经济观察网 据新华财经，近日，由中国能源研究会主办，中国能源研究会能源金融与法律分会、北京 万家绿色信用评级有限公司承办，上海电力大学、上海电力大学能源电力发展战略研究中心协办的第二 届国际能源可持续发展（ESG）论坛在崇礼举办。 （原标题："第二届国际能源可持续发展（ESG）论坛"在崇礼成功举办） 中国电力企业联合会和自然资源保护协会发布了双方合作完成的研究报告《新能源参与市场系列研究： 体现新能源多维价值的市场体系》。在新能源大规模发展和电力市场建设提速的背景下，新能源主要依 靠电能量价格获取收益，并不能反映其多维价值，仍面临着市场化加速带来的价格风险加剧、支持新能 源自主支撑能力提升的辅助服务和容量机制尚未建立、新能源绿色价值未得到充分反映等问题。 对此，报告建议进一步完善体现新能源多维价值的市场体系构建，协同推进电能量-辅助服务-容量-绿证 市场的机制设计：在电能量市场方面，建立适应新能源发电特性的中长期市场交易机制，丰富新能源参 与中长期市场交易模式，优化新能源参与跨省跨区交易组织方式，探索集中式风、光联营参与中长期市 场，鼓励分布式新能源聚合参与电力市场交易，全面落实新能源可持续发展价格机制，推动 ...

Core Viewpoint - Longyuan Power Group Co., Ltd. has conducted an investor relations activity involving nine institutions, focusing on specific research, analyst meetings, and roadshows [1] Group 1: Investor Relations Activity - The investor relations activity took place from August 20, 2025, to September 30, 2025, utilizing video conferences, phone communications, and in-person interactions [1] - Key executives from Longyuan Power, including the General Manager and other senior management, participated in the event [1] Group 2: Key Information Disclosed - In the first half of 2025, Longyuan Power added a net new renewable energy installed capacity of 2.053 million kilowatts, with wind power at 987,000 kilowatts and solar power at 1.096 million kilowatts, while reducing biomass capacity by 30,000 kilowatts [2] - As of June 30, 2025, the total installed capacity reached 43.1967 million kilowatts, comprising 31.3957 million kilowatts of wind power, 11.7949 million kilowatts of solar power, and 6,100 kilowatts from other renewable sources [2] - In August 2025, the company achieved a power generation of 5,273,319 MWh, a year-on-year increase of 15.53% excluding thermal power impacts, with wind power generation up by 7.42% and solar power generation up by 77.04% [2] - The company secured new renewable project development rights totaling 4.75 million kilowatts in the first half of 2025, including 2.98 million kilowatts of wind and 1.77 million kilowatts of solar [2] - The first batch of base projects, including Gansu Dunhuang and Guangxi Hengzhou, totaling 1.51 million kilowatts, have been completed on schedule [2] - The company maintains a long-term, stable, and sustainable dividend policy, with a proposed dividend payout ratio of 30% of net profit attributable to shareholders for 2024, and a mid-year dividend of 0.1 yuan per share for 2025 [2] - The average on-grid electricity price for wind power was 0.422 yuan/kWh, a decrease of 0.016 yuan/kWh year-on-year, while the solar power price remained stable at 0.273 yuan/kWh [2] - In the first half of 2025, the company completed green electricity transactions of 4.14 billion kWh, a year-on-year increase of 41.67%, and traded 4.232 million green certificates, up by 81.46% [2]

Core Insights - Shenzhen has launched the "Resident Green Certificate Easy Purchase" service, allowing residents to buy green electricity through a mobile app when paying their electricity bills [1] - Green electricity refers to renewable energy sources such as wind, solar, and hydroelectric power, which are injected into the grid via ultra-high voltage lines [1] - The green certificate, issued by the National Energy Administration, represents 1,000 kilowatt-hours of green electricity and provides traceability for the source and production details of the green energy [1] Industry Developments - The "Resident Green Certificate Easy Purchase" service is a collaboration between Southern Power Grid Shenzhen Electric Power Bureau and Guangzhou Electric Power Trading Center [1] - The initiative aims to lower the participation threshold for green electricity consumption, integrating carbon reduction actions into daily life and fostering a collective effort for carbon reduction across society [1] - This launch aligns with the guidelines issued by the National Development and Reform Commission and other departments to promote the high-quality development of the renewable energy green power certificate market [1]

