截至 2026 年 2 月 22 日，全国 31 个省（区、市）均已开展至少一轮新能源机制电价竞价工作。整体情况如下： 1、山东、山西、江西、甘肃、新疆、青海、云南等 7 个省份，对 2025 年下半年及 2026 年项目分两批开展竞价出清，全国累计形成 38 个竞价出清结果。 2、浙江、贵州两省 2026 年度新能源机制电价竞价工作暂未完成出清。 3、全国 31 个省份均有光伏项目参与并完成出清；其中福建、江苏、广东及浙江（2025 年批次）出清结果中不含风电项目，实际共有 27 个省份完成风电 项目竞价出清。 31省、38次出清结果如下表所示： | 区域 | 复 保 | 竞价年份 | 风电项目 | 光伏项目 | 煤电基准价 | | --- | --- | --- | --- | --- | --- | | 东北地区 | 黑龙江 | 2025~2026 | 0.228111 | 0.228111 | 0.374 | | | 吉林 | 2025~2026 | 0.25 | 0.334 | 0.3731 | | | 辽宁 | 2025~2026 | 0.33 | 0.3 0.3598 | 0.3749 | | ...

风电电价0.277元/千瓦时，光伏电价0.3168元/千瓦时 本次竞价共计5309个项目入选。其中，光伏项目5272个，包括集中式光伏项目42个，分布式光伏项目 5230个；风电项目37个，包括集中式陆上风电项目16个，分散式陆上风电项目21个。 本次竞价入选时已投产项目的机制电量执行起始时间为2026年3月1日。未投产的项目，自竞价申报投产 时间的次月1日起开始执行。 省发展改革委在通知中指出，本次入选项目应在竞价结果公布一个月内，与电网企业签订新能源可持续 发展价格结算机制差价协议。（记者王龙飞） 山西省发展改革委今天公布了2026年新能源机制电价竞价结果，机制电量总规模81.86亿千瓦时。其 中，风电项目机制电量规模35.60亿千瓦时，机制电价0.277元/千瓦时（含税，下同）；光伏项目机制电 量规模46.26亿千瓦时，机制电价0.3168元/千瓦时。执行期限为10年。 ...

Core Insights - The first round of incremental new energy project mechanism electricity price bidding results in Chongqing has been announced, indicating significant developments in the renewable energy sector [1][8]. Group 1: Bidding Results - For the 2026 solar photovoltaic bidding projects, the mechanism electricity volume is 1,701,982,821 kWh with a mechanism electricity price of 0.3963 CNY/kWh across 3,865 projects [2][8]. - For the 2026 wind power bidding projects, the mechanism electricity volume is 2,074,613,623 kWh with a mechanism electricity price of 0.3961 CNY/kWh across 17 projects [3][8]. Group 2: Key Parameters - The total mechanism electricity volume for the 2025-2026 period is set at 4.86 billion kWh, with wind power accounting for 2.26 billion kWh and solar power for 2.6 billion kWh [3][8]. - The bidding submission sufficiency rate for both wind and solar projects is established at 120% [4][9]. - The maximum proportion of mechanism electricity volume that a single project can apply for is capped at 90% [10]. Group 3: Bidding Limits and Duration - The bidding upper limit for both wind and solar projects is set at 0.3964 CNY/kWh, while the lower limit is 0.2 CNY/kWh [5][11]. - The execution period for the mechanism electricity price for both wind and solar projects is established at 12 years [6][11].

