Core Viewpoint - The introduction of the "Basic Rules for Electricity Market Measurement and Settlement" marks a significant step towards establishing a unified national electricity market in China, aiming to standardize and enhance the transparency of measurement and settlement processes [3][5]. Summary by Sections Background and Significance - The need for reform in the electricity market's measurement and settlement processes has become critical due to existing issues such as inconsistent rules across provinces, lack of data transparency, and varying settlement cycles, which hinder efficient resource allocation [6]. - The issuance of the rules aligns with national policies aimed at breaking local protectionism and promoting efficient resource flow, thus providing a necessary institutional guarantee for market transactions [6]. Key Components of the Rules - The rules cover measurement management, settlement management, and supervision management, defining the scope of measurement and settlement to include all types of electricity market transactions, including virtual power plants and new energy storage [4]. - The settlement process is divided into three stages: preparation, basis compilation, and electricity fee settlement, with an emphasis on transparency and the prohibition of "imbalance funds" [4]. Importance of the Rules - The rules establish a standardized framework that reduces cross-provincial transaction costs and enhances market efficiency by promoting a "daily clearing and monthly settlement" model in regions with continuous spot market operations [11]. - By ensuring transparency in settlement processes and reinforcing risk prevention measures, the rules protect the legitimate rights and interests of market participants, thereby increasing market confidence and attracting more investment [12]. Digital Transformation and New Energy System Support - The rules support the digital transformation of the electricity market by requiring the establishment of a unified data platform for automatic data collection and interaction, paving the way for future applications of technologies like blockchain and smart contracts [13]. - By including new entities such as virtual power plants and new energy storage in the settlement system, the rules facilitate their participation in auxiliary services and capacity markets, thus supporting the construction of a new energy system [14]. Challenges Ahead - Despite the establishment of a unified framework, challenges remain, particularly regarding the insufficient data infrastructure needed to support the high-frequency settlement required by the rules [16]. - Issues such as inadequate coverage of distributed energy measurement devices, insufficient data collection frequency, and delays in data transmission networks need to be addressed to fully realize the potential of the new rules [16].

Core Viewpoint - The article discusses the recent progress in the construction of a national unified electricity market in China, highlighting the issuance of the "Basic Rules for Electricity Market Measurement and Settlement" by the National Development and Reform Commission and the National Energy Administration [2][3]. Summary by Sections Overview of the New Rules - The new rules clarify the basis for electricity market measurement and settlement, applicable scope, and management requirements for measurement devices [3]. - The rules aim to address issues such as inconsistent measurement management, unclear responsibilities between grid companies and trading institutions, and delays in electricity bill settlements [3]. Structure of the Electricity Market - The establishment of a "1+6" foundational rule system for the electricity market is completed, which includes basic operational rules and various trading rules [3]. - The settlement process involves two main steps: the trading institution forming the settlement basis and the grid company conducting the electricity bill settlement [4]. Responsibilities and Processes - The rules specify the responsibilities of grid companies in verifying settlement bases and standardize the verification process [5]. - Market participants must meet independent measurement conditions, and measurement devices should be installed at property boundary points [5]. Settlement Management - The rules outline the rights and obligations of various market members regarding settlement, including preparation, issuance of settlement bases, and payment processes [5]. - A unified measurement unit and settlement subject format are established, with a general settlement cycle of a natural month [5]. Risk Management in Settlement - The rules require trading institutions to conduct settlement risk assessments and mandate market participants to provide performance guarantees [6]. - The rules also standardize the payment processes between power generation companies and grid companies, including VAT invoice issuance and payment agreements [6].