2月11日，国务院办公厅印发《关于完善全国统一电力市场体系的实施意见》（以下简称《实施意 见》），明确了2030年、2035年两个阶段性目标。 到2030年，基本建成全国统一电力市场体系，各类型电源和除保障性用户外的电力用户全部直接参与电 力市场，市场化交易电量占全社会用电量的70%左右；到2035年，全面建成全国统一电力市场体系，市 场功能进一步成熟完善，市场化交易电量占比稳中有升。 中国电力企业联合会党委书记、常务副理事长杨昆接受《每日经济新闻》记者书面采访时表示，近年来 全国统一电力市场体系建设取得重大进展，2025年如期实现初步建成的阶段性目标，成为全国统一大市 场建设的"先锋队"和"排头兵"。《实施意见》设定了2030年"基本建成"和2035年"全面建成"两大关键战 略节点，为未来十年全国统一电力市场建设描绘了明确的发展目标和实施路径。 统一报价、联合交易 全国统一电力市场体系是全国统一大市场建设的重要标志，也是深化电力体制改革的重要成果。 2015年，我国对电力市场化改革进行了系统部署。2021年，中央全面深化改革委员会审议通过《关于加 快建设全国统一电力市场体系的指导意见》。2024年，党的二十 ...

（原标题：刚刚，利好来了！国办最新印发） 来源：新华社、中国政府网 日前，国务院办公厅印发《关于完善全国统一电力市场体系的实施意见》（以下简称《意见》）。 进一步推动电力交易平台互联互通、交易信息共享互认，电力市场经营主体"一地注册、全国共享"。条 件成熟时，研究组建全国电力交易中心。 在确保安全前提下，科学安排跨省跨区优先发电规模计划，合理扩大省间自主市场化送电规模，加强多 通道集中优化。 充分发挥现货市场发现实时价格、准确反映供需的重要作用，更好引导电力资源优化配置。推动现货市 场2027年前基本实现正式运行。 落实中长期合同签约履约激励约束措施，实现电力资源长期稳定配置，提升风险应对能力。 扩大绿色电力消费规模，加快建立强制消费与自愿消费相结合的绿证消费制度。 进一步完善煤电、抽水蓄能、新型储能等调节性资源的容量电价机制，研究按统一标准对电力系统可靠 容量给予补偿。 在保障能源安全的基础上，分品种有节奏推进气电、水电、核电等电源进入电力市场。 《意见》要求，坚持以习近平新时代中国特色社会主义思想为指导，深入贯彻党的二十大和二十届历次 全会精神，完整准确全面贯彻新发展理念，按照构建全国统一大市场、深化电力 ...

Core Viewpoint - The State Council has issued the "Implementation Opinions on Improving the National Unified Electricity Market System," emphasizing the establishment of a capacity market to support the construction of reliable regulating power sources [1] Group 1: Capacity Market Development - The implementation plan proposes to enhance the capacity price mechanism for coal power, pumped storage, and new energy storage resources [1] - It suggests researching compensation for reliable capacity in the power system based on unified standards [1] - The plan supports regions with conditions to explore capacity pricing through competitive bidding, ensuring long-term reliability of system capacity [1] Group 2: Sustainable Development and Supply Security - The initiative aims to ensure the sustainable development of coal power and other supporting regulating power sources [1] - It emphasizes improving the ability to guarantee supply, particularly in critical situations [1]

智通财经APP获悉，中邮证券发布研报称，分类完善容量电价是在容量市场建立前的过渡，煤电、天然 气、抽水蓄能以及电网侧独立新型储能等领域范围均有涉及。容量电价整体而言，对煤电是上调，抽蓄 远期有分化压力(存量和新增分开，由一站一价过渡到一省一价)，独立储能则是首次国家层面建立规 则，气电和独立储能参考煤电。远期而言，发电侧其他可靠性容量(例如核电、光热等等)逐步纳入，甚 至用电侧(稳定可调负荷、V2G等)也会逐步纳入。 中邮证券主要观点如下： 事件：2026年1月30日，国家发改委和国家能源局发布《关于完善发电侧容量电价机制的通知》，分类 完善煤电、天然气发电、抽水蓄能、新型储能容量电价机制；电力现货市场连续运行后，有序建立发电 侧可靠容量补偿机制，对机组可靠容量根据顶峰能力按统一原则进行补偿。 分类完善容量电价是在容量市场建立前的过渡 煤电：将通过容量电价回收煤电机组固定成本的比例提升至不低于50%，可结合当地市场建设、煤电利 用小时数等实际情况进一步提高。 电力现货市场连续运行后，适时建立可靠容量补偿机制，对机组可靠容量按统一原则进行补偿，新能源 装机占比高、可靠容量需求大的地区，应加快建立可靠容量补偿机制 ...

