Electricity reform construction map release electricity price marketable period

Abstract The National Development and Reform Commission and the National Energy Administration released the “construction map” for power reform yesterday – the core supporting documents for power reform, including transmission and distribution price reform, power market construction, power trading institution formation and standard operation...
The National Development and Reform Commission and the National Energy Administration released the “construction map” for power reform yesterday – the core supporting documents for power reform, including transmission and distribution price reform, power market construction, power trading institution formation and standard operation, orderly development and power consumption plan, and electricity sales. The side reform, strengthen and standardize the supervision and management of coal-fired self-sufficient power plants and other six new supporting documents.

The main points of the reform include: separately verifying the transmission and distribution price; opening up the electricity sales business to the social capital, and cultivating the competition main body in the electricity-selling market; expanding the pilot scope of the transmission and distribution price reform; establishing the preferential power purchase and priority power generation system; exploring the establishment of a unified national Electricity futures, derivatives markets; government pricing in some areas to cancel sales of electricity prices and feed-in tariffs.

In view of the separate verification of transmission and distribution prices, the “Implementation Opinions on Promoting the Reform of Transmission and Distribution Price” clearly stipulates that according to the principle of “permitted cost plus reasonable income”, the grid enterprises are allowed to approve the total revenue and the voltage-level transmission and distribution price. At the same time, the pilot scope of the reform of transmission and distribution price has been further expanded. The new regulations for electricity reform indicate that Anhui, Hubei, Ningxia, Yunnan and Guizhou provinces (districts) will be included on the basis of the pilot reform of transmission and distribution price in Shenzhen and Inner Mongolia. The pilot scope of the reform of the transmission and distribution price in advance will be based on the principle of permitted cost plus reasonable income, and the total revenue and transmission and distribution price permitted by the grid enterprises will be verified.

At the same time, a relatively independent power trading institution will be established to establish a preferential power purchase and priority power generation system. Establish a relatively stable medium and long-term trading mechanism. Improve cross-provincial and cross-regional power trading mechanisms. The development of electricity consumption plans will be gradually implemented through market-oriented trading methods such as direct trading and electricity market. At the same time, a priority power purchase system will be established to guarantee the implementation of the preferential power purchase system. Establish a priority power generation system.

This round of power-sales resale of the power side led to the attention of all parties, but also regarded by the market as the biggest bonus for this round of electricity reform. The “Implementation Opinions on Promoting the Reform of the Sales Side” proposes to gradually liberalize the sales of electricity and encourage more and more market players to participate in the electricity sales market. The main body of electricity sales that participates in the competition may be the electricity sales company of the power grid enterprise; the social capital investment incremental distribution network, the electricity sales company with the right to operate the distribution network; the independent power sales company does not have the right to operate the distribution network, Undertake to maintain low power supply services. It is widely expected that the total revenue of the power-selling market will reach trillions and the net profit will reach 100 billion. According to Xu Wei, an analyst at Huatai Securities, the current price difference between power grid purchase and sales is around 0.2 yuan/kWh. According to the total social power consumption of 5.52 trillion kWh in 2014, a total of 1.1 trillion yuan of purchase and sales price will be redistributed. If the sales side has 10% of the proceeds, it can contribute more than 100 billion yuan of profit cake; if there is 20% of the profit, it can contribute about 220 billion yuan of profits.

Lu Hengjun, an analyst at Industrial Securities, believes that the core reform direction of the "new version of electricity reform" lies in the marketization of electricity prices, the opening of the main body of electricity sales, and the weakening of the power grid monopoly. The result of the electricity reform will inevitably lead to the redistribution of the interests of the power sales in the power grid. The market competitive position of the power-selling participants will be significantly enhanced. The thermal power companies with cost advantages and price advantages, as well as the regional small-grid listed companies will usher in development. opportunity.

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