协议约定，双方共同开展用户侧储能、虚拟电厂、需求侧响应等综合能源项目合作模式，开发用户侧资 源，发掘电网负荷侧资源参与源网荷储协同互动的新路径，协力打造综合能源示范性项目。建立定期的 信息交流机制，共享新能源市场动态、政策法规、技术进展等信息。 此外，双方将在设备和技术方面进行合作;针对新能源领域的共性关键技术、前沿技术进行联合攻关， 包括但不限于新能源场站综合监测、储能技术等。 智通财经APP讯，山大电力(301609.SZ)公告，公司与山东发展新能源有限公司签署了《战略合作协 议》，双方将共同推动山东省新能源产业技术升级与规模化发展。 ...

智通财经APP讯，山大电力(301609.SZ)公告，公司与山东发展新能源有限公司签署了《战略合作协 议》，双方将共同推动山东省新能源产业技术升级与规模化发展。 此外，双方将在设备和技术方面进行合作;针对新能源领域的共性关键技术、前沿技术进行联合攻关， 包括但不限于新能源场站综合监测、储能技术等。 协议约定，双方共同开展用户侧储能、虚拟电厂、需求侧响应等综合能源项目合作模式，开发用户侧资 源，发掘电网负荷侧资源参与源网荷储协同互动的新路径，协力打造综合能源示范性项目。建立定期的 信息交流机制，共享新能源市场动态、政策法规、技术进展等信息。 ...

今天分享的是：电力圆桌：需求侧协同能源转型的市场机制与政策支撑研究：以广东为例 报告共计：36页 需求侧协同能源转型的市场机制与政策支撑研究总结 在全球能源格局调整与"双碳"目标推进背景下，我国能源转型已进入供需双侧协同并进的关键阶段，需求侧资源成为保障电力系统安全、提升能效及促进可 再生能源消纳的重要力量。《需求侧协同能源转型的市场机制与政策支撑研究：以广东为例》以广东为实证样本，围绕市场机制与政府治理双维度，系统探 索了需求侧资源价值释放的路径。 由 力 圆 卓 POWER SECTOR ROUNDTABLE 广东专题 需求侧协同能源转型的市场机制与 政策支撑研究：以广东为例 电力圆桌项目课题组 2025年12月 需求侧资源涵盖狭义的用户侧负荷、储能等，及广义的虚拟电厂、负荷聚合商等聚合主体，具有灵活调节、分布式等特征。我国在可调节负荷、分布式光 伏、用户侧储能及电动汽车等领域具备显著开发潜力，其中广东作为经济大省和能源消费大省，相关资源可开发潜力突出，2025年预计达1335万千瓦，占全 省最大负荷的8.1%。当前需求侧资源开发已形成直接参与需求响应、车桩网互动等五种模式，但仍面临"看不见、调不动、用不 ...

将暂时用不完的电先储存起来，是扬中的重要举措。去年4月，扬中市经济发展局出台《关于进一步推 进全市新能源高质量发展的通知》，明确支持用户侧储能、"车网互动"充电站、企业侧光伏电站等荷端 资源开发，鼓励企业单位参与需求响应、建设虚拟电厂。"目前，已有威腾集团、蜂巢动力、维纳特气 门等5家企业配增了用户侧储能，20余家企业签约入驻扬中市虚拟电厂聚合平台、总容量7兆瓦。"国网 扬中市供电公司营销部副主任方熙程说。 扬中是全国高比例可再生能源示范城市，拥有光伏全产业链。早在2015年，扬中就启动"绿色能源岛"建 设。2018年10月4日，扬中市首次出现光伏出力倒送，也就是全市光伏发电功率大于用电负荷，此后光 伏出力倒送成为常态。就地消纳多余的光伏电量，正是建设绿色能源岛的关键之一。 "十五五"启程在即，扬中距离绿色能源岛目标还有多远?11月19日中午，记者带着这个问题，走进国网 扬中市供电公司调控中心。副主任夏鹏程指着电脑屏幕上两条曲线向记者介绍："上扬的曲线是近5年来 扬中地区的光伏装机容量，以平均每年18.53%的速度在增长，而下面几乎没有浮动的曲线，则是光伏 出力最大倒送功率，最大倒送功率几乎不变，说明新增的光 ...

