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3月18日，国家发展改革委公布**《全额保障性收购可再生能源电量监管办法》 Below is a Chinese translation request for you to translate into English. Your response should be fluent, grammatically correct, and return only the results of the translation. (Hereinafter referred to as新《办法》**） ，将于4月1日起施行。

The new Measures are revised on the basis of the Measures for the Regulatory Full-scale Purchase of Renewable Energy by Grid Enterprises (the Measures) issued and implemented by the former National Energy Regulatory Commission on September 1, 2007, in conjunction with the actual conditions of new energy system construction and power market reform, under comprehensive consideration of China's macroenvironment for renewable energy development, industry situation and renewable energy power purchase methods.

The promulgation of the new measures has drawn widespread attention from the industry. The industry generally believes that this document will have a profound impact on renewable energy, especially the development of new energy, gradually promote the diversification of consumption entities, explore the formation of a multi-party sharing mechanism, and further highlight the role of the market in resource regulation and optimization allocation.

Here little e will explain them one by one for you.

*No revisions. The provided text is already correct and fluent in English. *What signal does this release? *Smashing the absorption rate shackles? *How to take the next step?

No revisions. The provided text is already correct and fluent in English.

Compared with the Regulatory Measures for Full Acquisition of Renewable Energy by Power Grid Enterprises, the key revised contents of the new version of the Measures are as follows:

First, the name of the "Measures" has been revised. 依照《可再生能源法》相关规定，将原《电网企业全额收购可再生能源电量监管办法》名称修改为《全额保障性收购可再生能源电量监管办法》。

Secondly, it specifies the terms of the acquisition. 《办法》第四条提出，可再生能源发电项目上网电量包括保障性收购电量和市场交易电量。保障性收购电量是指按照国家可再生能源消纳保障机制、比重目标等相关规定，应由电力市场相关成员承担收购义务的电量。市场交易电量是指通过市场化方式形成价格的电量，由售电企业和电力用户等共同承担收购责任。

The third is the refinement of the division of responsibilities of members of the electricity market. 《办法》从保障性收购、市场交易、临时调度三个方面细化电网企业、电力调度机构、电力交易机构等电力市场成员在全额保障性收购可再生能源电量方面的责任分工。

Fourth, the relevant expressions were unified. 将“国家电力监管委员会及其派出机构”统一修改为“国家能源局及其派出机构”。除以上四方面外，《办法》还修订了信息披露要求、争议处理流程和经济赔偿原则等配套机制相关内容。

What signal does this release?

The amendment to the new "Measures" no longer highlights the role of power grid enterprises in the full-amount acquisition of renewable energy power, but instead emphasizes that the power market-related members should jointly bear the amount of power that needs to be purchased.

As the development of energy and power enters a new stage, power consumption entities are gradually diversified. Feng Hao, director of the Strategy and Development Research Center of State Grid Zhejiang Economic Research Institute, said in an interview that the revision of the name of the "Measures" is to guide more entities to participate in the consumption of renewable energy.

As a state-owned enterprise and a public service enterprise, the power grid company has always kept the "country's major issues" in mind and taken the initiative to assume the responsibility of renewable energy consumption in supporting the high-quality development of energy and promoting the green and low-carbon transformation of energy. Taking Zhejiang as an example, by the end of 2023, the State Grid Corporation of China has always maintained the full consumption of renewable energy in Zhejiang, providing a guarantee for the development of renewable energy, especially new energy.

Nevertheless, full absorption of new energy is not without its boundaries. On June 1, 2016, the National Development and Reform Commission and the National Energy Administration jointly issued the "Notice on Strengthening the Full Guaranteed Acquisition and Management of Wind Power and Photovoltaic Power Generation," which, for the first time, introduced the idea of "minimum guaranteed utilization hours for key regions." While ensuring that the electricity generated within these hours will be fully acquired at the local "coal-fired power benchmark price," it also means that the electricity generated beyond the utilization hours will not be subject to mandatory guaranteed acquisition requirements.

This is because with the large development of renewable energy including new energy and the advancement of the marketization of the electricity sector, it has become unsustainable to have the grid enterprise bear the responsibility of renewable energy consumption alone. Market means should be fully utilized to promote renewable energy consumption in multiple ways and with multiple subjects. Based on this, more and more provinces are introducing “provincial guaranteed hours of sunshine” that are lower than the national guaranteed hours of sunshine, and some provinces have made it clear that 15% of the annual new energy power generation will participate in market trading.

The new Measures have provided a basis for promoting the high-quality development of renewable energy, advancing the construction of a new power system, and standardizing the behavior of relevant members of the electricity market to fully guarantee the purchase of renewable energy.

Smashing the absorption rate shackles?

