Core Insights - The core viewpoint of the article is that the pricing structure for pumped storage power plants is expected to change, with a shift from a high reliance on capacity fees to a more balanced approach that includes energy fees, driven by new regulatory guidelines [1] Pricing Structure - According to document 633, the pricing for pumped storage includes both capacity fees and energy fees [1] - Currently, capacity fees account for over 90% of the revenue structure for pumped storage plants [1] - The new regulations suggest a gradual reduction in the proportion of government-approved capacity fees relative to the designed capacity of the plants, encouraging them to utilize remaining capacity in the electricity market [1] Future Revenue Expectations - The company anticipates that for newly constructed pumped storage plants, the revenue structure will evolve, with a greater emphasis on market competitiveness affecting earnings [1] - The specific pricing policies will be subject to formal documents from relevant national authorities [1]

Core Viewpoint - The Guoneng Xinyuan Jurong Pumped Storage Power Station has officially commenced full operation, marking a significant milestone in energy storage and renewable energy integration in the East China power grid [1][2]. Group 1: Project Overview - The Guoneng Xinyuan Jurong Pumped Storage Power Station, located in Jiangsu Province, has a total installed capacity of 1.35 million kilowatts, featuring six reversible pump-turbine units, each with a capacity of 225,000 kilowatts [1]. - The design annual power generation capacity is 1.35 billion kilowatt-hours, with an annual water pumping capacity of 1.8 billion kilowatt-hours [1]. - The project includes the construction of 21 kilometers of transmission lines and 53 transmission towers, connecting to the East China Power Grid at 500 kV [1]. Group 2: Operational Performance - Since the first unit was put into operation in September 2024, the power station has effectively responded to grid adjustments, demonstrating stable operation and excellent performance across key indicators [1]. - Each unit contributes to peak shaving, frequency regulation, phase adjustment, and energy storage, with an average monthly consumption of renewable energy reaching 33.75 million kilowatt-hours and green electricity generation of 27 million kilowatt-hours [1]. Group 3: Environmental Impact - The power station provides approximately 2.7 million kilowatts of bidirectional power regulation capacity, alleviating peak load pressure in the East China region and significantly enhancing renewable energy absorption [2]. - Annually, the station is expected to save about 140,000 tons of standard coal, which corresponds to a reduction of approximately 349,000 tons of carbon dioxide emissions, supporting regional energy structure optimization and the achievement of carbon neutrality goals [2]. Group 4: Broader Context - Since the "14th Five-Year Plan," the State Grid Corporation has put into operation 78 pumped storage units, with a total operational capacity of 44.53 million kilowatts, providing reliable support for the construction of a new power system [2].