近期，《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》（以下简称《建议》）公 布，提出"统筹就地消纳和外送，促进清洁能源高质量发展""科学布局抽水蓄能，大力发展新型储 能""推动煤炭和石油消费达峰"等。 煤炭达峰时间会早于煤电 《每日经济新闻》记者发现，目前我国煤炭和石油的产量和消费总量仍在提高，那么"十五五"末能否顺 利实现达峰目标？煤炭与煤电达峰两者之间，谁会率先达峰？强制配储政策取消后，下一步储 NBD：《建议》提出"推动煤炭和石油消费达峰"，但目前我国煤炭和石油产量和消费总量仍在提高。煤 炭、石油能否顺利达峰？2030年前能否实现碳达峰目标？ 能又该如何高质量发展？如何让"负电价"红利传导到居民？ 围绕前述问题，中国能源研究会首席专家、双碳产业合作分会主任黄少中接受了《每日经济新闻》记者 （以下简称NBD）专访。黄少中曾任国家能源局市场监管司副司长、国家能源局西北监管局局长，深 度参与中国两次电力体制改革方案的研究设计及实施推进工作。 黄少中：数据显示，我国煤炭消费占能源消费的比重已经从2000年的68.5%下降到2024年的53.2%，石 油从22%下降到18.2%，但二者之和仍占据我国 ...

近期，《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》（以下简称《建议》）公布，提出"统筹就地消纳和外送，促进清洁能源高质量 发展""科学布局抽水蓄能，大力发展新型储能""推动煤炭和石油消费达峰"等。 《每日经济新闻》记者发现，目前我国煤炭和石油的产量和消费总量仍在提高，那么"十五五"末能否顺利实现达峰目标？煤炭与煤电达峰两者之间，谁会率 先达峰？强制配储政策取消后，下一步储能又该如何高质量发展？如何让负电价红利传导到居民？ 围绕前述问题，中国能源研究会首席专家、双碳产业合作分会主任黄少中接受了《每日经济新闻》记者（以下简称NBD）专访。黄少中曾任国家能源局市 场监管司副司长、国家能源局西北监管局局长，深度参与中国两次电力体制改革方案的研究设计及实施推进工作。 煤炭将先于煤电达峰 NBD：《建议》提出"推动煤炭和石油消费达峰"，但目前我国煤炭和石油产量和消费总量仍在提高。煤炭、石油能否顺利达峰？2030年前能否实现碳达峰 目标？ 二是虽然煤电消费会少量增加，但钢铁、水泥、建材等其他耗煤大户的用煤量已在持续减少，能够抵消煤电的用煤需求增加，会推动煤炭消费整体更早达 峰。因此，煤炭达峰时间会早于煤电。 ...

Core Viewpoint - The phenomenon of "negative electricity prices" is becoming more frequent in China's electricity market, driven by the rapid development of intermittent renewable energy sources and the improved operation of provincial spot markets. This indicates a potential oversupply of electricity, necessitating further optimization of the power system's adjustment capabilities [2][10][13]. Group 1: Occurrence of Negative Prices - In January, Zhejiang's electricity spot market reported a minimum price of -0.2 yuan/kWh, marking the first occurrence of "negative prices" in the region. In May, Shandong experienced negative price periods with a low of -0.08 yuan/kWh, and in September, Sichuan saw the first full-day negative price at -0.05 yuan/kWh [2][5]. - The increasing frequency of "negative prices" serves as a "signal light" for the electricity market, encouraging deep adjustments in power generation and investments in energy storage and other new entities [2][10]. Group 2: Implications for Power Plants - Power plants may report negative prices to enhance competitiveness during periods of oversupply, allowing them to sell electricity even at a loss. Renewable energy companies can still benefit from environmental credits, making it viable to sell at negative prices within acceptable ranges [5][6]. - Traditional coal-fired power plants face high startup costs and may choose to report negative prices to avoid shutting down, thus balancing their operational costs against potential future high-price periods [6][12]. Group 3: Market Dynamics and Policy Changes - The gradual relaxation of electricity price floors across various regions is contributing to the rise of negative prices. For instance, Shandong set a lower limit of -80 yuan/MWh, while Zhejiang proposed a range of -200 yuan/MWh for future market operations [11][12]. - The emergence of negative prices reflects significant changes in the supply-demand relationship within the electricity system, highlighting the scarcity of adjustable power resources [12][13]. Group 4: Future Trends and Recommendations - The frequency of negative prices is expected to increase in the short term, but with the deployment of flexible resources like energy storage, the occurrence may stabilize in the long run [13][14]. - To effectively manage negative prices, it is recommended to enhance market mechanisms, allowing for predictable and manageable fluctuations rather than completely eliminating them. This includes optimizing resource allocation and improving inter-provincial electricity trading [13][14][15].

