event:
Recently, The National Energy Administration revised and issued the regulations on the administration of grid connected operation of electric power (Guo Neng FA Jian GUI [2021] No. 60) and the measures for the administration of electric auxiliary services (Guo Neng FA Jian GUI [2021] No. 61) (hereinafter referred to as the regulations and measures) ）。 This revision will help to release the regulatory resource potential of the power system and support the large-scale access of new energy. It is of great significance to form a new power system with coordinated development of source network, load and storage, safe, high-quality and economic operation.
comment:
1、 Policy background and development evolution
Electric energy is transmitted at the speed of light and is still difficult to store on a large scale, so the power supply and demand need to be kept in balance from time to time, which puts forward high requirements for the operation of power system. In order to reduce the operation risk of power system and improve the control level, it is necessary to manage the operation of various grid connected entities, and build an auxiliary service (other services to maintain the safe and stable operation of power system except normal power production, transmission and use) mechanism to support the safe and stable operation of power system.
Grid connected operation management and auxiliary service management are intuitively understood to deal with various "fluctuation" problems in the operation of power system. With the accelerated development of new energy, the source of "fluctuation" has changed, which has a profound impact on the balance mode in the operation of power system. Therefore, it is urgent to adjust the above management methods.
Previously, "fluctuation" mainly came from the user side, The operation of the power system adopts the "source follows the load" mode (i.e. by adjusting the power output, tracking the load change and meeting the requirements of time balance). Initially, the power plant and power grid were managed in an integrated manner, and the regulation mode was completed within the power enterprise. In 2002, the first round of power system reform implemented "plant network separation" Therefore, special regulations on the management of grid connected operation of power plants and Interim Measures for the management of auxiliary services have been formulated (2003 and 2006).
At present, new energy power generation at the power supply side brings more and more "fluctuations", and the "source follows the load" regulation mode must be changed to the "source network load storage" collaborative regulation mode. In addition to traditional generator sets, the resources involved in power system regulation are further expanded to more grid connected entities such as new energy storage and adjustable load. Therefore, the grid connection operation management and auxiliary service management mechanism are deeply revised.
2、 Major policy changes
The main changes in this policy adjustment are wider coverage, finer varieties, strengthened competition and reasonable revenue and expenditure.
Expand the main body of auxiliary services: from grid connected thermal and hydropower plants to various power plants, new energy storage and adjustable services; At the level, the grid connected entities managed by dispatching agencies above the provincial level are expanded to grid connected entities below the provincial level.
Standardize and expand the classification and varieties of auxiliary services: active power balance services include frequency modulation (primary frequency modulation and secondary frequency modulation), peak shaving, standby, moment of inertia, climbing, etc.; reactive power balance services (voltage control services) include automatic voltage control (AVC), phase modulation operation, etc.; accident emergency and recovery services include stable machine switching services, stable load switching services and black start services.
It is encouraged to provide paid auxiliary services in a market-oriented manner: it is divided into basic power auxiliary services (provided by grid connected entities without compensation) and paid power auxiliary services; paid power auxiliary services can be provided through fixed compensation or market-oriented methods; it is encouraged to determine grid connected entities undertaking power auxiliary services in a competitive manner.
Straighten out the compensation mode and allocation mechanism: conduct allocation to the user side and new energy power generation, and differentiate compensation / allocation according to the facts.
According to the principle of "who provides, who profits; who benefits, who bears".
Formulate differentiated compensation or allocation standards according to the types and performance of power auxiliary services provided, or the differentiated demand and use of different types of power auxiliary services.
The fixed compensation method determines the compensation intensity according to the principle of "compensation cost and reasonable income"; The formation mechanism of market-oriented compensation is the principle of forming price through market-oriented competition.
For power auxiliary services serving the overall operation of the power system, the compensation cost shall be shared by all grid connected entities such as power generation enterprises and market-oriented power users, and non market-oriented power users shall be gradually included in the scope of compensation cost sharing. In principle, for the power auxiliary services serving the grid connected entities at the specific generation side, the compensation cost shall be shared by the grid connected entities at the relevant generation side. For power auxiliary services serving specific power users, the compensation expenses shall be shared by relevant power users.
During the operation of the spot market, if the system peak shaving function has been fully realized through the electric energy market mechanism, the peak shaving auxiliary service varieties parallel to the spot market will not be set in principle.
Gradually establish the power auxiliary service sharing mechanism participated by power users, and formulate corresponding sharing standards according to local conditions according to the power consumption characteristics of different types of power users.
The supporting power supply units for cross provincial and cross regional power transmission shall be included in the management of power auxiliary services in accordance with these measures. In principle, they shall participate in power auxiliary services in the power grid at the transmitting or receiving end according to the dispatching relationship.
3、 Policy impact and investment opportunities
This policy adjustment focuses on the rational pricing of regulatory resources in the power system, releasing the potential of regulatory resources development and utilization, enabling good thermal power, user side power digitization (virtual power plants, etc.), electrochemical energy storage and pumped storage.
Good for thermal power. First, under the principle of "who provides, who benefits; who benefits, who bears", the auxiliary service cost shared by thermal power will decrease and the service income will increase. Previously, the auxiliary service was a zero sum game at the power supply end, that is, the unit that did not provide the service paid the fee to the unit that provided the service; At present, the cost of auxiliary services is gradually transferred to the user side and new energy generating units. Second, expand the scope of thermal power auxiliary services. New varieties of auxiliary services such as moment of inertia (mainly provided by synchronous units such as thermal power, hydropower and nuclear power) and stable shutdown service are added to auxiliary services. Combined with the current stock price, in addition to thermal power transformation new energy operators, pure thermal power operators also deserve attention.
It is beneficial to the digitalization of electric power on the user side (virtual power plant, etc.). First, it defines the market dominant position of the user side resources. Previously, it was difficult for the user side resources to access the power grid dispatching system, let alone participate in auxiliary services. Under the current policy requirements, the above barriers are expected to be broken quickly. Second, in addition to conventional frequency modulation, a new "stable load shedding service" is added , it expands the demand for user side flexibility resources and is expected to improve its service revenue.
Good electrochemical energy storage, but the market has expected. This policy defines the dominant position of energy storage in the market and adds auxiliary services such as climbing, which is conducive to giving full play to the advantages of rapid regulation of electrochemical energy storage. However, electrochemical energy storage has participated in the auxiliary service market in some provinces and achieved high returns. The market has expected its development.
Pumped storage is good, but the two-part electricity price mechanism introduced in April this year has reflected its auxiliary service value, and the impact of this policy is expected to be limited. Pumped storage is an important auxiliary service provider. However, according to the opinions on further improving the price formation mechanism of pumped storage (fgjg [2021] No. 633) issued in April this year According to the requirements of the document, a two-part electricity price mechanism has been set for the pumped storage unit, in which the capacity electricity price reflects the value of the pumped storage power station providing auxiliary services such as frequency modulation, voltage regulation, system standby and black start, and the electricity price reflects the value of the pumped storage power station providing peak shaving services. The adjustment of auxiliary service policy will hardly have a significant impact on the income of pumped storage power station in the short term.
The auxiliary service cost shared by new energy power generation will be expanded. Under the auxiliary service mechanism, there is downward pressure on the yield of new energy projects, but the environmental attribute premium can be sought through the green power market to improve the yield.
Risk factors:
1. The implementation of the policy was less than expected.