Power Industry - As of the end of August, the cumulative installed power generation capacity in China reached 3.69 billion kilowatts, a year-on-year increase of 18.0% [2] - Solar power generation capacity reached 1.12 billion kilowatts, growing by 48.5% year-on-year, while wind power capacity reached 580 million kilowatts, increasing by 22.1% [2] - The average utilization hours of power generation equipment from January to August were 2,105 hours, a decrease of 223 hours compared to the same period last year [2] Energy Equipment Development - The "Guiding Opinions on Promoting High-Quality Development of Energy Equipment" was released, aiming for a self-controlled, high-end, intelligent, and green development of the energy equipment industry by 2030 [4] - The guidelines support the achievement of carbon peak and carbon neutrality goals, accelerating the new industrialization process [5] Renewable Energy Certificates - In August, 271 million green power certificates were issued, involving 306,500 renewable energy projects, with 152 million being tradable, accounting for 55.99% [8] - From January to August, a total of 1.878 billion green certificates were issued, with 1.277 billion being tradable [9] Hydropower - By the end of August, China's pumped storage power stations had a total installed capacity of 62.365 million kilowatts, achieving the "14th Five-Year Plan" target of 62 million kilowatts [6] - The continuous improvement in pumped storage capacity supports power supply and green transition [7] Carbon Market - As of the end of August, the national carbon emissions trading market recorded a cumulative transaction volume of nearly 700 million tons, with a transaction value of approximately 48 billion yuan [37] - The trading volume and value for 2024 have reached new highs since the market's launch in 2021, indicating significant progress in carbon market development [38] Energy Contracts - From January to August, China Power Construction Company signed 3,579 energy power projects with a total contract value of 516.24 billion yuan, a year-on-year increase of 14.3% [35] - Wind power contracts accounted for 811 projects worth 166.26 billion yuan, a significant increase of 61.27% year-on-year [35] Electric Vehicles - In August, the total import and export value of automotive goods was 25.81 billion USD, with exports increasing by 5.6% month-on-month and 13.2% year-on-year [43] - From January to August, 4.292 million vehicles were exported, a year-on-year increase of 13.7%, with new energy vehicle exports reaching 1.532 million, up 87.3% [43]

Core Insights - Xinjiang's electricity export reached a record 16.042 billion kWh in August, marking a 21% year-on-year increase, showcasing its role as a key energy base during peak summer supply periods [1] - The total installed capacity of Xinjiang's power grid reached 222 million kW by the end of August, with renewable energy capacity at 129 million kW, accounting for approximately 58% [1] - Renewable energy has become the main driver for electricity export growth, with 5.083 billion kWh of renewable energy exported in August, representing 31.69% of total exports and a year-on-year increase of 37.5% [1] Group 1 - The strong performance is supported by a robust power grid and innovative market mechanisms, with the completion of the 750 kV Kuqa-Aral-Bachu transmission line enhancing the grid structure [2] - Xinjiang's electricity export range has expanded from 7 to 22 provinces and regions, with green electricity and green certificate trading volumes reaching 2.34 billion kWh and 12.003 million certificates respectively, reflecting significant year-on-year growth [2] - The implementation of a "time-space complementarity" strategy allows for better matching of Xinjiang's abundant solar output with peak electricity demand in other regions [2] Group 2 - The company plans to further enhance the power grid structure and improve mechanisms for high-proportion renewable energy market entry, aiming to expand green electricity exports [3] - The focus will be on collaborative efforts across generation, grid, load, and storage to integrate more wind and solar energy into the national power network [3] - These initiatives are aligned with national goals for carbon neutrality and energy structure transformation [3]

