The guiding opinions on accelerating the construction of a national unified power market system was issued. At present, there are still some problems in China’s power market, such as incomplete system, imperfect functions, inconsistent trading rules, and market barriers in cross provincial and cross regional transactions. In order to speed up the construction of a national unified power market system, realize the sharing, mutual assistance and optimal allocation of power resources on a larger scale, improve the stability and flexible regulation capacity of the power system, and promote the formation of a new power system with stronger new energy consumption capacity, recently, The national development and Reform Commission and the National Energy Administration issued the guiding opinions on accelerating the construction of a national unified power market system (hereinafter referred to as the opinions).
Establish and improve a multi-level unified power system. The national unified power market system is a multi-level unified power system, including national power market and provincial (District, city) / regional power market. The opinions pointed out that we should follow the law of market economy, better coordinate development and security, optimize the overall design of the power market, improve the multi-level unified power market system, unify trading rules and technical standards, break down market barriers, promote the construction of power market mechanism to adapt to the transformation of energy structure, and accelerate the formation of unified, open, orderly competition, safety and efficiency A well governed power market system.
Emphasize the coordinated operation of power market at all levels. The opinions emphasizes the need to guide the coordinated operation of power markets at all levels. In terms of specific work priorities, first of all, we should improve the multi-level unified power market system, including accelerating the construction of national power market, steadily promoting the construction of provincial (District, city) / regional power market, and orderly promoting the opening and cooperation between inter provincial and inter regional markets; Secondly, we should improve the function of the unified power market system; At the same time, we should improve the trading mechanism of the unified power market system.
Emphasize the construction of power market mechanism to adapt to the transformation of energy structure. The opinions pointed out that we should improve the system and mechanism, innovate the market model, promote the investment, production, trading and consumption of new energy, and give full play to the supporting role of the power market in the transformation of clean and low-carbon energy. We should build a market mechanism to adapt to the new power system, improve the adaptability of the power market to a high proportion of new energy, establish a cost recovery mechanism of power generation capacity according to local conditions, explore green power trading, and improve the market-oriented trading mechanism of distributed generation.
It is emphasized to improve the power price formation mechanism, and do a good job in the efficient connection between market-oriented transaction and dispatching operation. The opinions pointed out that it is necessary to reform and improve the market-oriented formation mechanism of coal and electricity prices, improve the electricity price transmission mechanism, unify and standardize the price rules of local power markets, and effectively balance power supply and demand. At the same time, on the premise of ensuring the safe operation of the power grid and reliable power supply, we will coordinate and optimize the operation of the power market and the dispatching operation of the power grid.
The construction of a national unified power market system will not only provide support for power supply guarantee, but also promote the optimal allocation of resources in a wider range. Promoting the participation of new energy in market transactions is conducive to the simultaneous rise of volume and price of new energy power generation. We maintain the investment rating of “optimistic” in the industry, continue to be optimistic about the three main investment lines of large hydropower, scenery operators and clean energy transformation, and suggest paying attention to power operators with good cash flow. Recommend Huaneng Lancang River Hydropower Inc(600025) , Sichuan Chuantou Energy Co.Ltd(600674) , China Yangtze Power Co.Ltd(600900) , Huaneng Power International Inc(600011) electric power, Datang new energy and other companies.
Risk tip: the implementation of carbon neutralization policy is not as expected; The reform of electricity marketization is less than expected; The consumption of new energy is less than expected;
