9月12日，国家发展改革委、国家能源局联合印发《电力现货连续运行地区市场建设指 引》（以下简称《指引》），针对电力现货连续运行地区明确九大指引方向，重点围绕新能 源全面入市后的市场机制适配、系统调节能力提升等核心问题提出解决方案。 从9月11日-12日举办的2025电力市场秋季论坛了解到，《指引》中的多项机制设计与论 坛专家观点高度契合，与会专家围绕现货市场优化、新型主体激活、辅助服务完善等议题的 讨论，为《指引》落地提供了实践参考。 本次论坛由中国电机工程学会电力系统自动化专业委员会主办，联合中国电机工程学会 电力市场专委会、电力系统专委会，及国网浙江省电力公司、国网电科院、中国电科院、国 网能源院、能见科技等七家单位共同搭建行业交流平台。论坛以"加快统一电力市场建设促 进能源清洁低碳转型"为核心主题，深度破解电力市场建设中的顶层设计、实操难题、新型 主体培育、安全保供等关键议题。 现货机制精准化：锚定供需调节核心 《指引》明确提出"支持各地探索完善新能源全面入市下的现货市场机制，优化现货市 场出清机制，形成反映供需关系和调节成本的分时价格信号"，同时要求通过日前交易价格 激励用户参与系统调节，保障电力安全 ...

下一步，国网甘肃省电力公司将密切关注市场动态，继续聚焦新能源竞价专区建设，持 续迭代升级平台功能，提升专区响应速度与服务精准度，为构建新型电力系统、加速能源清 洁低碳转型注入澎湃动力。 【责任编辑：刘澄谚 】 此次专区上线，是国网甘肃电力积极响应甘肃发改委、能源局联合印发《甘肃省深化新 能源上网电价市场化改革促进新能源高质量发展实施方案》的重要举措，旨在推动新能源上 网电量全面融入电力市场，通过市场化交易形成价格，进一步完善契合新能源发展需求的市 场交易与价格机制，保障新能源在市场交易中实现公平竞争。 甘肃新能源竞价服务专区的上线，不仅是技术层面的创新，更是能源转型的重要信号。 它通过市场化手段激活新能源潜力，推动新能源从"政策驱动"向"市场驱动"升级，为甘肃绿 色低碳发展注入动力。该专区集成填报竞价项目信息、报量报价、签署差价结算协议、竞价 代理商、查询机制信息5大核心功能模块，可为分布式光伏项目带来全流程、一站式竞价服 务，涵盖竞价政策公示公告、业务受理、协议签署等核心环节，支持企业在线提交项目申 请、签署差价结算协议、随时查阅竞价公示公告，是助力甘肃新能源上网电价市场化改革政 策落地的重要举措。 为深入 ...

Core Insights - The "Ningxia-Hunan ±800 kV UHVDC Transmission Project" officially commenced operation on August 20, 2023, marking a significant milestone in renewable energy transmission [1] - This project primarily focuses on transmitting renewable energy from desert and arid regions, with a total length of 1616 kilometers [1] - The project has a maximum transmission capacity of 8 million kilowatts, with over 50% of the transmitted energy coming from renewable sources, and is expected to deliver more than 36 billion kilowatt-hours of electricity to Hunan annually [1] Group 1 - The "Ningxia-Hunan" project serves as a high-voltage direct current (HVDC) channel for renewable energy, enhancing energy security and supporting China's transition to clean energy [1] - The project will enable Ningxia to establish an external transmission capacity of 20 million kilowatts through the "three direct" transmission channels [1] - The operation of this project will help fill the electricity gap in Hunan and promote the region's energy transformation [1]

Investment Rating - The industry rating is "Overweight" [7] Core Insights - In January-February 2025, the total electricity consumption increased by 1.3% year-on-year, with a notable slowdown in growth primarily due to temperature effects [2] - The total electricity generation from large-scale power plants in January-February 2025 was 14,921 billion kWh, a decrease of 1.3% year-on-year, with varying performance across different energy sources [4] - The report emphasizes the long-term growth potential of electricity consumption driven by the transition to clean energy and the acceleration of electricity market reforms [5] Summary by Sections 1. Electricity Consumption Situation - Total electricity consumption in January-February 2025 was 15,564 billion kWh, up 1.3% year-on-year, with a decline in growth rate of 9.7 percentage points [2] - Breakdown by industry: - Primary industry: 20.8 billion kWh, up 8.2% - Secondary industry: 9,636 billion kWh, up 0.9% - Tertiary industry: 2,980 billion kWh, up 3.6% - Urban and rural residential consumption: 2,740 billion kWh, up 0.1% [2] 2. Electricity Production Situation - Total electricity generation in January-February 2025 was 14,921 billion kWh, down 1.3% year-on-year, with a decline in growth rate of 9.6 percentage points [4] - Breakdown by energy source: - Hydropower: 1,461 billion kWh, up 4.5% - Thermal power: 10,214 billion kWh, down 5.8% - Nuclear power: 746 billion kWh, up 7.7% - Wind power: 1,776 billion kWh, up 10.4% - Photovoltaic power: 724 billion kWh, up 27.4% [4] 3. Investment Recommendations - Long-term outlook remains positive for electricity consumption due to the ongoing transition to clean energy and increased electrification [5] - Short to medium-term, the report suggests monitoring the performance of thermal power companies due to falling coal prices and changing supply-demand dynamics [5] - Recommended stocks include Huaneng International and Huaneng Hydropower, with a focus on companies with strong performance stability and high dividend rates [5]