Industry Investment Rating - The industry investment rating is maintained at "Outperform the Market" [2] Core Viewpoints - The report highlights the acceleration of the capacity market establishment, emphasizing investment opportunities in regulating resources [5][9] - The National Development and Reform Commission and the National Energy Administration have issued a notice to improve the capacity pricing mechanism for power generation, which includes coal, natural gas, pumped storage, and new energy storage [5][6] - The report suggests that the capacity price for coal power will increase, while pumped storage will face differentiation pressure in the long term [8] Summary by Relevant Sections Industry Basic Situation - The closing index is at 10,412.19, with a 52-week high of 11,060.52 and a low of 6,107.84 [2] Investment Highlights - The establishment of a reliable capacity compensation mechanism is a transitional measure, which will be implemented after the continuous operation of the electricity spot market [7] - The compensation standard will be based on the fixed costs that cannot be recovered in the energy and ancillary services markets [7] Investment Recommendations - The report recommends focusing on companies involved in energy storage, such as Haibo Shichuang, and gas power companies like Shanghai Electric and Dongfang Electric [9]

Summary of Conference Call on National Capacity Pricing Policy and Its Impact on Energy Storage Sector Industry Overview - The conference call focused on the national capacity pricing policy recently introduced by the National Development and Reform Commission (NDRC) and the National Energy Administration (NEA) in China, specifically its implications for the energy storage sector [1][2]. Key Points and Arguments Capacity Pricing Policy - The capacity pricing policy is designed to provide compensation based on specific capacity rather than energy pricing, addressing the issue of fixed cost recovery for power generation units [1][2]. - The policy aims to ensure sufficient effective capacity in the new power system while reflecting supply and demand in the electricity market [2][4]. Mechanisms for Cost Recovery - Three main mechanisms for capacity cost recovery were discussed: 1. Non-market-based capacity pricing set by the government. 2. Market-based capacity markets, including centralized auctions and bilateral contracts. 3. Strategic reserve mechanisms, which are not currently implemented in China [3][4]. Key Components of the Policy - The policy introduces three main concepts: capacity pricing, reliable capacity compensation mechanism, and capacity market [4][5]. - The capacity pricing mechanism has been evolving since 2021, with specific policies for different power sources, including coal and gas [5][6]. Coal and Pumped Storage Pricing - The capacity price for coal power units is set to increase from a recovery ratio of 30% to at least 50% by 2026, with a base price of 165 RMB per kW per year [6][9]. - The pumped storage pricing mechanism has been refined to ensure that new projects can recover costs effectively, with a focus on standardizing pricing across provinces [8][9]. New Energy Storage Capacity Pricing - A significant aspect of the policy is the establishment of an independent capacity pricing mechanism for grid-side energy storage, marking a shift from exploratory language to a definitive commitment [17][19]. - The compensation for energy storage will be based on reliable capacity, distinct from energy and ancillary service compensation [16][19]. Market Optimization - The policy aims to optimize the electricity market by allowing various entities, including wind and emerging storage technologies, to participate fairly [11][12]. - Adjustments to long-term electricity pricing mechanisms are intended to enhance market dynamics and reflect real-time supply and demand [13][14]. Additional Important Insights - The capacity pricing policy is expected to catalyze investment in energy storage, particularly as it aligns with the broader marketization of electricity [21][22]. - The anticipated growth in energy storage demand is driven by increasing shares of renewable energy generation and the evolving electricity market mechanisms [24][25]. - The competitive landscape for energy storage is becoming more complex, with regional disparities in growth and supply chain dynamics [26][27]. - The expected annual growth rate for the energy storage market in China is projected to be around 20-25% over the next five years, with significant contributions from various regions [28][29]. Conclusion - The national capacity pricing policy represents a pivotal shift in China's energy market, providing a structured framework for cost recovery and compensation for energy storage and generation units. This is expected to enhance investment and participation in the energy storage sector, ultimately supporting the transition to a more sustainable energy system [20][37].

