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Southern Energy Watch

micro-signal:energyobserver

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Eo reporters Huang Yanhua Chen Yifang

Editor Jiang Li

Audit Feng Jie

On March 15, 2024, the ninth anniversary of the issuance of "Several Opinions on Further Deepening the Reform of the Power System"(referred to as "No. 9 Document"). In the nine years since the launch of the new round of power system reform, the entire industry has been moving forward while exploring. "Southern Energy Observation"(hereinafter referred to as eo) interviewed Zhou Yang of the Policy Research Department of China Southern Power Grid Corporation, Zhang Chao, director of the Price Research Office of the State Grid Energy Research Institute, Xie Jingdong, professor at Shanghai Electric Power University, Guo Bowei, associate professor at the School of Applied Economics of Renmin University of China, and many other experts in the power field analyzed the current status of reform and looked forward to the direction of reform and development.

eo:How to view the current level of user participation in the electricity market and how to improve user participation?

Guo Bowei: At present, the vast majority of industrial and commercial users participate in the electricity market through electricity retailers or agents. Some provinces also allow residential users to choose peak and valley electricity prices. Compared with previous years, user engagement has improved to a certain extent. In the next step, restrictions on retail electricity prices for industrial and commercial users can be appropriately relaxed, and power sales companies can be allowed to innovate types of power contracts to maximize the release of price signals and make the market more efficient.

Zhou Yang: After nine years of reform, industrial and commercial users have entered the market, but they are still in a relatively preliminary stage. The slow pace of terminal electricity price reform is the main reason for the low degree of user participation in the market, which also restricts the new business model based on the electricity market., including the development of virtual power plants, vehicle-network interaction, user-side energy storage, etc. In the process of promoting the construction of new power systems, changes in the electricity consumption structure and a significant increase in the proportion of new energy installed capacity will aggravate the imbalance between development and utilization. There is an urgent need to further deepen the market-oriented reform of electricity prices, promote the diversion of power system operating costs to users, and stimulate More user-side business model innovation promotes the development of new business formats.

Zheng Zheng: 2021年《关于进一步深化燃煤发电上网电价市场化改革的通知》出台之后，燃煤发电电量全部进入市场，工商业目录电价也全面取消，市场价格向用户侧的传导壁垒逐步解除。但与此同时，有些关键因素仍制约着价格信号的形成与传导机制的有效性。

From the perspective of power generation, after the implementation of coal-fired capacity electricity prices, more attention should be paid to the exercise of market power of thermal power units. From the demand side, the degree of user participation in the market still needs to be improved. This aspect is related to the relatively low marketization awareness of market entities on the user side. Another more important reason is that the supporting mechanism for user participation in the market is not yet perfect, and its ability to withstand market price fluctuations is weak. Therefore, we need to innovate the mechanism design for user-side market entities to participate in the spot market, such as participating in the power market through virtual power plants and other means, to enhance the user's willingness to participate in the market.

** Zhang Chao:** The core of improving user participation is to give users enough "options". The key is to accelerate the construction of the retail market, with a more mature access system for power sales companies, more standardized supervision of power retail behavior, and more flexible retail electricity price packages. Choose to attract small and medium-sized industrial and commercial users to enter the retail market and gradually reduce the proportion of power grid agents purchasing power.

eo:New energy is gradually entering the power market. Under the goal of low-carbon transformation, must the power market design ensure the profitability of new energy?

Guo Bowei: New energy has green value, but an excessive proportion will lead to instability in the power system and increase the cost of electricity. This part of the cost should ultimately be borne by new energy companies. New energy received large amounts of subsidies from the state and society in the early stages of development. The ensuing scientific and technological progress has greatly reduced the cost of new energy kilowatt electricity, which is now lower than that of traditional thermal power generation. In the future, whether new energy sources can be profitable should depend on the market and whether new energy companies can effectively solve the safe and stable operation challenges faced by the power system caused by the increase in the proportion of renewable energy. Of course, mechanisms such as carbon markets and green certificates can help new energy sources gain certain comparative advantages, making it easier for them to compete with traditional thermal power units in the market, and helping the long-term development of new energy sources.

** Zhou Yang:** In the initial stage of new energy entering the market, there are some protective mechanism designs that are necessary and reasonable to allow new energy to gradually adapt, but this degree of protection should continue to decline.

Zhang Chao: 鼓励新能源发展是国家的大政方针，但新能源或迟或早都将是主体电源，因此，随着市场化推进，新能源发展也要从“保障消纳”向“高效配置”转变。是否盈利，应该是在不同地域、不同市场调节下的渐进式过程，但方向是放开由市场来决定。

eo:In the process of deepening reform, how to view the pace and degree of marketization of electricity prices?

Guo Bowei: There is a view in the field of political economy-when the economy goes up, the policy fault tolerance rate is high, and reforms tend to be more radical and thorough; when the economy goes down, the policy fault tolerance rate is low, and the government will favor more conservative policies. At present, the power industry is still subject to strict controls in most provinces, including controls on prices, mechanisms, rules, etc. Each province is still further exploring power market designs that suit their resource endowments and looks forward to the full roll-out of the spot market in the next few years.

