Core Viewpoint - The National Development and Reform Commission and the National Energy Administration have issued an implementation plan aimed at significantly enhancing the power system's regulation capacity by 2027, supporting the reasonable consumption of over 200 million kilowatts of new energy annually from 2025 to 2027, with a national new energy utilization rate of no less than 90% [1][2]. Group 1: Current Challenges - The development of regulation resources in China faces challenges, including increased system consumption pressure due to an average annual increase of over 200 million kilowatts in new energy installations [2]. - Wind power utilization rate was 96.4% in the first ten months of 2024, down 0.7 percentage points year-on-year, while solar power utilization rate was 97.1%, down 1.2 percentage points year-on-year [2]. - There is a lack of coordinated optimization in regulation capacity construction, with existing regulation resources not being fully utilized, and the need for improved pricing and market mechanisms [2]. Group 2: Key Tasks in the Implementation Plan - The plan emphasizes the need to scientifically calculate the demand for regulation capacity based on the growth of new energy and utilization rate targets, clarifying the scale of flexible coal power transformation, gas power, hydropower, pumped storage, new energy storage, and other resources [3]. - It requires local energy authorities to develop regional regulation capacity construction plans to ensure the safe and stable operation of the power system and the reasonable consumption of new energy [3]. - The plan proposes improvements to the calling mechanism for regulation resources, including a tiered dispatch system that considers system needs, dispatch safety, and technical-economic factors [3]. Group 3: Market Mechanism Enhancements - A scientifically sound market mechanism is crucial for optimizing the allocation of various regulation resources and promoting the consumption of new energy [4]. - The plan emphasizes the improvement of peak and valley pricing mechanisms, encouraging regions to establish auxiliary service varieties based on local conditions and to enhance economic incentives for peak-valley price differences [4]. - It encourages the establishment of cross-provincial calling and trading mechanisms for adjustable resources on the load side, promoting a market mechanism oriented towards regulation effects [4].

"当前，我国调节资源发展也面临着一些挑战和问题。"国家能源局有关负责人说，中国年均新增新 能源装机规模突破2亿千瓦，预计"十五五"将延续快速增长态势，大幅增加系统消纳压力。2024年1月至 10月，全国风电利用率96.4%，同比下降0.7个百分点；光伏发电利用率97.1%，同比下降1.2个百分点。 部分新能源发展较快的省份消纳压力凸显。而调节能力建设缺乏统筹优化，存量调节资源未得到充分利 用，价格、市场机制等有待完善，亟待做好调节资源科学规划建设，加强调节能力规模、布局与新能源 发展的衔接，加大力度统筹现有调节资源高效调度利用。 围绕上述问题，《实施方案》针对性提出了相关举措，在编制调节能力建设方案、完善调节资源调 用方式、完善调节资源参与市场机制等三个方面提出重点任务。比如，要求结合新能源增长规模和利用 率目标，科学测算调节能力需求，明确新增煤电灵活性改造、气电、水电、抽水蓄能、新型储能、光 热、友好型新能源、电网侧和负荷侧调节能力规模，有助于保障新能源合理消纳利用；提出电力调度机 构制定新型储能调度运行细则，在新能源消纳困难时段优先调度新型储能，实现日内应调尽调。 据介绍，国家能源局将组织派出机构开展调节 ...

Group 1: Core Views - The National Energy Administration supports the establishment of pilot cities for local consumption and direct supply of renewable energy, particularly in regions like Guangxi Qinzhou and Gansu Jiuquan, to enhance the consumption of renewable energy and increase the proportion of clean energy in industrial sectors [1][8][10] Group 2: Support for Peak Regulation Projects - The National Development and Reform Commission (NDRC) and the National Energy Administration emphasize the importance of enhancing the power system's regulation capacity through policies and initiatives, including the issuance of the "Power System Regulation Capacity Optimization Action Implementation Plan (2025-2027)" [2][9] - The NDRC and the National Energy Administration are accelerating the construction of a unified national electricity market system to allow various regulation resources to participate in the market and gain corresponding benefits [2][9] - Funding support for new energy storage projects is being provided through long-term special bonds to enhance regulation capabilities [2][9] Group 3: Clarification of Energy Storage Pricing Mechanism - The NDRC has issued guidelines to improve the time-of-use pricing mechanism, which includes establishing peak and valley pricing to better reflect market conditions [3][11] - A market-oriented pricing mechanism for renewable energy is being developed to facilitate the participation of regulatory resources in market competition [3][11] Group 4: Promotion of New Energy Storage Models - The National Energy Administration supports the adoption of shared energy storage models to enhance the power system's regulation capacity and is exploring diverse application scenarios for new energy storage [4][11] Group 5: Support for Private Enterprises - The National Energy Administration has issued measures to promote the development of private enterprises in the energy sector, encouraging investment in new energy technologies and expanding financing channels [12]

Group 1 - The core viewpoint is that the energy consumption targets for the end of the 14th Five-Year Plan are expected to catalyze the demand for green electricity, and the establishment of a sustainable pricing mechanism for new energy will clarify future revenue expectations for the industry [1] - The report suggests seizing the turning point opportunities in the sector, particularly in hydropower and nuclear power, which have strong dividend attributes and long-term investment value [1] - The recent rebound in the market price of thermal coal indicates a potential shift, with the price rising to 704 RMB/ton, nearly 100 RMB/ton higher than the year's low, although it still shows a year-on-year decline of 129 RMB/ton [1] Group 2 - In the first seven months of 2025, the newly installed capacity for wind power reached 53.67 GW, a year-on-year increase of 79.4%, while solar power saw an increase of 223.25 GW, up 80.7% [1] - The total electricity consumption in the same period was 58,633 billion kWh, reflecting a year-on-year growth of 4.5% [1] - The cumulative installed capacity for wind and solar power as of the end of July was 574.87 GW and 1,109.60 GW, respectively, with year-on-year growth rates of 22.1% and 50.8% [2] Group 3 - In July, the growth rate of electricity consumption accelerated, with total consumption reaching 10,226 billion kWh, marking a year-on-year increase of 8.6% [4] - The industrial power generation in July was 9,267 billion kWh, showing a year-on-year growth of 3.1%, with thermal power generation increasing by 4.3% [3] - The growth rates for various power generation sources in July were as follows: thermal power +4.3%, wind power +5.5%, solar power +28.7%, while hydropower saw a decline of 9.8% [3]