Core Viewpoint - The article emphasizes the significant achievements and future prospects of China's electricity system reform during the "14th Five-Year Plan" period, highlighting the transition from a planned to a market-oriented electricity production organization, which has led to a more efficient and competitive electricity market [3][4][7]. Group 1: Achievements of the "14th Five-Year Plan" Electricity System Reform - The reform has successfully shifted the electricity production organization from a planned system to a market-oriented one, with market transactions increasing from 1 trillion kWh in 2016 to 6.2 trillion kWh in 2024, accounting for 63% of total electricity consumption [4]. - The volume of green certificate transactions is projected to reach 446 million in 2024, a staggering increase of 364% year-on-year, with green electricity trading surpassing 230 billion kWh, up 235.2% [4]. - A unified market system covering inter-provincial and provincial markets has been established, with the electricity spot market construction accelerating, and several provinces have transitioned to formal operation [5]. Group 2: Market Competition and Structure - The number of market participants has surged from 42,000 in 2016 to 970,000 by 2025, creating a diverse and competitive market landscape [6]. - Various energy sources, including gas, nuclear, and hydropower, are now participating in market competition, enhancing market dynamics and optimizing generation behavior [6]. - New business models such as distributed energy sources and virtual power plants have emerged, with over 4,000 new entities contributing to the flexibility and stability of the electricity system [6]. Group 3: Future Outlook for Electricity System Reform - Further reforms are needed in market rule design and pricing mechanisms to better accommodate the integration of high proportions of renewable energy and the rapid development of new market participants [7][8]. - The article suggests optimizing resource allocation through price mechanisms that reflect the efficiency of asset utilization and the safety of grid operations [9]. - Innovations in trading mechanisms for renewable energy and the establishment of a capacity market are recommended to ensure economic efficiency and reliability in electricity supply [10][11].