Core Viewpoint - The company is focusing on strategic new business directions, particularly in distributed photovoltaic power generation, user-side energy storage, and new energy cooling and heating services, to optimize its overall business structure [1][2] Financial Performance - For the first nine months of 2025, the company achieved a revenue of 3.447 billion yuan, a year-on-year increase of 1.70%, and a net profit of 702 million yuan, up 3.59% year-on-year [2] - In the third quarter, the company contributed a revenue of 1.269 billion yuan, representing an 8.36% growth compared to the same period last year, with a net profit of 295 million yuan, a 2.22% year-on-year increase [2] Business Strategy - The company emphasizes the importance of environmental governance, particularly in response to the central ecological environment protection inspection in Tianjin, and aims to transform into a "comprehensive urban environmental service provider" [1] - The company has adopted a strategy focused on "three new" and "three quantities," achieving significant results through strategic leadership, deepening reforms, operational effectiveness, technological empowerment, and risk control [1]

Core Insights - The new energy storage capacity on the user side in China showed year-on-year growth in October 2025, but there was a month-on-month decline [2] - The commercial and industrial storage sector dominates the market, accounting for over 90% of the total capacity [5] - The Central China region leads the market with over 50% of the installed capacity, particularly driven by Henan province [3][8] User-side Storage Capacity - In October, the user-side storage market was primarily driven by commercial applications, with new installations of 178.00 MW/445.19 MWh, showing a year-on-year decline of 39%/51% [5] - The newly operational projects predominantly utilized electrochemical storage technology, with lithium iron phosphate battery technology accounting for 99% of the installed capacity [6] Regional Distribution of User-side Storage - The Central China region accounted for 50% of the new installed capacity, leading the market in October [8] - Henan province had the largest new installed capacity, exceeding 40%, while Shandong followed [8] - The demand for user-side storage in Henan is rapidly increasing due to the province's push for integrated energy solutions and the release of new market demands in rural areas [8] User-side Storage Project Registrations - The number of new user-side storage project registrations in October was significantly higher than the same period last year, with a year-on-year increase of 91% in scale and 4% in number [12] - The traditional strong provinces (Zhejiang, Guangdong, Jiangsu) saw a decline in the number of new registrations, with a total of 430 new projects, down 41% year-on-year [13] Peak and Valley Electricity Prices - In October, 15 provinces had peak-valley price differences exceeding 0.7 yuan/kWh, with Guangdong having the highest price difference, maintaining above 1.0 yuan/kWh in certain areas [15] - The potential for arbitrage in user-side storage remains significant in Guangdong, indicating it could become an important market for user-side storage [16] Overall Analysis of New Storage Projects - In October 2025, the total newly installed capacity of new energy storage projects in China was 1.70 GW/3.52 GWh, reflecting a year-on-year decline of 35%/49% and a month-on-month decline of 51%/66% [18] - Despite the decline in October, the cumulative installed capacity for the first ten months reached 35.8 GW, showing a year-on-year growth of 36% [18]

Core Insights - The user-side energy storage market shows a year-on-year increase in newly installed capacity, with a notable growth in the number and scale of registered projects compared to the same period last year [2][9][10] - High energy-consuming industries such as metallurgy, chemicals, and textiles account for over 70% of the installed capacity, indicating a strong demand for carbon reduction and supply assurance [5][10] - The peak-valley price difference in certain regions of Guangdong remains above 1 yuan/kWh, providing significant arbitrage opportunities for energy storage [12][16] User-side Energy Storage Data - In September, the newly installed user-side energy storage capacity reached 243.56 MW and 488.22 MWh, representing a year-on-year increase of 38% and 18%, respectively, but a month-on-month decrease of 41% and 46% [4][17] - The commercial application dominates the user-side energy storage market, accounting for over 95% of the installations, with high energy-consuming enterprises driving the demand [5][8] Regional Distribution - The newly installed projects are primarily concentrated in Jiangsu, Zhejiang, and Guangdong, with Jiangsu having the largest installed capacity, accounting for nearly half of the national total [8][10] - Zhejiang leads in the number of newly registered projects, while Guangdong shows significant growth in both project scale and number [9][10] Price and Investment Returns - The peak-valley price difference in 15 provinces exceeds 0.7 yuan/kWh, with seven provinces surpassing 1 yuan, particularly in Guangdong, which has a high potential for price arbitrage [12][16] - Frequent adjustments to time-of-use electricity pricing policies introduce uncertainty regarding investment returns for user-side energy storage projects [3][16] Overall Market Trends - The total newly installed capacity for new energy storage projects in September reached 3.08 GW and 9.08 GWh, with year-on-year increases of 166% and 200%, respectively [17] - The third quarter saw a total of 9.16 GW and 25.52 GWh of newly installed capacity, indicating a robust growth trajectory for the year [17]

