Core Viewpoint - The newly issued "Basic Rules for the Medium and Long-term Electricity Market" represents a systematic optimization of the electricity market framework, aligning with the goals of a unified national electricity market and adapting to the needs of the electricity spot market development [2][3] Group 1: Overall Framework Optimization - The coverage of the rules has been expanded from "basic rules for medium and long-term electricity trading" to "basic rules for the medium and long-term electricity market," encompassing the entire market chain including registration, trading, execution, settlement, information disclosure, and risk prevention [3] - The integration of rules has been strengthened by removing redundant details and referencing other basic rules, enhancing the completeness and coordination of the medium and long-term market rules [3] - A new chapter on "Market Technical Support System" has been established to meet the requirements of a unified national electricity market and multi-entity participation, ensuring a unified, stable, and compatible trading platform [3] Group 2: National Coordination Enhancement - The market layout has been unified to break down inter-provincial barriers, with cross-regional medium and long-term trading organized by the Beijing and Guangzhou electricity trading centers [4] - A unified technical support system will facilitate "one registration, nationwide sharing," allowing participants to engage in cross-provincial trading without repeated registration processes, thus reducing transaction costs and time [4] Group 3: Spot Market Integration - The rules aim to achieve efficient integration with the spot market, aligning trading sequences, clearing, and settlement with spot market requirements [5] - An innovative settlement mechanism will allow dynamic linkage, with medium and long-term market settlement prices potentially based on day-ahead or real-time market clearing prices [5] - The rules clarify that time-of-use electricity prices will be determined by the market, reflecting real supply and demand conditions [5] Group 4: Adaptation for New Energy Market Entry - The rules enhance trading flexibility to address the intermittent nature of renewable energy, allowing adjustments to contract electricity volumes [6] - Green electricity transaction prices will consist of energy prices and environmental values, with clear settlement processes to ensure traceability [6] - Long-term green electricity trading is encouraged to provide stable cash flow for renewable energy companies [6] Group 5: Empowering New Entities - New types of market participants are defined and included in the electricity market framework, providing clear pathways for their participation [7] - The rules specify that decentralized resources can sign aggregation service contracts with new types of entities to participate in the medium and long-term market [7] - The rights of new types of entities and decentralized resources will be protected through separate settlement of energy prices [7] Group 6: Implementation in Yunnan - Yunnan is actively promoting the efficient implementation of the new rules, aligning provincial regulations with national standards [8] - The province is innovating competitive mechanisms for different cost power sources to enhance collaboration with the spot market [8] - New types of entities are being cultivated, with rules established for virtual power plants to participate in the market [8] Future Outlook - The comprehensive implementation of the new rules is expected to mature the electricity market framework, enhancing the quality and efficiency of the unified national electricity market [9] - Mechanism innovations will drive the market vitality of renewable energy and new entities [9] - The synergistic operation between medium and long-term and spot markets will be fully realized [9]

电力中长期市场迈向高质量发展新阶段 ——《电力中长期市场基本规则》解读 广东电力交易中心党委书记、董事长 黄远明 《电力中长期市场基本规则》（下称"新规则"）的出台，是深化电力市场化改革的关键一步，是贯彻落 实党的二十届四中全会关于构建高水平社会主义市场经济体制的精神在能源领域的具体实践，标志着我 国电力市场体系从初步建成迈向高质量发展的新阶段。新规则为全国各省及区域电力市场探索试点前沿 机制、破解能源优化难题、助力新型电力系统建设提供了顶层制度保障，为实现"双碳"目标及"十五 五"发展注入强劲的市场动力。 一、立足三大升级，夯实市场稳健运行基础 近年来，各地电力市场建设按下加速键，全国"1+6"电力市场规则体系逐步健全。在2020年版《电力中 长期交易基本规则》的基础上，新规则聚焦市场运营、价格机制及规则衔接实现"三大升级"，推动中长 期市场更好发挥"压舱石"作用。 一是市场运营升级，增强与现货市场协同性。新规则细化了中长期交易组织要求，推动月内交易按日连 续开市，探索月至数年的交易连续开市，显著提升交易灵活性，有效提高"中长期+现货"市场体系的协 同性。在新能源渗透率日益提升、市场价格波动增强的趋势下，能 ...