In recent years, under the guidance of the new energy security strategy of "four revolutions and one cooperation", China has accelerated the green and low-carbon transformation of energy. The central government has successively proposed the construction of a new power system and a new energy system. Renewable energy, especially new energy, has obtained great development opportunities.

The 12th collective study of the Political Bureau of the CPC Central Committee pointed out that the way to meet challenges posed by huge demand pressure, supply constraints, and the arduous task of green and low-carbon transformation in energy development is to vigorously develop new energy sources.

Zhejiang previously put forward a "Double the Wind and Light" plan, and during the period of the "14th Five-Year Plan", the installed capacity of wind and light energy will double compared with the end of 2020. Each province has also put forward new energy development targets.

It should be noted that the new energy development goals proposed by various provinces are more of an encouragement and do not fully assess the potential impact of exceeding the goals. Feng Hao said, "In fact, many provinces have already achieved the growth targets that were originally set to be achieved in five years in the first two years of the 14th Five-Year Plan. As the investment cost of wind and solar power continues to decline, the growth rate of new energy installations has accelerated further, raising concerns about the industry's absorption rate."

According to data from the National Energy Administration, by the end of 2023, China's cumulative installed power generation capacity was approximately 2.92 billion kilowatts. Among them, hydropower, wind power, and solar power accounted for 50.4%, exceeding thermal power (47.6%). With the further increase in the proportion of renewable energy, especially new energy installed capacity, the consumption rate is like a shackle, affecting the development of the power industry, increasing the risk of power system operation, and further pushing up the cost of system operation.

Take Zhejiang Province as an example. During this year's Spring Festival, PV power generation was high, and at its peak, it accounted for more than 60% of the total social electricity load. This allowed coal power to participate in deep peak regulation and, for the first time, allowed nuclear power to participate in deep peak regulation, increasing the operating cost of the power system. In addition, the rapid growth of new energy installations has placed higher demands on the grid's carrying capacity and system regulation capabilities, affecting the safe operation of the power system and the quality of electricity in some areas.

In this development trend, it becomes very urgent to eliminate the constraints of new energy consumption rate and realize reasonable consumption of new energy.

How to take the next step?

The new measures have been introduced based on the sustainable development trend of renewable energy, especially new energy, and are intended to guide the sustainable development of new energy.

Here we offer some superficial insights to stimulate discussion, and welcome your comments at the end of the article.

To break through the fetters of the utilization rate of new energy and realize the high-quality development of new energy, we should continue to play the role of the policy guidance mechanism, reasonably address the interests of all parties in the industry, actively explore the mechanism that all parties undertake together on the basis of ensuring the stability of new energy prices and quantities, and give full play to the role of the market in resource regulation and optimization allocation, so as to reflect the supply and demand and value of new energy in the market.

Improving policy guidance mechanisms 保持政策延续性，针对不同时期投运的新能源电站，适应不同政策，保障企业发展合法权益，稳定新能源发展信心。要进一步完善相关政策机制，结合行业发展情况，及时给政策“打补丁”，既要保障合理的发展诉求，也要解决发展中出现的新问题。

The second is to form a diversified digestion subject. 随着分布式能源和用户侧需求响应技术的进步，电力市场主体呈现多元化。未来在新能源消纳上，要积极发挥源网荷储多方作用，通过电力市场主体与新兴技术融合拓展，发电、售电、用电等市场化角色的重塑，以及“虚拟电厂”“负荷聚集商”等市场主体的作用，形成多元消纳主体，拓宽消纳空间。

The third is to leverage the role of market regulation. 近年来，国内绿色电力市场化交易逐渐兴起。2023年浙江实现绿电交易成交电量82.13亿千瓦时，同比增长218.85%，为通过市场化手段促进可再生能源消纳积累了宝贵经验。因此，要逐步推动部分新能源电量参与现货市场，通过现货市场价格，反映新能源需求和价值，引导相关主体科学布局新能源电站，提升出力预测能力，按需配备储能；综合考虑省内现货市场价格水平、绿电交易情况和新能源综合盈利能力，鼓励新能源通过市场方式回收成本，推动可再生能源有序参与市场竞争。

Finally, boost the grid load-carrying capacity. 科学评估电网承载能力，推动可再生能源规划与电网发展规划相适应；加强电网建设，推动电网数字化、智能化建设，以增强电网优化配置资源能力；加快电网技术创新，推动储能等配套调节资源建设，着力解决新能源带来的电能质量问题，为新能源间歇性问题提供解决路径。

feeds

Rong Media Center Zhang Zhonghua

Dept. of Electrical Eng., Fang Le, Deng Hui

Institute for International Economic Studies, Liu Zhaoyu

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