Core Insights - The recent auction results for renewable energy prices in Shandong Province have raised concerns among investors regarding the profitability of solar and wind projects, with solar prices dropping to 0.225 yuan/kWh and wind prices at 0.319 yuan/kWh, both significantly lower than expected [1][3][4] - The new pricing mechanism introduced by the government aims to stabilize revenues for renewable energy projects but has led to a competitive bidding environment where many participants are undercutting prices to secure contracts [1][3][5] Summary by Sections Mechanism Pricing and Market Reactions - The mechanism pricing for solar energy was set at 0.225 yuan/kWh, which is lower than the expected 0.26 yuan/kWh, causing alarm among investors as it may not cover operational costs for many projects [1][3][4] - The auction results indicate a significant drop in expected revenues, with solar and wind prices falling by 43% and 19.2% respectively compared to the benchmark coal price [4][5] Policy Changes and Industry Impact - Recent policy changes from the National Development and Reform Commission and the National Energy Administration aim to accelerate the construction of the electricity spot market and promote new energy consumption [2][5] - The new pricing mechanism is seen as a critical step for renewable energy to secure a foothold in the electricity market, but it also places the onus of demand on electricity users rather than the grid [2][5] Investment Trends and Challenges - The low mechanism prices have led to a reduction in investment enthusiasm, with many investors reporting difficulty in finding funding for projects due to the unfavorable pricing environment [3][6][7] - The competitive landscape has shifted, with fewer investors willing to engage in projects that do not meet profitability thresholds, leading to a consolidation of investment interest in high-quality projects [5][7] Storage and Future Prospects - The introduction of new policies has improved the outlook for independent energy storage projects, with significant growth in installed capacity reported [10][11] - However, challenges remain in ensuring that storage projects can effectively participate in the market, as many still lack the necessary performance metrics to be profitable [12][13] Long-term Outlook - The future of renewable energy deployment is expected to slow down due to various factors, including the need for coal power to support the grid and the ongoing adjustments in market mechanisms [13][14] - The industry is urged to focus on improving project economics and ensuring that policies align with market realities to foster sustainable growth in the renewable energy sector [14][15]

Group 1 - The core viewpoint of the article is that YN Holdings has decided to abandon investments and acquisition opportunities in distributed photovoltaics, user-side energy storage, and charging pile projects due to a lack of competitive advantage and insufficient investment returns [2] - YN Holdings cited the National Development and Reform Commission's notice on promoting market-oriented pricing for renewable energy as a reason for this strategic shift [2] - The company aims to focus on large-scale development in the renewable energy sector, aligning with its operational status and future transformation plans [2] Group 2 - In related news, Haibo Sichuang reported a 22.66% year-on-year increase in revenue for the first half of 2025, with a net profit of 316 million yuan [3] - The user-side new energy storage projects saw a year-on-year increase of 9% in newly operational models, but a 41% decrease compared to the previous month, with the East China region holding the largest market share [3] - The National Energy Administration is promoting shared energy storage and renewable energy joint operations, exploring the establishment of a capacity compensation mechanism on the generation side [3]

Core Viewpoint - Henan YN Holding Co., Ltd. has decided to abandon investments in incremental distributed photovoltaic, user-side energy storage (excluding energy storage integrated with source-network-load projects), and charging pile projects, while cautiously advancing existing projects based on actual conditions [1][2]. Group 1: Company Decisions - The company has repeatedly abandoned investment opportunities in related projects, having held shareholder meetings in 2021, 2023, and 2024 to approve the abandonment of commercial opportunities related to distributed photovoltaic, user-side energy storage, and charging pile projects [1]. - On August 26, 2025, the company held several meetings, including an independent director meeting and a board strategic committee meeting, to review the proposal to abandon investments and acquisition opportunities in competing projects [2]. Group 2: Reasons for Abandonment - The primary reason for the abandonment is to comply with the National Development and Reform Commission's requirements, which promote the participation of renewable energy in market transactions [2]. - The company indicated that the competitive advantages of distributed photovoltaic, user-side energy storage, and charging pile projects are not significant within its renewable energy business, failing to meet investment return expectations [2]. Group 3: Impact on Company - The company stated that this decision aligns with the interests of the listed company and will not have a significant impact on its financial status or operating results, aiming to focus on the large-scale development of renewable energy [2].