Core Insights - The recent issuance of the "Opinions on Promoting Green and Low-Carbon Transition and Strengthening National Carbon Market Construction" marks a new phase in the development of China's carbon market, emphasizing its role as a crucial policy tool for addressing climate change and facilitating a comprehensive green transition in economic and social development [1][5]. Group 1: Carbon Market Development - The national carbon market has completed three compliance cycles, with a cumulative trading volume of 680 million tons and a transaction value of 47.41 billion RMB as of August 22, 2025, indicating a significant increase in market activity [1]. - The carbon market will expand to include the steel, cement, and aluminum industries starting in 2024, increasing the number of covered enterprises to approximately 3,600 and the annual carbon dioxide emissions covered to 800 million tons, which accounts for over 60% of the national total [2]. Group 2: Compliance and Emission Reduction - Power generation companies have shown a strong commitment to compliance, achieving a compliance rate of 99.98% in the third compliance cycle, reflecting a significant improvement in their awareness and management of carbon emissions [3][4]. - The carbon emissions per unit of electricity generated in the power sector have decreased by 12.1% from 2018 to 2024, demonstrating the effectiveness of the carbon market in promoting emission reductions [4]. Group 3: Transition in Carbon Allocation Mechanism - The shift from intensity-based control to total emissions control, along with the introduction of a mixed allocation method of free and paid carbon quotas, is expected to enhance the market's regulatory power and better reflect the actual costs of emissions for enterprises [5][6]. - This new allocation mechanism is anticipated to create a scarcity value for carbon quotas, encouraging companies to transition from passive compliance to proactive emission reduction strategies [7]. Group 4: Financial Mechanisms and Market Liquidity - The development of carbon finance is highlighted as a key mechanism for supporting green and low-carbon projects, with the potential to reduce economic risks for compliance enterprises and enhance the carbon price formation mechanism [11]. - The carbon market's turnover rate is projected to increase from 2.0% in 2023 to 3.5% in 2024, driven by policy adjustments such as the reduction of compliance cycles and the introduction of quota rollover mechanisms [12]. Group 5: Future Opportunities and Challenges - The tightening of quota benchmarks and rising carbon prices may increase compliance costs for power generation companies, leading to potential market imbalances and heightened financial risks [8]. - Companies are advised to adopt diversified carbon asset development strategies, including participation in green electricity and carbon credit projects, to mitigate risks and enhance long-term profitability [10].

9月28日消息，近日，中国电力企业联合会联合广州电力交易中心、北京电力交易中心、水电水利规划 设计总院、内蒙古电力交易中心共同发布2024年中国绿色电力（绿证）消费 TOP100 排行榜。南方五省 区共有23家企业上榜，南方电网公司、深圳能源集团、广东省能源集团等能源企业跻身前列。富士康、 TCL科技、腾讯、华为等企业绿电消费增速显著，互联网科技与高端制造企业成为南方区域绿色电力消 费的重要增长极。 榜单基于各交易平台2024年度绿色电力交易及绿证交易数据编制，全面反映了企业在绿色电力消费领域 的实践成果与积极贡献。榜单背后，是南方区域绿电绿证市场的爆发式增长。 "头部企业的示范效应正在加速显现，南方五省区2024年103家市场主体绿电绿证消费量超1亿千瓦时， 消费电量占比超过南方五省区绿电绿证消费总量的70%，消费主力已从传统能源、钢铁等重工业向大数 据、高端制造等多元领域延伸。"广州电力交易中心党委委员、总会计师王鑫根表示。2025年以来，南 方区域绿电绿证市场发展愈加繁荣旺盛，南方区域电力交易平台开展绿电绿证交易2417.7亿千瓦时，同 比增长401%，其中绿电交易电量317.7亿千瓦时，绿证交易电量超 ...