Core Viewpoint - The emergence of negative electricity prices in China's power spot market, particularly in Sichuan, reflects a growing trend influenced by supply-demand imbalances and market mechanisms, raising questions about the implications for power generation companies and the overall energy market [1][2][12]. Group 1: Negative Electricity Prices - Negative electricity prices have been increasingly observed across various provinces in China, with the phenomenon evolving from isolated incidents to a more widespread occurrence [2][3]. - In 2019, Shandong was the first province to report negative electricity prices, with a clearing price of -0.04 yuan/kWh, and this trend has continued with significant durations of negative pricing in subsequent years [2][3]. - As of 2024, negative prices accounted for approximately 11% of the day-ahead market and 14% of the real-time market in Shandong [2]. Group 2: Causes of Negative Prices - The formation of negative prices is attributed to structural imbalances in electricity supply and demand, exacerbated by high penetration of renewable energy sources and limitations in traditional power system adjustments [5][6]. - Two main categories of causes for negative prices are identified: inherent negative prices due to high renewable penetration and mechanism-induced negative prices linked to specific market designs [6][8]. - Inherent negative prices occur when traditional power sources face operational constraints, leading them to offer negative prices to avoid higher costs associated with frequent start-stop cycles [6][7]. Group 3: Market Mechanisms and Impacts - The design of electricity market mechanisms, such as incentives for renewable energy development and long-term contract structures, can significantly influence the frequency of negative prices [8][9]. - High proportions of long-term contracts can stabilize overall revenues for power generation companies, even in the presence of negative spot prices, leading to a situation where negative prices do not equate to negative profits [11][12]. - The inability of retail electricity prices to respond effectively to wholesale market signals, particularly during periods of high renewable generation, prolongs the duration of negative prices without benefiting end-users [10][12]. Group 4: Future Considerations - The transition to a market-driven pricing mechanism for new renewable projects starting in 2025 may reduce the frequency of negative pricing, but the overall trend of negative prices may persist due to ongoing market dynamics [14][15]. - Experts suggest that a comprehensive understanding of negative prices, along with improved market design and monitoring systems, is essential to mitigate potential risks and ensure the stability of the electricity system [15].

Core Viewpoint - The National Energy Administration (NEA) emphasizes that the increasing frequency of negative electricity prices is a reflection of the growing share of renewable energy and the improved operation of provincial spot markets, rather than indicating that power plants are paying consumers [1][2]. Group 1: Negative Electricity Prices - Negative electricity prices are becoming more frequent due to the increasing proportion of renewable energy installations and the more robust operation of provincial spot markets [2][3]. - Negative electricity prices reflect a temporary imbalance in supply and demand, particularly when supply exceeds demand significantly, as seen in regions like Sichuan where supply was nearly 40% higher than demand [2]. - Short-term negative electricity prices can serve as a market signal to encourage adjustments in power generation and investments in energy storage [2][3]. Group 2: Impact on Power Plants - Negative electricity prices do not equate to power plants needing to pay consumers, as the overall impact on power plant revenues is limited due to long-term contracts and government subsidies [3]. - For instance, the average settlement price for hydropower in Sichuan was 183 yuan per megawatt-hour, which was higher than the monthly average of 177 yuan, indicating that power plants can still maintain profitability despite negative prices [3]. Group 3: Future Directions for Renewable Energy - The NEA aims to expand renewable energy supply significantly, with targets set for 2035 to have non-fossil energy exceed 30% of the energy mix and a total installed capacity of wind and solar reaching 3.6 billion kilowatts [4]. - Key initiatives include enhancing the integration of renewable energy, promoting offshore wind power development, and expanding distributed renewable energy applications [4][5]. - The NEA plans to improve market mechanisms to support high proportions of renewable energy, ensuring stable returns for investors while managing risks effectively [5].