2026年1月27日，国家发展改革委与国家能源局联合发布《关于完善发电侧容量电价机制的通知》 （发改价格〔2026〕114号），首次在国家层面明确建立"电网侧独立新型储能容量电价机制"。 中国储能产业一直在等待的"顶层设计"终于落地。过去靠"峰谷价差套利"收益模式的储能项目，将 获得稳定可靠的固定收益。 01 顶层设计变革 许多项目选址和收益测算围绕政策高地，导致实际利用率低，内部收益率（IRR）虚高。容量电价 提供了确定性的基础现金流，让项目的财务模型变得清晰可预期。 这份国家级政策从根本上打消了市场对地方政策延续性和碎片化的担忧，其长期有效的特性，为资 本提供了稳定的预期。 《通知》中最受行业关注的部分，是将"电网侧独立新型储能"纳入国家级容量电价机制框架。 现行机制的核心问题是"供需错配"与"适配不足"。随着新能源成为我国第一大装机电源类型，但 其"靠天吃饭"的随机性与波动性，使调节性电源成为不可或缺的"兜底"力量。 其收益模式正式确立为"容量电价+现货套利+辅助服务"的三重支撑。其中，容量电价作为稳定的 基础收益，意义最为重大。 煤电、气电、抽水蓄能与新型储能这些"电力系统稳定器"，过去没有获得与其" ...

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the national capacity pricing policy for energy storage in China, which aims to unify local capacity compensation policies into a national standard, benefiting most provinces and promoting new energy storage development towards 4-hour continuous discharge [1][9]. Core Insights and Arguments - **National Capacity Pricing Policy**: The policy is designed to address stability issues in the power system due to rapid growth in wind and solar energy, ensuring that regulating power sources can achieve economic viability through fixed compensation [2][4]. - **Long-term Stability Mechanism**: The national capacity pricing is viewed as a long-term stable mechanism, providing a predictable development environment that attracts more investment into the new energy storage sector [10][12]. - **Investment Trends**: By early 2025, state-owned enterprises (SOEs) were initially cautious about new energy storage but gradually recognized its importance, leading to a consensus by the end of the year to accelerate investments in energy storage projects [13][14]. - **Economic Viability of New Energy Storage**: New energy storage has become highly competitive due to significant cost reductions, with installed capacity expected to exceed pumped storage by 2024, reaching over 70 million kW [5]. - **Pumped Storage Challenges**: While still important, pumped storage faces competition from emerging storage technologies. The new policy allows for compensation based on average prices over 3-5 years to stabilize investments [6][7]. - **Coal Power Decline**: The competitiveness of coal power is decreasing due to reduced operating hours, necessitating fixed subsidies to maintain viability [8]. Important but Overlooked Content - **Regional Policy Variations**: Different provinces have implemented varying capacity compensation policies, with some offering higher rates than others. For instance, Gansu's compensation is around 100 yuan per kW annually, while Shandong's is about 46 yuan, reflecting local market conditions [19][20]. - **Impact of Capacity Pricing on Investment Expectations**: The capacity pricing policy provides SOEs with a stable income source, which is crucial for large-scale investments, as they prioritize stability over high returns [12][28]. - **Future Market Dynamics**: The peak-valley price difference is expected to narrow, influencing market dynamics in the coming years, particularly in regions with varying energy resource availability [15]. - **Investment Directions for SOEs**: The most promising investment areas for power generation SOEs include wind energy, new energy storage, pumped storage, and green electricity desulfurization projects, with new energy storage being prioritized due to lower costs [18]. Conclusion - The national capacity pricing policy represents a significant shift in China's energy landscape, providing a framework that supports the growth of new energy storage while addressing the challenges faced by traditional energy sources. The emphasis on stability and predictability in investment returns is likely to shape the future of energy investments in the country.