Core Viewpoint - China has announced a new round of Nationally Determined Contributions (NDC), aiming for non-fossil energy consumption to exceed 30% of total energy consumption by 2035, with wind and solar power installed capacity reaching over six times that of 2020, targeting 360 million kilowatts [2][4][8]. Group 1: NDC and Energy Transition Goals - The NDC is part of China's commitment under the Paris Agreement, with previous targets set in 2015 and 2020 focusing on carbon intensity and non-fossil energy share [3]. - The new NDC emphasizes the need for a new power system dominated by renewable energy, requiring coordinated development of energy sources, networks, loads, and storage [2][4][5]. Group 2: Energy Structure and Consumption - The transition to a green energy structure is accelerating, with non-fossil energy consumption expected to exceed the 20% target set for the 14th Five-Year Plan [4]. - Achieving the 30% target will involve a diversified approach to clean energy, including nuclear, hydropower, and biomass, alongside significant growth in renewable energy projects [6][7]. Group 3: Installed Capacity and Market Dynamics - The total installed capacity for wind and solar power has increased from 530 million kilowatts in 2020 to 1.68 billion kilowatts by July this year, with an annual growth rate of 28% [8][9]. - The ambitious target of 360 million kilowatts will require sustained high levels of new installations, supported by a robust supply chain and technological advancements [9][10]. Group 4: Technological and Policy Innovations - To support the integration of large-scale renewable energy, advancements in energy storage, grid flexibility, and smart grid technologies are essential [9][10]. - The development of a carbon market and electricity market synergy is crucial for enhancing the competitiveness of renewable energy [10].

Core Viewpoint - Shandong has established the first provincial-level green certificate trading service center in China, achieving a purchase intention of 7.18 million certificates on its first day, enhancing the visibility and value of green electricity [1][4]. Group 1: Green Certificate System - The green certificate system serves as an important mechanism for promoting renewable energy, having been implemented in over 20 countries for more than 20 years. China began trialing the system in 2017 and achieved full coverage in 2023 [3]. - A green certificate represents 1,000 kilowatt-hours of renewable energy and includes key information such as generation time, location, technology type, and a unique blockchain code for traceability [3]. Group 2: Market Dynamics - The trading of green certificates is essentially a transaction of the environmental attributes behind green electricity, which can enhance product competitiveness in international markets [4]. - From January to August this year, 464 million green certificates were traded nationwide, a year-on-year increase of 120%. The average price of green certificates has risen by 140% compared to the beginning of the year [4]. Group 3: Trading Mechanism - The "certificate-electricity separation" model introduced by Shandong's trading service center allows for independent trading of green certificates, overcoming previous limitations of physical electricity trading [5]. - This new model provides a convenient trading channel for local enterprises, allowing them to sell green certificates separately from electricity, thus creating an additional revenue stream [5]. Group 4: Regional Collaboration - The green certificate trading scope has expanded in the Yellow River basin, with nine provinces signing a memorandum to enhance cooperation in data sharing and market interconnectivity [7]. - As of August this year, 188 million green certificates were sold in the Yellow River basin, accounting for 41% of the national total [7]. Group 5: Future Outlook - The future of green certificate trading is being driven by strong policy constraints and international recognition, with mandatory consumption mechanisms being established for various high-energy industries [8]. - The international RE100 initiative has recognized Chinese green certificates, significantly increasing their value and encouraging foreign enterprises to purchase them [9].

Core Insights - The green certificate market in China has experienced significant growth in both volume and price in 2023, with a trading volume of 464 million certificates from January to August, representing a year-on-year increase of 120% [1] - The average trading price of green certificates has increased by 140% compared to the beginning of the year, indicating stronger momentum for high-quality development in the green certificate sector [1] - The legal and policy framework for green certificates in China has been established since 2017, supported by the Energy Law and a comprehensive policy system, enhancing the international recognition and influence of Chinese green certificates [1] Market Development - The promotional event held in Jinan is part of a series of activities aimed at expanding the application of green certificates and accelerating the construction of a green electricity consumption system [1] - The nine provinces along the Yellow River have actively promoted green certificate trading and green electricity consumption, leading to an expanding market coverage and steady growth in trading scale [1] - As of August 2025, a total of 188 million green certificates have been sold, accounting for 41% of the national total, while 121 million have been purchased, representing 26% of the national total [1]