Recently, the National Development and Reform Commission and the State Energy Administration jointly issued the Basic Rules for the Spot Electricity Market (Trial Implementation) (hereinafter referred to as the Basic Rules). What arrangements have been made in the Basic Rules to regulate the construction and operation of the electricity spot market?
Q: What is the background of the Basic Rules? In 2022, the Guiding Opinions on Accelerating the Construction of a Unified National Electricity Market System proposed to speed up the construction of a multi-level unified electricity market system. In 2022, the Central Committee of the Communist Party of China and the State Council's Opinions on Accelerating the Construction of a Unified National Market put forward the construction of a unified national energy market. At present, China's multi-level unified electricity market system has begun to take shape: trading varieties cover medium and long-term, spot and ancillary services of electricity; trading scope has covered inter-provincial and intra-provincial; business entities have expanded to new entities such as virtual power plants and independent energy storage; Trading institutions have achieved relatively independent and standardized operation, the mechanism of market-determined electricity prices has initially taken shape, and the decisive role of the market in the optimal allocation of resources has gradually emerged. As a "wind vane" reflecting the situation of power supply and demand, the trial operation cycle of spot
electricity market has been lengthened, the main business entities have been gradually diversified, and the guiding role of market price in optimizing power generation and consumption behavior has been constantly emerging. Shanxi, Gansu, Shandong, Mengxi and Guangdong have entered the trial operation of uninterrupted settlement. The operation of electricity spot market has achieved the following important results: First, it has effectively improved the efficiency of resource allocation, promoted the transformation of power production organization from traditional planning mode to market mode, directly applied the results of spot market clearing to power grid dispatching operation, and promoted the deep integration of market operation and system operation; The second is to effectively enhance the security and supply capacity during the period of tight power supply and demand. The time-sharing price signal in the spot market effectively reflects the supply and demand situation, and guides the peak power generation of thermal power enterprises and the reduction of power demand by power users through the short-term high price signal in the spot market; The third is to effectively encourage flexible regulation of resources to participate in system regulation to help new energy consumption. During the period of new energy development, the spot market price signal will guide thermal power enterprises to reduce output and power users to increase electricity demand, so as to expand the space for new energy consumption.
Generally speaking, the spot pilot areas of long-term settlement trial operation have carried out practical exploration with different characteristics, which has accumulated valuable experience for the follow-up market construction. In order to further consolidate the achievements of market construction, deepen the consensus of market construction, and promote the steady and orderly realization of full coverage of the electricity spot market, the National Development and Reform Commission and the National Energy Administration have formulated the Basic Rules to further standardize and guide the areas that have realized the continuous operation of the electricity spot market and achieve healthy and sustainable development; It provides experience for the exploration of electricity spot market construction in areas where electricity spot market operation has not yet been carried out, and reduces the cost of trial and error.
Ask: What is the significance of the promulgation of the Basic Rules?
The first is to guide and standardize the construction of electricity spot market and build a unified national electricity market system. Through a comprehensive summary of the successful experience of the pilot construction of spot electricity, the consensus on the construction of spot electricity market will be further condensed, and the construction of spot electricity market will be guided according to local conditions. Guided by the Basic Rules, we should optimize the procedures for promoting the spot market of electric power, standardize the compilation of the rules for the spot market of electric power, and integrate the design of the rules system from the aspects of market access and exit, transaction varieties, transaction timing, transaction execution and settlement, and transaction technical standards. Actively promote the convergence of electricity markets, accelerate the construction of a unified national electricity market system, and promote the optimal allocation of resources in a wider range.
The second is to enhance the ability of power supply security and support national energy security. In the long run, market-oriented reform is an effective means to ensure energy security, and the construction of electricity spot market, as one of the core measures of market-oriented reform, plays an important role in ensuring the security of power supply. Relying on time-sharing price signals to dynamically reflect the market supply and demand situation and the trend of primary energy price changes, and through short-term peak price signals to effectively encourage thermal power and gas-fired units to generate electricity at peak, power users to shift peak and fill valley, significantly improve the power supply capacity, and support high-quality economic and social development.
The three is to build a power market system suitable for the development of new energy and help build a new power system. Establish a market mechanism adapted to the characteristics of new energy sources, give full play to the role of time-sharing price signals in the spot electricity market, encourage thermal power units to enhance operational flexibility, promote the interaction between source, network, load and storage, and fully release the overall regulation capacity of the system. Promote the participation of new energy in electricity market transactions in an orderly manner, promote the priority consumption of new energy with lower variable costs in a market way, and realize the optimal allocation and coordinated consumption of new energy in a wider range.
Fourth, we should effectively stimulate market vitality and explore new models and mechanisms for new subjects to participate in the electricity market. To meet the development needs of new entities such as energy storage and virtual power plants, and to continuously optimize the market mechanism, new entities such as independent energy storage and virtual power plants have been able to participate in the spot market declaration independently, and participate in the flexible adjustment of the system according to the time-sharing price signals of the spot market. In the future, with the further establishment and improvement of the market mechanism, the time-sharing price signal of the spot market can better encourage new subjects to give full play to their flexible regulation ability, guide users to use electricity flexibly, effectively improve the stability and flexibility of the power system, realize the flexible interaction between the source, network, load and storage links, and provide mechanism guarantee for the construction of the new power system.
