Core Viewpoint - Liaoning's electricity market has effectively utilized a real-time pricing mechanism to optimize power generation and consumption, ensuring stable electricity supply during winter challenges while promoting renewable energy integration [1][2] Group 1: Electricity Supply and Demand Management - The electricity spot market in Liaoning operates like a "power stock exchange," generating price signals based on real-time supply and demand, which guides efficient resource allocation [1] - During periods of high wind energy generation, market prices decrease, encouraging thermal power plants to reduce output and accommodate clean energy [1] - In November, Liaoning's market mechanism facilitated the release of 19 billion kilowatt-hours of consumption space for wind and solar energy, with total renewable generation reaching 59 billion kilowatt-hours, a 44% year-on-year increase [1] Group 2: Market Performance and Economic Impact - Liaoning's electricity market is not limited to provincial boundaries; it actively engages in inter-provincial trading, exporting over 300 million kilowatt-hours in November, generating nearly 100 million yuan in market revenue [2] - The electricity spot prices in November reflected a "supply exceeds demand" situation, with average prices significantly lower than during the trial period, benefiting multiple stakeholders [2] - The average settlement price for power generation decreased by approximately 6%, while user-side prices fell by about 10%, with over 80% of electricity sales companies achieving stable profits [2] Group 3: Contribution to National Energy Strategy - Liaoning's stable electricity market practices provide a new market-oriented and intelligent defense for winter heating and supply, contributing valuable insights to the national unified electricity market construction [2]

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 April 28, 2025 10:12 AM GMT CGN Power Co., Ltd | Asia Pacific M Update Takeaways from 1Q25 Conference Call Key Takeaways Market tariff: The overall market tariff for CGN was Rmb0.36/kwh, down 3.46 cents YoY. In 1Q25, Guangdong had 36.5% market volume, up 8.7 ppts; the larger- than-expected power tariff decline was mainly due to spot market trading, according to management. In 1Q24, CGN had net spot market power procurement of ~400 mn kwh and reached a margin of over 10 cents/kwh ...