Core Viewpoint - The national unified electricity market in China has been established after ten years of reform, evolving into the world's largest electricity trading platform, now entering its 2.0 phase [1] Market Development - The unified electricity market has developed into a comprehensive trading platform, including spot, medium-to-long term, ancillary services, and green electricity certificates, facilitating transactions across various regions and networks [1] - The number of market participants has exceeded 970,000, with most power sources and all industrial and commercial users participating [1] Market Scale - In the first three quarters of this year, the market trading volume reached 4.9 trillion kilowatt-hours, accounting for 63.4% of the total electricity consumption in society, making it the largest in the world, nearly double that of the European Union [1] Pricing Mechanism - The pricing mechanism has become more transparent, with the cancellation of industrial and commercial directory electricity prices and the establishment of a market-based pricing system that reflects supply and demand more accurately [1] Future Upgrades - Authorities will continue to improve the national unified electricity market system, establish a capacity compensation mechanism, and promote better participation of renewable energy in the market [1] - There will be a focus on developing market mechanisms for new storage technologies, virtual power plants, and load aggregators to enhance flexibility in market participation [1]