——《电力中长期市场基本规则》解读 山东电力交易中心董事长 李锋 在我国"十四五"规划圆满收官，"十五五"规划谋篇布局的关键节点，国家发展改革委、国家能源局印发 《电力中长期市场基本规则》（以下简称《基本规则》），进一步夯实全国统一电力市场"1+6"基础规 则体系，既为构建高水平社会主义市场经济体制提供了重要支撑，也体现了国家推进能源领域治理体系 和治理能力现代化的坚定决心。深入领会和贯彻《基本规则》精神，需牢牢把握"一目标、两衔接、三 覆盖"的核心逻辑，推动电力中长期市场在保障能源安全、促进绿色转型、稳定市场运行中发挥更大作 用。 一、坚定一个目标：以市场机制促进"保供应、促转型、稳价格" 中长期与现货市场衔接方面，《基本规则》明确了中长期、现货市场的时序衔接、出清协调和结算对接 机制。推动月内交易按日连续开市，探索月度及以上期限交易连续开市，增强了市场灵活性。明确提出 设置中长期结算参考点，实现中长期与现货市场价格衔接，增强了市场价格稳定性和可预期性。 《基本规则》紧紧围绕"保供应、促转型、稳价格"核心目标，全面优化电力中长期市场功能定位，筑牢 电力市场运行的根基。 保供应方面，《基本规则》强化中长期市场 ...

锚定电力市场改革方向 夯实电力中长期市场根基 ——《电力中长期市场基本规则》解读 《基本规则》聚焦各类市场品种衔接，明确跨电网经营区中长期交易、跨省跨区中长期交易、省内中长 期交易的组织主体、组织原则、价格机制等内容，明确跨省跨区绿电交易、省内绿电交易的参与对象、 组织方式、结算原则等内容，强调中长期市场和现货市场在组织时序、价格限值、结算流程等方面的有 序衔接。 《基本规则》以"统一框架定方向、灵活机制提效能、多元主体激活力、各方协同守底线"为核心脉络， 强化了与电力市场"1+6"基本规则体系的系统性衔接，明确按照统一标准开展市场注册、交易组织、交 易结算、信息披露等工作，技术支持系统应实现统一平台架构、统一技术标准、统一核心功能、统一交 互规范。 二、筑牢电力市场平稳运行的"新机制" 电力中长期交易是电力市场的核心组成部分，承担着保障电力安全稳定供应、锁定市场主体预期的基础 功能。规则构建"多年、年度、月度、月内"全周期交易体系，明确数年、年度交易定期开市并探索连续 开市，月内交易原则按日开市；推广分时段交易、带电力曲线签约，要求现货运行地区时段不少于24 个，新机制实现了"长周期稳预期"与"短周期调偏差 ...

Core Viewpoint - The article discusses the revised "Basic Rules for Long-term Electricity Market" which aims to optimize the national unified electricity market by enhancing resource allocation efficiency, expanding trading scope, and improving risk management mechanisms [2][3]. Group 1: Expansion of Trading Scope - The long-term market trading scope has been expanded to enhance resource allocation efficiency, addressing the geographical mismatch between energy resources and electricity demand in China [4]. - The new rules promote regular cross-grid trading and facilitate coupling between provincial and regional long-term electricity transactions, allowing for more flexible resource allocation [4]. Group 2: Adaptation to New Energy Market Dynamics - The trading cycles have been extended both longer and shorter to accommodate the entry of renewable energy into the market, with mechanisms like long-term purchase agreements to stabilize revenue expectations for new energy sources [5]. - The rules emphasize the need for market participants to enhance their macro and micro forecasting abilities to navigate the dual challenges of long and short trading cycles [5]. Group 3: Equal Market Position for New Entities - The revised rules grant equal market status to new types of operators, allowing them to participate in long-term market contracts and enhancing the system's flexibility through distributed energy resources [6]. - The article highlights the importance of understanding the characteristics of aggregated resources to optimize their participation in the market [7]. Group 4: Risk Management Enhancements - The new rules categorize various market risks, including supply-demand imbalances and price anomalies, to facilitate timely identification and resolution of potential issues [7]. - The revision is not merely a technical update but a comprehensive restructuring aimed at supporting energy transition and establishing a stable long-term electricity market [7].