Zhang Chao: 各类电源的电价基本都遵循了从“一厂一价”到标杆价、再到基准价/指导价，最后放开浮动的过程。市场化方向是确定的，但市场化的节奏和程度各不相同。从以往经验看，煤电都是价格改革的“领头者”；其他电源什么时候进市场，还与用户成熟度、燃料成本窗口期、地方政府的魄力等一系列因素相关，是一项复杂决策。加快价格市场化是当前的主流，但中国不同地区政府应该如何参与到市场监管中，具体采用怎样的市场机制，什么时候推进，具有差异性。

eo:The reform of electricity marketization involves all aspects. In addition to the construction of the electricity market, in what other aspects can the reform exert?

Zhou Yang: “四个革命、一个合作”能源安全新战略已经提出10年。近十年来，以市场化为基本方向的电力体制改革取得了重大进展。特别是近两三年来，伴随新型电力系统建设推进，电力市场化改革提速换挡，业界对电力市场发现价格、激励保供、引导电力中长期发展的作用形成了更多共识。接下来比较紧迫的是要解决好两个问题：

The first is to promote user-side participation, stimulate more user-side business model innovation, and promote the development of new business formats. The second is to establish a long-term mechanism for the market-oriented development of new energy. Recently, there has been a very lively discussion in the industry on canceling the new energy consumption red line. In the past ten years since the birth of the Renewable Energy Law, guaranteed consumption and financial subsidy policies have well supported the development and growth of the new energy industry, and China has become the world's leading new energy manufacturer and installation country. However, at this stage, we are also facing problems such as contradictions in new energy consumption and overcapacity. It is urgent to seize the window of rapid decline in new energy manufacturing costs in the past two years, optimize and adjust the new energy affordable consumption system, accelerate the entry of new energy into the market, and guide the investment and construction of new energy projects and the release of industrial chain production capacity through the market, and establish a market-oriented long-term mechanism to promote the development of new energy.

Xie Jingdong: 电力市场化改革包括电力市场建设与电力市场治理两个方面。电力市场建设是通过价格发现解决资源配置问题，提供的是工具手段。市场治理是通过治理手段提高能源电力与经济社会发展的契合度，提供的是目标要求。电力市场建设需要配套市场治理，才能促进能源电力更好地服务于经济社会发展。自9号文件印发以来，中国电力市场建设取得了长足发展，但在电力市场治理方面还基本上是空白。电力市场治理体系建设应当成为下阶段电力改革的重点方向。

Guo Bowei: On the one hand, with the increase in the proportion of renewable energy, the power system needs greater flexibility to cope with fluctuations in power supply and load. Reform efforts should be intensified in building flexible peak shaving capabilities, optimizing power dispatching mechanisms, developing energy storage technologies and demand-side responses. On the other hand, develop financial products and services related to the power market, such as power futures, options and other derivatives, to provide risk management tools for power market participants, and at the same time attract more capital to participate in the power market to support the healthy development of the power industry.

eo:**** Currently, the construction of China's electricity spot market is accelerating, and the construction of regional markets is starting. How should we view the reference role of China's electricity reform experience from countries with mature electricity markets at the current stage?

Zhang Chao: 当前全球电力市场都面临新能源大规模发展的现状，先发国家在相对完善的市场机制基础上思考新能源发展问题，中国需要同时应对新能源发展和市场建设问题。难度恐怕不是标准的“1+1=2”。其中最大的困难，其一是如何建立对市场的“信任”，相信市场能够很好地处理新能源发展的阶段性问题；其二是在市场过渡期，如何有效发挥政府作用，在必要的环节施以援手，并且程度大概率会不同于成熟市场国家，这也需要各方相信政府的智慧。

Zheng Zheng: 一方面，尽管成熟电力市场国家的电力改革经验为中国提供了参考，但各国电力改革的起点和目标存在差异，因此国外的市场模式无法简单照搬照抄。中国电力改革需要超越“路径依赖”，秉持“路径创新”的理念，结合国情和实际情况，有针对性地进行改革探索。

On the other hand, with the continuous introduction of new market entities, the proportion of new energy such as wind and scenery has increased, and a series of new problems have also emerged in the market. Some foreign markets have observed these new situations and begun to study them. We need to absorb and learn from the advanced experience of foreign markets. For example, in markets where the proportion of new energy such as wind and wind has increased and power generation or load fluctuations have increased, thermal power companies have a monopoly position in the reserve market and auxiliary service market. The operating parameters of traditional thermal power units, such as minimum stable power generation limits, minimum operating time, minimum downtime and ramp rate, will affect the stability of the power system to a greater extent. At this time, thermal power units may "misreport" their technical parameters, resulting in the exercise of market power across periods and markets. This problem has already appeared in the U.S. market.

Guo Bowei: On the one hand, mature power markets usually have relatively complete market-oriented mechanisms, including power trading, price formation, competition policies, etc. China should continue to learn from the experience of market-oriented operations in these countries, optimize its own electricity market structure and trading mechanism, and improve market efficiency. On the other hand, the regulatory and regulatory framework of mature markets provides important guarantees for maintaining fair market competition, ensuring supply security, and promoting the development of renewable energy. When China promotes power reform, it needs to further improve the regulatory system of the power market to ensure healthy and orderly development of the market.

(The above only represent the personal opinions of experts)