Ask: What is the scope of application and main content of the Basic Rules? It is applicable to the provincial (regional, municipal)/regional spot market that adopts the centralized market mode, and the connection between the provincial (regional, municipal)/regional spot market and the relevant market.
The Basic Rules include 129 articles in 13 chapters and an annex to the explanation of terms, which mainly include four aspects.
The first is to clarify the path of electricity spot market construction. The Basic Rules clearly focus on promoting the construction of inter-provincial, provincial (regional, municipal)/regional markets in the near future, starting with "unified market and coordinated operation", strengthening the convergence of medium and long-term, spot and ancillary services transactions, smoothing the price transmission of wholesale and retail markets, and promoting the equal participation of new energy, new subjects and all kinds of users in electricity transactions. The construction of medium and long-term spot market should adapt to the operation requirements of new power system, realize flexible interaction and efficient connection between source, network, load and storage, form a market environment of equal competition and independent choice, gradually promote the integration of inter-provincial, provincial (regional, municipal)/regional markets, and promote the establishment of a unified national power market system.
The second is to standardize the design of electricity spot market mechanism. Expand the scope of market access, bring new entities such as virtual power plants into market transactions; standardize the market price limit mechanism, clarify the principles for determining and modifying price limits; promote market convergence, put forward the principled requirements for the convergence of spot, medium and long-term, and ancillary services transactions; refine market settlement management, and clarify the settlement process and settlement methods.
The three is to clarify the operation requirements of the electricity spot market. It is clear that the electricity spot market should carry out simulation trial operation, settlement trial operation and formal operation in order, and standardize the work contents and related requirements of each stage from the aspects of rule system, information disclosure, technical support system, personnel training, measurement management and market intervention, so as to ensure the smooth and orderly progress of the construction of the electricity spot market.
The four is to standardize the terminology related to the electricity spot market. Through the explanation of terms, some terms related to the spot market of electricity have been unified and standardized, which effectively solves the phenomenon of one word with multiple meanings or one word with multiple meanings and unclear meanings in professional terms, such as the wholesale mar ket of electric energy, which is now unified and defined as the wholesale market of electric energy. Specifically, it includes medium and long-term electric energy trading and spot electric energy trading.
Ask: What are the main system designs of the Basic Rules?
Firstly, in view of the problems that the construction path of the national unified electricity market system needs to be further clarified and the construction and operation process of the electricity spot market needs to be further standardized, the short-term and long-term key tasks of the electricity spot market are defined in the Basic Rules. From the aspects of market rule release, technical support system construction, business entity training and rule publicity, market operation analysis, market risk provention and control and so on, the starting conditions and work contents of different stages of simulation trial operation, settlement trial operation and formal operation of electricity spot market are clarified.
Secondly, in view of the need to promote the integration of the electricity market, especially to strengthen the overall connection between spot electricity transactions and related transactions and mechanisms, a chapter on market connection mechanism has been set up in the Basic Rules, which puts forward the principled requirements for all parties to reach consensus on the connection between spot and medium and long-term, ancillary services, agency power purchase and capacity compensation. For example, medium and long-term transactions should agree on key elements such as time-sharing electricity, time-sharing price and settlement reference point, promote joint clearance of frequency modulation, reserve ancillary services and spot market, and explore the establishment of market-oriented capacity compensation mechanism.
Thirdly, in view of the risk prevention of market operation, a chapter on risk provention and control is set up in the Basic Rules, which puts forward the provention and control and disposal mechanism for the classification of market risk, and clarifies the responsibilities of the dispatched agencies of the State Energy Administration, the relevant departments of provinces (districts and municipalities) and the market operation agencies in the market risk provention and control. The principle of risk provention and control is put forward that market risk monitoring should be based on pre-event and in-event, and market risk disposal should be based on in-event and post-event.
Ask: How to promote the effective implementation of the Basic Rules in the next step? On the one hand, we should guide the regions that have entered the trial operation of long-term settlement to further revise and improve the rules system in accordance with the Basic Rules, and on the basis of continuing the trial operation of long-term settlement in the spot market, we should carry out innovative exploration in the aspects of new energy and new subjects participating in the market, and strengthening the coordination between wholesale market and retail market. On the other hand, we should steadily and orderly expand the scope of the spot market, guide other regions to carry out the compilation of the rules system of the spot market and the construction and operation of the market in accordance with the Basic Rules, speed up the improvement of the key mechanism design of the market, and start the trial operation of the spot market as soon as possible.
At the same time, the State Development and Reform Commission and the State Energy Administration will pay close attention to the construction and operation of the electricity spot market and the implementation of the Basic Rules, timely summarize and evaluate, dynamically revise the Basic Rules according to the new situation and requirements, constantly improve the relevant policy system of the electricity spot market, and strengthen the coordination of various markets. Speed up the construction of a unified national electricity market system.
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