Core Viewpoint - The article discusses the phenomenon of negative electricity prices in China's power market, highlighting its increasing frequency and implications for both consumers and power producers [2][5][11]. Group 1: Understanding Negative Electricity Prices - Negative electricity prices occur when the market clearing price for electricity falls below zero, indicating an oversupply of electricity [2]. - Recent instances of negative prices have been observed in regions such as Sichuan, Shandong, and Inner Mongolia, with Sichuan experiencing a peak negative price of -34.8787 yuan per megawatt-hour [2][5]. - The rise in negative prices is attributed to the rapid growth of renewable energy sources like wind and solar, which have low operational costs, leading to aggressive bidding in the market [4][5]. Group 2: Market Dynamics and Impacts - The current electricity market in China is characterized by a significant increase in supply from renewable sources, with hydropower in Sichuan seeing a 34.7% year-on-year increase in output [4]. - In contrast, electricity demand has decreased, with a reported 18.1% year-on-year drop in net electricity supply in September, leading to the emergence of negative prices [4]. - Experts indicate that negative prices reflect a temporary imbalance in supply and demand, and while they may seem alarming, they serve as a signal for market adjustments and investments in energy storage and demand response [8][11]. Group 3: Implications for Consumers and Producers - Despite negative prices, consumers, particularly industrial users, will not receive free electricity, as their costs include additional charges beyond the market price [7]. - Power producers are not necessarily losing money due to negative prices, as long-term contracts and government subsidies help stabilize their revenues [7][11]. - The article emphasizes that negative prices should be viewed as a market signal that can drive improvements in energy system efficiency and renewable energy integration [8][11].

Core Viewpoint - The emergence of negative electricity prices in China is a reflection of the increasing share of renewable energy and the imbalance in supply and demand in the electricity market, which may become more frequent as the market evolves [1][2]. Group 1: Reasons for Negative Electricity Prices - Negative electricity prices are a direct manifestation of the temporary imbalance in electricity supply and demand, particularly with the growing proportion of renewable energy sources [1]. - In September, regions like Sichuan experienced all-day negative electricity prices due to a significant increase in water supply (up 60% year-on-year) and a decrease in demand (down 20% year-on-year), leading to a supply exceeding demand by nearly 40% [1]. Group 2: Implications of Negative Electricity Prices - Short-term negative electricity prices can serve as a "signal light" for the electricity market, encouraging adjustments in power generation and investments in energy storage and other new entities to accommodate clean energy generation [1]. - Long-term negative electricity prices may indicate a significant oversupply of electricity, necessitating further optimization of the electricity system's adjustment capabilities based on market price signals [1]. Group 3: Impact on Power Plants - Negative electricity prices do not equate to power plants needing to pay consumers, nor do they represent "negative electricity fees" [2]. - The current electricity market in China includes various trading mechanisms, with the spot market accounting for less than 10% of total transactions, meaning that long-term contracts provide a stable revenue base for power generation companies [2]. - For instance, on September 20 and 21, the average settlement price for hydropower in Sichuan was 183 yuan per megawatt-hour, slightly higher than the monthly average of 177 yuan per megawatt-hour, indicating that overall revenue for coal and renewable energy generation remains robust due to government contracts and subsidies [2]. Group 4: Future Monitoring and Management - The National Energy Administration plans to enhance market operation monitoring to closely observe the frequency and duration of negative electricity prices, aiming to mitigate market risks and stabilize reasonable revenue expectations for power generation companies [2].

Core Viewpoint - The article discusses the increasing occurrence of "negative electricity prices" in China's energy market, highlighting its implications for supply-demand dynamics and the integration of renewable energy sources [2][38]. Group 1: Negative Electricity Prices - The emergence of "negative electricity prices" reflects a temporary imbalance in electricity supply and demand, particularly as renewable energy capacity increases [2][38]. - Short-term "negative electricity prices" can incentivize deeper adjustments in power generation and encourage investments in energy storage and other new entities [2][38]. - Long-term "negative electricity prices" may indicate a significant oversupply of electricity, necessitating further optimization of the power system's adjustment capabilities [2][38]. Group 2: Renewable Energy Development - The installed capacity of renewable energy in China has reached approximately 2.2 billion kilowatts, with wind and solar power accounting for over 1.7 billion kilowatts [17]. - In the first three quarters of 2025, renewable energy installations increased by 31 million kilowatts, a year-on-year growth of 47.7%, representing 84.4% of new installations [17]. - Renewable energy generation accounted for about 40% of total electricity generation, with a year-on-year increase of 15.5% [18]. Group 3: Energy System Flexibility - The energy system's flexibility is crucial for accommodating renewable energy consumption and enhancing operational safety [5][6]. - The focus is on enhancing the flexible adjustment capabilities of various energy resources, including coal and natural gas, to support renewable energy integration [5][6]. - By 2030, the goal is to achieve a virtual power plant adjustment capacity of over 50 million kilowatts [6]. Group 4: Electric Vehicle Charging Infrastructure - As of September 2025, the total number of electric vehicle charging facilities reached 1.806 million, a year-on-year increase of 54.5% [21]. - The government aims to build 28 million charging facilities by the end of 2027 to meet the charging needs of over 80 million electric vehicles [22]. - New technologies, such as high-power charging facilities, are being rapidly adopted, significantly improving charging speed and efficiency [23]. Group 5: Market Mechanisms and Policy Support - The national unified electricity market has seen a trading volume of 4.92 trillion kilowatt-hours, a year-on-year increase of 7.2% [24]. - Policies are being implemented to enhance the safety and efficiency of charging infrastructure and promote the integration of artificial intelligence in the energy sector [16][22]. - The government is actively monitoring market risks associated with "negative electricity prices" and is prepared to implement measures to stabilize the market [3][38].

