Core Viewpoint - The article discusses the implementation timeline and requirements for the construction of the electricity spot market in China, as outlined in the recent notification from the National Development and Reform Commission and the National Energy Administration [2][3]. Group 1: Timeline for Electricity Spot Market - The Hubei electricity spot market is set to officially operate by the end of June 2025, while the Zhejiang market aims for the end of 2025 [2]. - Anhui and Shaanxi are targeting to transition to formal operation by the end of June 2026 [2]. - By the end of 2025, several provinces including Fujian, Sichuan, and others are expected to initiate trial operations for continuous settlement in the spot market [2]. Group 2: Requirements for Market Operation - A province's electricity spot market can transition to formal operation after running continuously for over a year and meeting the conditions set by the "Basic Rules for Electricity Spot Market (Trial)" [3]. - The evaluation for transitioning to formal operation must be conducted by an independent third-party organization that has not participated in the local market's rule-making or technical support [3]. - The formal operation of the spot market requires approval from the provincial government and must be reported to the National Development and Reform Commission and the National Energy Administration [3]. Group 3: Participation and Mechanisms - By the end of 2025, provinces with operational spot markets must enable user-side entities to participate in market applications, clearing, and settlement [3]. - New mechanisms for market entry, registration, pricing, and settlement assessments must be established to accommodate new business entities [3]. - The long-term contract fulfillment ratio for participants in the spot market must align with national energy security supply requirements [3].

Core Viewpoint - The notice issued by the National Development and Reform Commission and the National Energy Administration outlines the conditions under which electricity spot markets can transition to formal operation after running for over a year and passing third-party evaluations [1] Group 1: Market Transition Conditions - Electricity spot markets that have been operational for more than one year and meet the formal operation criteria as per the "Basic Rules for Electricity Spot Markets (Trial)" can proceed to formal operation [1] - The first responsible unit must select and commission a third-party organization with professional capability and experience, which has not participated in the local electricity market scheme development, to conduct the evaluation [1] - The evaluation report must be publicly disclosed in an appropriate manner [1] Group 2: Approval and Reporting Requirements - Provincial-level electricity spot markets must obtain approval from the provincial government and report to the National Development and Reform Commission and the National Energy Administration for record-keeping [1] - For regions planning to conduct continuous settlement trial operations, a third-party organization must be commissioned to verify the technical support system, and the verification report must be publicly disclosed [1] - Regions that do not pass the system verification are not allowed to transition to continuous settlement trial operations [1] Group 3: User Participation and Mechanisms - By the end of 2025, provinces with formal operation and continuous settlement trial operations must enable user-side entities to participate in the spot market for declaration, clearing, and settlement [1] - Mechanisms must be established to meet the needs of new business entities, including access requirements, registration procedures, pricing methods, and settlement assessments [1] - The long-term contract fulfillment ratio among market participants must comply with national energy security supply requirements [1]