Core Viewpoint - The article discusses the recently released "Basic Rules for the Medium and Long-term Electricity Market" by the National Development and Reform Commission and the National Energy Administration, aimed at establishing a unified national electricity market and regulating medium and long-term electricity trading behavior [2][8]. Overall Requirements - The construction of the medium and long-term electricity market and the spot electricity market will be coordinated, ensuring smooth transitions in trading sequences, clearing, and market settlements to balance long-term supply and demand [3]. - Cross-regional trading will be promoted, encouraging innovative mechanisms for inter-provincial trading and resource sharing [3][4]. - Market operators will conduct registration, trading organization, settlement, and information disclosure according to unified standards [3]. Participant Registration - Electricity users can purchase all their electricity through wholesale or retail markets but cannot participate in both simultaneously. Users not directly participating can have their electricity purchased by grid companies [5][20]. Pricing Mechanism - The overall principles for market pricing will be set by the State Council's pricing authority, with local authorities developing specific implementation details [6]. - Transaction prices will be formed by market participants, with no third-party interference, and green electricity prices will consist of energy prices and environmental values [6][7]. - The government will set price limits to prevent market manipulation and ensure fair pricing [7][39]. Trading Types and Price Mechanism - Medium and long-term trading will include various delivery periods, with green electricity trading being a significant focus, allowing for the purchase of renewable energy [34][35]. - Contracts can be transferred to third parties, and green electricity contracts must ensure traceability of environmental values [36][38]. Transaction Organization - Cross-regional transactions will be organized by designated electricity trading centers, with monthly trading calendars published by trading institutions [41][42]. - Key parameters for transactions must be clearly defined before trading begins, and adjustments cannot be made during the trading process [44]. Contract Management - All market participants must sign medium and long-term trading contracts, which will serve as the basis for execution [64][65]. - In emergencies, the electricity dispatching agency can prioritize safety in scheduling and report incidents to regulatory bodies [68]. Measurement and Settlement - Settlements will generally occur monthly, with specific reference points for pricing established based on market clearing prices [72][73]. - Green electricity transactions will have separate settlements for energy and environmental values, ensuring compliance with sustainability pricing mechanisms [78]. Information Disclosure - Market information will be disclosed periodically, with a retention period of at least two years [81][82]. Technical Support System - The electricity trading platform will include various functional modules to support market operations and ensure data interoperability among different systems [84][86].

Core Viewpoint - The article discusses the implementation of a series of rules for the electricity market in Hunan Province, focusing on long-term trading, spot market trading, and ancillary services, aiming to enhance market efficiency and participation [1]. Participation Entities - In the long-term electricity market, participants include energy storage companies, aggregators, virtual power plants, and smart microgrids [2]. - The spot market involves independent new energy storage and virtual power plants [2]. - The frequency regulation ancillary services market includes coal-fired, thermal storage, and gas units, as well as independent storage and virtual power plants [2]. Participation Content - Long-term market prices are formed within a range of "time-based trading benchmark price + upward and downward fluctuations," encouraging active peak-shaving participation [3]. - In the spot market, independent new energy storage must be no less than 5MW/10MWh and can participate by choosing to report volume without quoting prices, using the average node price for settlement [3]. - Virtual power plants also participate in a similar manner, using the unified settlement point price for their respective periods [3]. Frequency Regulation Market Details - The response time for coal, thermal storage, and gas units is set at 60 seconds, while hydropower units have a response time of 20 seconds, and storage units have a response time of 5 seconds [5]. - Independent storage must have a frequency regulation capacity of no less than 10MW, with a duration of at least 1 hour [5]. - The price declaration range for frequency regulation is set between 4-15 yuan/MW, with a clearing capacity cap of 10MW for frequency regulation units [5]. Market Parameters - Key market parameters include weight coefficients for regulation rate, response time, and regulation accuracy, with initial values set at 0.4, 0.3, and 0.3 respectively [6]. - The comprehensive frequency regulation performance index entry threshold is set at 0.3, with a standard response time of 60 seconds [6]. Market Connection - During the operation of the spot market, no separate peak-shaving ancillary service trading will be conducted within the province [9]. - The frequency regulation ancillary services market and the spot market will clear separately, with independent new energy storage required to choose participation in either market [9]. Peak-Shaving Ancillary Services Market - The price cap for the peak-shaving ancillary services market is set at no more than 450 yuan/MWh, aligning with the on-grid price of the province's grid-connected renewable energy projects [10]. - Specific price limits for coal-fired peak-shaving are set at 400 yuan/MWh for the fourth tier and 450 yuan/MWh for the fifth tier, while new energy storage is capped at 450 yuan/MWh [10].