Market Overview - The SW public utility sector declined by 4.33% this week, ranking 10th among 31 SW primary industries. The CSI 300 index fell by 3.77%, the Shanghai Composite Index by 3.9%, the Shenzhen Component Index by 5.13%, and the ChiNext Index by 6.15% [4] - Among sub-sectors, thermal power dropped by 4.68%, hydropower by 1.44%, photovoltaic power by 10.88%, wind power by 4.29%, comprehensive energy services by 7.28%, and gas by 5.7% [4] - The top five gaining stocks in the public utility sector were Dazhong Public Utility (+8.10%), Delong Huineng (+3.56%), Shimao Energy (+3.09%), Hengsheng Energy (+1.02%), and Chuaneng Power (+0.24%). The top five losing stocks were Baichuan Energy (-20.63%), Mindong Electric Power (-19.89%), Shouhua Gas (-19.15%), Changchun Gas (-18.49%), and Guo Xin Energy (-18.36%) [4] Data Update - Domestic thermal coal prices remained stable week-on-week, with Qinhuangdao Port's 5500 kcal thermal coal price exceeding 830 RMB/ton. Imported coal prices increased significantly, with Fangchenggang's 5500 kcal thermal coal rising by 10 RMB/ton and Guangzhou Port's 5500 kcal thermal coal increasing by 25 RMB/ton [5] - In terms of electricity prices, the weighted average spot settlement prices in Guangdong and Shanxi decreased week-on-week. The introduction of the "Document No. 136" mechanism for new energy pricing in regions like Sichuan, Jiangxi, and Guangdong has put pressure on overall green electricity prices, with Guangdong's proxy purchase price down by 13% year-on-year, and Sichuan and Jiangxi down by 5% and 2% respectively [5] Key Events - The National Development and Reform Commission issued a notice regarding the signing and supervision of medium- and long-term contracts for coal supply in 2026, detailing requirements for signing parties, methods, and quantities. Notable changes from 2025 include the establishment of a monthly price adjustment mechanism and requirements for power generation companies to determine contract signing volumes based on reasonable demand [6][7] - On November 21, the National Energy Administration released data indicating that the total electricity consumption in October reached 857.2 billion kWh, a year-on-year increase of 10.4%. By industry, the first, second, and third sectors grew by 13.2%, 6.2%, and 17.1% respectively, while urban and rural residential electricity consumption rose by 23.9% year-on-year [7]

Core Viewpoint - The recent bidding results for incremental mechanism electricity prices in six provinces indicate the future landscape of renewable energy projects in China, with Gansu province surprisingly having the lowest mechanism price, raising concerns about its renewable energy development [1][2][3]. Group 1: Bidding Results - Six provinces have completed the first round of bidding for incremental mechanism electricity prices, including Shandong, Yunnan, Xinjiang, Gansu, Jiangxi, and Guangdong [1]. - The bidding results are as follows: Guangdong at 0.36 yuan/kWh, Jiangxi wind at 0.337 yuan/kWh and solar at 0.33 yuan/kWh, Yunnan solar at 0.33 yuan/kWh and wind at 0.332 yuan/kWh, Xinjiang wind at 0.252 yuan/kWh and solar at 0.235 yuan/kWh, Shandong wind at 0.319 yuan/kWh and solar at 0.225 yuan/kWh, and Gansu at 0.1954 yuan/kWh [1][2]. Group 2: Gansu's Mechanism Price - Gansu's mechanism electricity price is notably the lowest in the country, with the bidding price hitting the lower limit of the set range, indicating intense competition [3][6]. - The mechanism price range for Gansu was set between 0.1954 and 0.2447 yuan/kWh, which is unique compared to other provinces [1][2]. Group 3: Renewable Energy Capacity and Generation - As of the end of 2024, Gansu has a wind power installed capacity of 32.1476 million kW and solar power capacity of approximately 43.0847 million kW, totaling 75.2323 million kW [5]. - In 2024, Gansu's wind power generation was 45.79 billion kWh, and solar power generation was about 80 billion kWh, totaling 125.79 billion kWh [5]. Group 4: Challenges Faced by Gansu - Gansu faces significant challenges in utilizing its renewable energy, with a high rate of curtailment due to insufficient local demand and limited transmission capacity [6][7]. - The province's renewable energy development has outpaced its ability to consume the generated power, leading to a situation where the mechanism price is under pressure [6][8]. Group 5: Broader Implications for Other Provinces - Other provinces, such as Shandong and Xinjiang, also face challenges with low mechanism prices and curtailment issues, although not as severe as Gansu's situation [8][9]. - The experiences from Gansu's renewable energy development can provide valuable lessons for other provinces to avoid similar pitfalls and ensure sustainable growth in the renewable energy sector [9].