据国家能源局有关负责人介绍，《规则》适应电力市场建设"当前"和"长远"的需要，纳入跨电网经营区 常态化交易、区内省间灵活互济交易等机制，增加结算参考点等要求适应现货市场发展，系统规范电力 中长期交易业务各环节，细化电力市场风险防控要求；承接未来5年中长期市场发展，增加新型经营主 体参与中长期交易等概括性、前瞻性条款。 同时，《规则》还明确，推动中长期交易向"更长"和"更短"周期延伸，鼓励开展多年期交易，强化中长 期交易"压舱石"作用；明确中长期连续运营要求，进一步缩短交易周期、提高交易频次，推动按日连续 交易，提升中长期市场灵活性，促进与现货市场的协同衔接。（记者 廖睿灵） 电力中长期市场是全国统一电力市场的重要组成部分。近日，国家发展改革委、国家能源局发布《关于 印发〈电力中长期市场基本规则〉的通知》（以下简称《规则》），进一步规范电力中长期交易行为。 电力中长期交易是指对未来某一时期内交割电力产品或服务的交易，包含数年、年、月、月内（含旬、 周、多日）等不同时间维度的交易。国家能源局有关负责人介绍，新一轮电力体制改革实施以来，国家 发展改革委、国家能源局先后于2016年、2020年制定修订《电力中长期交易 ...

Core Viewpoint - The article discusses the revision and implementation of the "Basic Rules for the Medium and Long-term Electricity Market," which aims to enhance the construction of a unified national electricity market system, addressing issues such as market connectivity and coordination [3][4]. Group 1: Objectives and Achievements - The unified electricity market is a key component of deepening electricity system reform and building a new power system, with significant progress made in market construction, supply stability, and price mechanisms [4]. - The market has seen record trading volumes and compliance rates, with market prices becoming more market-driven, and various regions have implemented plans for integrating renewable energy [4]. Group 2: Institutional Innovations - The new rules categorize market participants, including distributed energy sources and virtual power plants, clarifying their rights and obligations throughout the trading process [5]. - A unified technical standard system is established to support data integration and facilitate cross-regional trading [5]. - The rules also standardize trading timelines, enhancing the efficiency of market operations by coordinating long-term and spot market transactions [5]. Group 3: Spatial and Temporal Mechanisms - The rules address the challenges of market segmentation by establishing a trading system that connects inter-provincial and intra-provincial markets, promoting resource sharing and flexible adjustments [6]. - A comprehensive market mechanism is created to accommodate the volatility of renewable energy output, enhancing the stability and liquidity of market operations [7]. Group 4: Collaborative Operations of Trading Varieties - The rules define green electricity trading as a distinct category, emphasizing the traceability of environmental value alongside electricity trading [8]. - There is a focus on integrating the medium and long-term electricity market with the spot market, establishing a price transmission and settlement mechanism to prevent market arbitrage [9]. Group 5: Summary and Future Outlook - The revision of the rules signifies a new phase in the standardized, systematic, and collaborative development of the medium and long-term electricity market [10]. - Future efforts should focus on further integrating market designs and enhancing the operational mechanisms among various market segments to support energy security and the achievement of carbon neutrality goals [10].

Core Viewpoint - The issuance of the "Basic Rules for Long-term Electricity Market" aims to accelerate the construction of a unified national electricity market system, standardize long-term electricity trading behavior, and ensure the orderly operation of the electricity market starting from March 1, 2026, for a duration of five years [1] Group 1: Key Revisions in the Rules - The rules adapt to the current and long-term needs of the electricity market by incorporating mechanisms for cross-grid transactions and flexible inter-provincial trading, while also enhancing risk prevention requirements [2] - The rules streamline the foundational rule system by merging content from the previous green electricity trading chapter and removing redundant information, thereby reinforcing the coordination of the "1+6" foundational rule system [2] - The rules encourage longer and shorter trading cycles, promoting multi-year transactions and daily continuous trading to enhance market flexibility and coordination with the spot market [2] Group 2: Market Structure and Participants - The rules promote the coupling of inter-provincial and intra-provincial trading, encouraging innovation in regional trading mechanisms and optimizing resource allocation across a larger area [3] - The inclusion of new types of market participants, such as distributed photovoltaics and energy storage, is a significant highlight, clarifying their rights and obligations while supporting decentralized resources to participate in market trading [3] - The optimization of trading varieties and pricing mechanisms is emphasized, with the rules specifying that long-term trading will cover various periods and that monthly trading will generally open continuously on a daily basis [3] Group 3: Green Electricity Trading - The rules detail the trading model for green electricity, stating that the price will consist of energy price and environmental value, with separate settlements to ensure traceability of the environmental value [3] Group 4: Market Oversight - The National Energy Administration will closely monitor the operation of the long-term electricity market and ensure that market operators conduct transactions in a standardized manner, while also regulating the participation of various market entities [4]

