Some analysts pointed out that although the capacity electricity price mechanism has been implemented, coal and electricity companies cannot "lie down and win". At present, problems such as phased compensation, high mechanism thresholds, and difficulty in reducing coal consumption still plague coal power.

"In 2023, the coal and electricity industry will see a turning point, with overall operating performance turning losses, and new installed capacity will begin to stop falling and recover. However, this turning point is still preliminary and temporary, and coal power has not fundamentally escaped its predicament." Some analysts pointed out at a new power system salon hosted by the China Energy Research Association not long ago that although the capacity electricity price mechanism has been implemented, coal and electricity companies cannot "lie down and win." At present, problems such as phased compensation, high mechanism thresholds, and difficulty in reducing coal consumption still plague coal power. Faced with the requirements of ensuring energy supply and clean transformation, national policies, market mechanisms, and corporate entities need to work together to achieve sustainable development of coal and electricity.

To a certain extent, give enterprises "reassurance"

容量电价机制的引入，让煤电企业看到了从“减发减收”转向“旱涝保收”的希望。据国家发改委有关负责人介绍，在单一制电价体系下，煤电企业只有发电才能回收成本并获得回报。但随着新能源装机量和发电量的上升，煤电企业转变经营发展模式，机组在越来越多的时间内“备而不用”，通过单一电量电价难以完全回收成本，近年来出现行业预期不稳等现象，长此以往，可能影响电力系统安全运行，并导致新能源利用率下降。因此， Establishing a coal power capacity electricity price mechanism and recovering part or all of fixed costs through capacity electricity prices will help stabilize expectations in the coal power industry.。

中国电力企业联合会首席专家陈宗法认为，The introduction of the new mechanism has given "reassurance" to a certain extent to coal and electricity companies ，“煤电企业将逐步改变‘发多挣多’的观念，更好发挥对电力系统的容量价值、支撑价值、备用价值、调节价值。固定成本回收可以稳固煤电板块收益，减少电力市场竞争给煤电企业带来的影响，减轻当前煤电企业面临的压力。从长远来看，容量电价机制有利于提高煤电项目投资积极性，更好保障中国电力安全稳定供应。”他同时表示，伴随新机制的出台，煤电企业向灵活调节和兜底保障型电源转型的底气更足，能更好支撑新能源快速发展与高比例消纳。

但陈宗法同时指出：“It is not that with capacity electricity prices, coal and electricity companies can 'lie down and win' 。”2021年国家发改委就针对抽水蓄能推出了两部制电价与分时电价，成功改善盈利预期，引发一波“大干快上”热潮。而气电容量电价推出时间更长，作用却不明显，行业发展显得不温不火。他认为，这是由于机制发挥的作用受制于能源保供形势、碳中和进程、电价政策等多个因素。

Various problems still "constrain" coal power

Regarding the capacity electricity price compensation standard, according to the "Notice on Establishing a Capacity Electricity Price Mechanism" jointly issued by the National Development and Reform Commission and the National Energy Administration,(hereinafter referred to as the "Notice"), the fixed cost of coal-fired power units used to calculate capacity electricity prices is subject to a unified national standard, which is 330 yuan per kilowatt per year; the proportion of fixed costs recovered through capacity electricity prices is comprehensively taken into account the needs of local power systems and coal-fired power functions. Factors such as transformation situation determine that it will be about 30% in most places from 2024 to 2025, and it will be appropriately higher in some places with rapid transformation of coal-fired power functions, at about 50%. Starting from 2026, the proportion of fixed costs recovered through capacity electricity prices will be increased to no less than 50%.

"What is the specific capacity electricity price that is more appropriate? There is currently no authoritative statement. However, the annual standard of 330 yuan per kilowatt is significantly low, which has limited relief on the current operating pressure of coal-fired power companies." Huang Shaozhong, director of the Dual Carbon Industry Cooperation Branch of the China Energy Research Association, said that the "fixed cost ratio" means that compensation will be paid annually, with 30% from 2024 to 2025, or only 110 yuan per kilowatt. In addition, the "Notice" only clarifies that the compensation will reach 50% in 2026, but it is still unknown when it will reach 100%. At the same time, the capacity electricity price mechanism also sets a higher threshold. The "Notice" shows that the new mechanism does not apply to "coal-fired self-contained power plants, coal-fired power units that do not comply with national plans, and coal-fired power units that do not meet the national requirements for energy consumption, environmental protection and flexible adjustment capabilities." In addition, enterprises must face strict assessment and provide the maximum output declared according to the dispatch instructions, otherwise the capacity electricity bill will be deducted accordingly.

陈宗法也表示，未来煤电机组深度调峰、频繁启停、快速升降负荷将成常态，但经营亏损导致煤电机组缺乏资金投入与升级改造，被动偏离设计值运行，设备可靠性和经济性受到冲击，煤耗不降反升。“电煤长协政策退坡，增加了保供控价难度。预计2024年煤炭市场总体供需平衡，局部地区、个别时段仍有可能出现紧张局面，市场煤价呈现高位震荡格局。 2024-2025 In 2009, there are still uncertainties about whether coal and electricity will usher in a 'small spring'。”

Sustainable development requires the efforts of many parties

Chen Zongdao pointed out that in recent years, the development of coal power has shown the characteristics of "government fever, enterprises cold" and "power companies retreat, and coal companies advance"."Coal power companies have low willingness to invest, resulting in a decline in new coal power installed capacity, and lack of electricity to ensure supply. The urgent need to increase investment and expand new installed capacity has become the main contradiction in the current power industry." He said