Core Viewpoint - Shandong Province is a leading region in renewable energy installation, with significant advancements in solar and wind power, and is at the forefront of electricity market reforms in China [1][4]. Summary by Sections Renewable Energy Capacity - As of July 2023, Shandong has a total renewable energy installation of 119 million kilowatts, with solar power accounting for 91.3 million kilowatts and wind power for 27.49 million kilowatts, making it the top province in solar capacity in the country [1][4]. Electricity Pricing Mechanism - On September 11, 2023, Shandong's Development and Reform Commission announced the results of the 2025 renewable energy mechanism electricity price bidding, with a total scale of 9.467 billion kilowatt-hours. Wind power received 5.967 billion kilowatt-hours at a bid price of 0.319 yuan per kilowatt-hour, while solar power received 1.248 billion kilowatt-hours at 0.225 yuan per kilowatt-hour [2]. Bidding Insights - The slightly lower bid price for solar power was attributed to the limited allocation of mechanism electricity, leading to "panic" pricing, while the higher price for wind power was due to a larger allocation [3]. Distributed Solar Power Development - By June 2025, Shandong's distributed solar power capacity is expected to reach nearly 60 million kilowatts, representing about two-thirds of the total solar capacity. The development of household distributed solar power is projected to exceed 50% by the end of 2024 [7]. Economic Benefits for Rural Areas - The development of household distributed solar power significantly increases income for rural residents, with each household potentially earning over 3,000 yuan annually from rooftop leasing and an initial installation fee exceeding 20,000 yuan [7]. "Shandong Model" for Solar Development - The "Shandong Model" for solar development involves a collaborative approach among government, installation entities, and grid companies, focusing on household-led, village-wide development and full-grid connection [8]. Challenges in Energy Consumption - The rapid growth of distributed solar power has led to challenges in energy consumption, particularly due to the intermittent nature of solar power generation, which does not align well with the continuous power needs of Shandong's industrial sector [10][12]. Future Directions for Renewable Energy - The focus for future renewable energy development in Shandong includes enhancing wind power and energy storage systems to better match energy supply with demand, particularly addressing the challenges posed by solar power's generation patterns [16][18]. Offshore Wind Power Resources - Shandong has rich offshore wind resources, with plans for significant offshore wind projects, including 12 offshore wind farms already established by the end of 2024 [17]. Energy Storage Development - The goal is to establish 3 million kilowatts of new energy storage by 2025, with an emphasis on improving market mechanisms for energy storage to enhance competitiveness [19]. Direct Power Supply to Industries - The strategy of direct power supply from renewable energy sources to industrial clients is gaining traction, with significant growth in commercial solar installations, which are expected to exceed 30 million kilowatts by mid-2025 [20].

Investment Rating - The report maintains an "Outperform" rating for the industry, indicating expectations for the sector to perform better than the market in the next six months [4][61]. Core Insights - The report highlights that the public utility sector index has decreased by 1.84%, underperforming compared to major indices such as the Shanghai Composite and CSI 300 [2][13]. - Key developments include the release of the "136 Document" in Ningxia, which outlines pricing mechanisms for renewable energy, and adjustments to coal power capacity pricing in Guangdong [3][38]. - The report suggests that the long-term demand for thermal power remains stable, with coal prices expected to stabilize or decline, supporting profit margins for thermal power companies [7]. Summary by Sections Market Performance - The public utility sector index's PE (TTM) is reported at 18.42, down from 18.77 the previous week, while the PB is at 1.51, down from 1.54 [1][22][26]. - The sector's performance ranks 13th among 31 sectors, with specific declines noted in various sub-sectors such as thermal and hydropower [2][13]. Industry Dynamics - Recent regulatory changes in Shandong and Ningxia are expected to impact pricing and market participation for renewable energy projects [3][35][38]. - The report tracks coal prices, noting a slight increase in the price of Shanxi mixed coal to 649 RMB/ton, with other regional prices also rising [3][40]. Key Data Tracking - The report provides data on green certificate trading, with a total of 4.31 and 11.39 thousand transactions for wind and solar power respectively during the week [6][44]. - CEA trading volumes for the week were reported at 31.02, 65.80, 33.33, 66.70, and 52.27 thousand tons, with average prices fluctuating around 71.89 to 74.78 RMB/ton [6][46].