Core Viewpoint - The article discusses the issuance of the "Basic Rules for Long-term Electricity Market" by the National Development and Reform Commission and the National Energy Administration, effective from March 1, 2026, for a duration of five years, aimed at promoting a unified, open, competitive, and orderly electricity market in China [1]. Summary by Sections Section 1: Background and Context - The new rules are part of ongoing reforms in the electricity sector, building on previous rules established in 2016 and 2020, which laid a solid foundation for the healthy development and regulation of the electricity market. In the first three quarters of this year, long-term trading accounted for 95.9% of the total market trading volume [1]. Section 2: Key Revisions - The rules adapt to current and long-term needs of the electricity market by incorporating mechanisms for cross-grid transactions and flexible inter-provincial trading, while also enhancing risk prevention measures [2]. - The rules streamline the foundational rule system by merging content from previous regulations and eliminating redundant sections, thereby reinforcing the integration of the "1+6" foundational rule system [2]. - The rules encourage longer and shorter trading cycles, promoting multi-year transactions and daily continuous trading to enhance market flexibility and coordination with the spot market [2]. Section 3: Market Structure and Mechanisms - The rules aim to facilitate the coupling of inter-provincial and intra-provincial trading, promoting regular cross-grid transactions and innovative mechanisms for regional inter-provincial trading [3]. - The electricity trading platform is required to achieve "four unifications": unified platform architecture, technical standards, core functions, and interaction specifications to support data integration across the national electricity market [3]. Section 4: Expansion of Market Participants - A significant highlight of the rules is the inclusion of new types of market participants, such as distributed photovoltaics and energy storage, as well as resource aggregation entities like virtual power plants and smart microgrids, clarifying their rights and obligations [4]. - The rules optimize trading varieties and pricing mechanisms, allowing for multi-period transactions and continuous daily trading within the month to enhance trading flexibility [4]. - In terms of green electricity trading, the rules specify that the price consists of energy price and environmental value, ensuring traceability and synchronization of green certificates with transactions to support carbon neutrality goals [4]. Section 5: Regulatory Oversight - The National Energy Administration will closely monitor the operation of the long-term electricity market, ensuring that market operators conduct transactions in a regulated manner and that various market participants comply with the rules [4].

Core Viewpoint - The recent issuance of the "Basic Rules for the Medium and Long-term Electricity Market" aims to enhance the development and regulation of China's electricity market, aligning with the goals set forth in the 20th National Congress of the Communist Party of China [3][4]. Group 1: Background and Purpose - The revision of the rules is a response to the ongoing electricity system reform and aims to establish a unified national electricity market, which is crucial for the healthy development of the electricity sector [3]. - In the first three quarters of the year, medium and long-term electricity transactions accounted for 95.9% of the total market transaction volume, highlighting the importance of these rules [3]. Group 2: Main Revisions - The new rules consist of 13 chapters and 98 articles, covering various aspects such as market members, transaction types, pricing mechanisms, and risk management [5]. - Key revisions include adapting to current and future market needs, incorporating mechanisms for cross-grid transactions, and enhancing risk prevention measures [5]. - The rules also streamline the regulatory framework by merging previous regulations and eliminating redundant content, thereby reinforcing the overall rule system [5]. Group 3: Future Implementation - The National Development and Reform Commission and the National Energy Administration will monitor the operation of the medium and long-term electricity market and ensure compliance with the new rules [8]. - Local electricity trading institutions will be required to draft implementation details that align with the basic rules, ensuring consistency across regions [8].