Core Viewpoint - The construction of a unified national electricity market in China is progressing towards a high-quality development model, with significant achievements expected by 2025, marking a historic leap in electricity market reform [2][3]. Group 1: Historical Achievements and Current Status - Since the initiation of the new round of electricity system reform, the market-based trading volume of electricity has been increasing annually, with 2.95 trillion kWh traded in the first half of 2025, accounting for approximately 61% of total electricity consumption [3]. - It is projected that the total market-based trading volume will exceed 6 trillion kWh in 2025, representing about two-thirds of total electricity consumption and three-quarters of national sales volume, indicating a doubling of trading volume compared to the end of the 13th Five-Year Plan [3]. Group 2: Market Structure and Rules - A foundational rule system for the national unified electricity market has been established, including the "1+N" basic rule framework, which supports various trading mechanisms and ensures a structured market operation [4]. - The overall framework for a "unified market and collaborative operation" has been largely completed, enhancing the market's role in supply assurance, price stability, and resource allocation across regions [4]. Group 3: Market Functionality and Trading Mechanisms - The electricity market's functionality is continuously improving, with a multi-variety and multi-functional trading system beginning to take shape, where long-term trading mechanisms account for over 90% of market transactions [5]. - Provincial-level electricity spot markets have accelerated development, with several provinces transitioning to formal operations, indicating a positive trend in market expansion [5]. Group 4: Pricing Mechanisms and Reforms - The electricity pricing mechanism has been refined, with a comprehensive reform of grid connection prices and the establishment of a sustainable pricing mechanism for renewable energy, allowing for competitive participation in the market [6]. - A capacity guarantee mechanism has been established to enhance system security and supply capacity, marking a significant adjustment in the electricity pricing structure [7]. Group 5: Green Energy and Low-Carbon Transition - A green electricity trading system is being developed, with a robust policy foundation for environmental value realization, including the issuance of green electricity certificates [8]. - The scale of green electricity and certificate trading has seen exponential growth, with over 450 billion kWh of green electricity traded by mid-2025, reflecting a strong momentum for renewable energy development [8]. Group 6: Future Development Goals - The national unified electricity market aims to achieve "five unifications and one openness," focusing on standardizing market rules and enhancing interconnectivity among various market entities [10]. - A comprehensive market transaction mechanism and pricing system will be constructed to adapt to the new electricity system, ensuring that market signals effectively guide development and investment [13].

Core Viewpoint - The article emphasizes the significant progress made in establishing a unified national electricity market in China, which is expected to be fully operational by 2025, enhancing the quality and efficiency of electricity development [2]. Group 1: Historical Progress and Achievements - Since the initiation of the new round of electricity system reform, the market-based trading volume of electricity has been increasing annually, with 2.95 trillion kilowatt-hours traded in the first half of 2025, accounting for approximately 61% of total electricity consumption [3]. - It is projected that the total market-based trading volume will exceed 6 trillion kilowatt-hours in 2025, representing about two-thirds of total electricity consumption and three-quarters of national sales volume, marking a doubling of trading volume compared to the end of the 13th Five-Year Plan [3]. Group 2: Establishment of Basic Rules and Framework - A foundational rule system for the national unified electricity market has been established, including the "1+N" basic rule framework, which consists of the Basic Rules for Electricity Market Operation and various trading rules [4]. - The overall structure of the electricity market has been formed, significantly enhancing its role in ensuring supply, stabilizing prices, and promoting consumption [4]. Group 3: Market Functionality and Trading Mechanisms - The electricity market's functionality has been continuously enhanced, with a multi-variety and multi-functional trading system beginning to take shape, where long-term trading mechanisms have been normalized, accounting for over 90% of market trading volume [5]. - Provincial-level electricity spot markets have accelerated development, with several provinces transitioning to formal operations, indicating a positive trend in market expansion [5]. Group 4: Price Mechanism and Resource Allocation - The electricity pricing mechanism has been progressively improved, with the complete liberalization of coal-fired power generation prices and the establishment of a sustainable pricing mechanism for renewable energy by 2025 [6][7]. - The reform of the grid transmission and distribution pricing system has been ongoing, laying the groundwork for market-based trading [7]. Group 5: Green Electricity Trading and Low-Carbon Transition - A green electricity trading system has been preliminarily established, with significant growth in green electricity transactions and certificates, totaling over 450 billion kilowatt-hours traded by mid-2025 [8]. - The establishment of a market mechanism for green certificates is expected to drive high-quality development of renewable energy and meet the demand for green energy consumption [8]. Group 6: Future Development Goals - The article outlines strategic goals for the unified electricity market, focusing on achieving "five unifications and one openness," which includes unifying basic rules and enhancing market infrastructure [10]. - A comprehensive market trading mechanism and pricing system that adapts to the new electricity system will be constructed, emphasizing the importance of market signals in guiding electricity development and investment [13].