Investment Rating - The industry investment rating is "Overweight" for both power equipment and new energy sectors, as well as for coal [5]. Core Insights - The establishment of a unified capacity price mechanism for independent energy storage is expected to solidify the commercial model for electrochemical energy storage, leading to healthy growth in the industry [1]. - The new policy is anticipated to encourage local governments to balance fixed asset investment and electricity cost competitiveness, reducing project development cycle fluctuations [2]. - The transition to a "reliable capacity compensation mechanism" is seen as a preparatory step for the establishment of a capacity market, promoting fair competition among various capacity adjustment capabilities [3]. - The policy favors high-efficiency energy storage systems, benefiting leading equipment and system suppliers, and is expected to enhance industry concentration [4]. Summary by Sections Unified Capacity Price Mechanism - The National Development and Reform Commission and the Energy Administration have introduced a nationwide unified capacity price compensation logic for independent energy storage, marking a significant policy shift [1]. - In 2025, the domestic electrochemical energy storage installation is projected to reach 62 GW, with independent storage accounting for 35 GW, indicating a robust growth trajectory [1]. Provincial Government Responsibilities - The new policy emphasizes the responsibilities of provincial governments in project approval and capacity price setting, ensuring that projects undergo economic feasibility assessments before inclusion in planning [2]. Transition to Capacity Market - The policy aims to integrate various capacity prices into a reliable capacity compensation mechanism, facilitating a fair competition environment for coal, pumped storage, electrochemical storage, and gas power [3]. Focus on High-Efficiency Systems - The new regulations prioritize high availability, peak capacity, and charging efficiency in energy storage systems, which will lead to higher compensation for efficient systems [4].

Core Viewpoint - The establishment of a national unified capacity pricing system for electricity generation is crucial for ensuring the development of regulating power sources, which are essential for the stability of the new power system and achieving energy security and carbon neutrality goals [2][13]. Group 1: Development of Renewable Energy and Challenges - The rapid growth of wind and solar energy in China has injected strong momentum into the construction of a green production and lifestyle, but their inherent intermittency poses significant challenges to the stable operation of the power system [2][3]. - By the end of 2025, China's installed power capacity is expected to reach 3.8 billion kilowatts, with renewable energy accounting for 1.8 billion kilowatts, representing 47.4% of the total [3]. Group 2: New Capacity Pricing Mechanism - The new policy introduces a reliable capacity compensation mechanism to support regulating power sources, which have been limited by insufficient cost recovery expectations under the traditional pricing system [4][5]. - The new capacity pricing mechanism will optimize existing policies for coal, gas, and pumped storage, while establishing a unified capacity pricing standard for new energy storage for the first time [5][6]. Group 3: Benefits for New Energy Storage - New energy storage is expected to become the largest beneficiary of the capacity mechanism, with its installed capacity projected to exceed 140 million kilowatts by December 2025, surpassing pumped storage [7][8]. - The policy clarifies that new energy storage can receive capacity price support based on its peak load support capability, enhancing its role in the power system [8]. Group 4: Support for Pumped Storage - The new policy provides a clear transitional arrangement for pumped storage, allowing projects initiated before the new regulations to continue under the previous pricing mechanism, thus stabilizing their profitability expectations [9][10]. - The capacity price for pumped storage projects is expected to be around 600 yuan per kilowatt per year, with additional market revenues from energy and ancillary services [10]. Group 5: Implementation of Supporting Policies - The new policy standardizes the charging and discharging prices for energy storage, ensuring a unified approach across regions, which enhances the economic viability of energy storage projects [11]. - It also clarifies the cost-sharing rules for regional shared pumped storage projects, facilitating collaborative construction of regulating capabilities across provinces [11][12]. Group 6: Local Government Responsibilities - The new policy shifts responsibilities to provincial governments for project approval and capacity pricing, encouraging them to balance effective investment with electricity cost control [12][13]. - This decentralized approach aims to foster local solutions that align with regional resources and development stages, promoting a more tailored energy strategy [12].