject to government pricing and continuously update it [12]. - A systematic evaluation of pipeline planning and pricing management will be conducted to ensure compliance with the new guidelines [12].

经济观察网据国家发改委网站，8月1日，国家发展改革委、国家能源局发布《关于完善省内天然气管道 运输价格机制促进行业高质量发展的指导意见》。其中提到，省内天然气管道运输价格应当实行统一定 价模式，由"一线一价"、"一企一价"向分区定价或全省统一价格过渡，实现与跨省天然气管道运输价格 机制有效衔接，助力形成"全国一张网"。过渡期内可采取制定标杆价格等方式，引导管道经营企业优胜 劣汰、资源整合，提升管网运行效率。 ...

8月1日，国家发改委、国家能源局发布《关于完善省内天然气管道运输价格机制促进行业高质量发展的 指导意见》，其中指出，省内各级天然气管道（不含企业内部自用管道）运输价格由省级发展改革部门 制定，原则上不再下放定价权限。已经纳入国家统一定价的跨省天然气管道系统省内段及配套支线，省 级发展改革部门不再重复定价。省内天然气管道运输价格应当实行统一定价模式，由"一线一价"、"一 企一价"向分区定价或全省统一价格过渡，实现与跨省天然气管道运输价格机制有效衔接，助力形成"全 国一张网"。过渡期内可采取制定标杆价格等方式，引导管道经营企业优胜劣汰、资源整合，提升管网 运行效率。 原文如下： 国家发展改革委 国家能源局关于 完善省内天然气管道运输价格机制 促进行业高质量发展的指导意见 发改价格〔2025〕1014号 各省、自治区、直辖市、新疆生产建设兵团发展改革委、能源局，国家能源局各派出机构，国家石油天 然气管网集团有限公司： 为贯彻落实党的二十届三中全会精神和党中央、国务院关于深化石油天然气市场体系改革、完善价格治 理机制的决策部署，加强自然垄断环节价格监管，提升天然气管道运输效率，促进行业高质量发展，现 就完善省内天然气 ...

Core Viewpoint - The National Development and Reform Commission (NDRC) and another department have issued guidance on improving the pricing mechanism for domestic natural gas pipeline transportation, aiming to promote high-quality industry development [1] Pricing Mechanism - Natural gas pipeline transportation prices at the provincial level will be set by provincial development and reform departments, with pricing authority not delegated further [1] - For cross-provincial natural gas pipeline systems and associated branch lines already under national unified pricing, provincial departments will not set prices again [1] - A unified pricing model will be implemented for domestic natural gas pipeline transportation, transitioning from "one line one price" and "one enterprise one price" to either zonal pricing or a province-wide uniform price [1] Industry Efficiency - The new pricing mechanism aims to effectively connect with the cross-provincial natural gas pipeline pricing system, contributing to the formation of a "national network" [1] - During the transition period, benchmark pricing may be established to guide pipeline operating companies towards better competition, resource integration, and enhanced pipeline operation efficiency [1]