Core Viewpoint - The National Energy Administration (NEA) is actively implementing the spirit of the 20th National Congress of the Communist Party of China, focusing on building a new energy system and ensuring energy supply stability during peak seasons, while promoting renewable energy integration and electric vehicle charging infrastructure development [6][8][9]. Group 1: Energy Situation in the First Three Quarters - The energy supply in China has been stable and effective, with significant policy support leading to orderly industry development and a steady increase in energy investment [10][11]. - The maximum electricity load reached new highs during the summer peak, with July and August seeing electricity consumption exceed 1 trillion kilowatt-hours for two consecutive months [11][28]. - Coal production and oil and gas output have shown steady growth, with coal output increasing by 2%, oil by 1.7%, and natural gas by 6.4% year-on-year [11][12]. Group 2: Renewable Energy Integration - Renewable energy installed capacity has reached nearly 2.2 billion kilowatts, with wind and solar power exceeding 1.7 billion kilowatts, and a 47.7% year-on-year increase in new installations [13][14]. - Renewable energy generation has grown steadily, accounting for approximately 60% of industrial electricity consumption, with total generation reaching 2.89 trillion kilowatt-hours, a 15.5% increase year-on-year [14][15]. - The average utilization hours for hydropower reached 2,551 hours, with wind power achieving a utilization rate of 94% [15][16]. Group 3: Electric Vehicle Charging Infrastructure - The total number of electric vehicle charging facilities reached 18.06 million, a 54.5% increase year-on-year, effectively supporting the charging needs of 40 million electric vehicles [17][18]. - Policies have been implemented to enhance charging infrastructure, with a goal to build 28 million charging facilities by 2027 to meet the demand of over 80 million electric vehicles [18][19]. - New technologies in charging, such as high-power charging stations, have been rapidly adopted, significantly improving charging speed and efficiency [19]. Group 4: Market Mechanisms and Policies - The national unified electricity market has seen a steady increase in trading volume, with a total of 4.92 trillion kilowatt-hours traded, representing a 7.2% year-on-year growth [21][22]. - The NEA is focusing on enhancing the flexibility of the energy system through various measures, including the promotion of virtual power plants and the integration of electric vehicles into the energy grid [41][42]. - The NEA is also addressing the issue of negative electricity prices, which have become more frequent due to the increasing share of renewable energy, indicating a need for better market regulation [36][37]. Group 5: Future Plans and Goals - The NEA aims to achieve a clean, low-carbon, safe, and efficient new energy system by 2035, with specific targets for renewable energy capacity and consumption [37][38]. - Key strategies include expanding renewable energy supply, promoting integrated development, and enhancing the market mechanisms to support high proportions of renewable energy [38][39]. - The NEA is committed to ensuring energy security and stability during peak seasons, particularly in winter, by strengthening fuel supply and enhancing emergency management capabilities [30][31].

Group 1 - The total external guarantees provided by CITIC Securities and its subsidiaries amount to RMB 185.22 billion, which represents 63.19% of the company's most recent audited net assets [1] - For the first half of 2025, the revenue composition of CITIC Securities is as follows: securities investment business accounts for 43.88%, brokerage business for 28.21%, asset management business for 18.21%, investment banking business for 6.22%, and other businesses for 3.49% [1] - As of the report date, CITIC Securities has a market capitalization of RMB 435.4 billion [1]