On August 7, the Shandong Development and Reform Commission issued a circular on the issuance of the Implementation Plan for the Market-oriented Reform of New Energy Grid Tariff in Shandong Province. The plan shows that Shandong requires that
for the new energy projects in stock put into operation before June 1, 2025, after all the electricity is traded in the market, the mechanism price level shall be implemented according to the upper limit of the national policy. For incremental new energy projects that are uniformly defined as 0.2025 per kilowatt-hour and put into operation on June 1,
2025, the Provincial Development and Reform Commission, together with relevant units, shall define the scale and implementation period of the mechanism electricity quantity, and determine the level of the mechanism electricity price through price competition. When bidding is organized, the lower limit of the declared adequacy ratio and the upper and lower limits of bidding shall be set to guide new energy enterprises to compete fully and reduce the energy cost of the whole society; the selected projects shall be determined according to the declared price from low to high, and the mechanism electricity price shall be determined according to the highest quotation of the selected projects in principle. In principle, the
bidding work in 2025 will be organized in August, and the adequacy rate of bidding declaration will not be less than 125%. Since 2026, the bidding work will be organized in October of the previous year in principle, and the declaration adequacy rate will be appropriately optimized and adjusted according to the development of new energy. Locations must not configure 
to adapt to the high-quality development of new energy (1) Promote the formation of all new energy grid prices by the market. In principle, all the on-grid electricity of new energy projects (wind power and solar power, the same below) in the province will enter the electricity market, and the on-grid electricity price will be formed through market transactions. According to the construction of the power market and the development of the industry, other new energy sources such as biomass power generation should be promoted to participate in market transactions in a timely manner. The price of electricity on the grid and the trading mechanism of new energy electricity
participating in trans-provincial and trans-regional transactions shall be implemented in accordance with the relevant policies of the state on trans-provincial and trans-regional power transmission. After new energy participates in the market, it is not included in the statistics and assessment of new energy utilization rate due to factors such as quotation. For projects enjoying financial subsidies, the subsidy standard within the reasonable utilization hours of the whole life cycle shall be implemented in accordance with the original provisions.
(2) Establishing a price settlement mechanism for sustainable development of new energy. After the new energy project participates in the electricity market transaction, the price difference settlement mechanism shall be established synchronously outside the market. For the electricity included in the mechanism, if the average market transaction price is lower or higher than mechanism price, the power grid enterprise shall carry out the price difference settlement, and the price difference cost shall be included in the system operation cost, which shall be shared (or shared) by all users. New energy projects that have been incorporated into the mechanism may voluntarily apply for withdrawal within the implementation period. If the implementation of new energy projects expires or voluntarily withdraws within the time limit, they will no longer be included in the scope of the implementation of the mechanism. After the total electricity quantity of new energy projects in stock put into operation before June 1,
2025 is traded in the market, the mechanism price level will be implemented according to the upper limit of the national policy, which is uniformly defined as 0 per kilowatt hour.
(3) Establish a price competition mechanism for sustainable development of new energy. For incremental new energy projects put into operation on June 1, 2025, the Provincial Development and Reform Commission, together with relevant units, shall define the scale and implementation period of mechanism electricity, and determine the level of mechanism electricity price through price competition. When bidding is organized, the lower limit of the declared adequacy ratio and the upper and lower limits of bidding shall be set to guide new energy enterprises to compete fully and reduce the energy cost of the whole society; the selected projects shall be determined according to the declared price from low to high, and the mechanism electricity price shall be determined according to the highest quotation of the selected projects in principle. New energy projects shall voluntarily participate in the bidding work, and those participating in the bidding shall issue a performance guarantee in accordance with the regulations. Household distributed photovoltaic projects are supported to participate in bidding independently or by entrusted agents. At the present stage, the annual bidding of distributed " is organized in August in principle. The adequacy rate of bidding declaration is not less than 125%. Since 2026, the bidding work will be organized in October of the previous year in principle, and the declaration adequacy rate will be appropriately optimized and adjusted according to the development of new energy. All localities shall not take the allocation of energy storage as a precondition for the approval of new projects, grid connection and access to the Internet.
(4) Improve the trading mechanism of green electricity and green certificates. The amount of electricity included in the mechanism is guaranteed by the mechanism price, and the corresponding amount of electricity will no longer participate in the green electricity transaction, and the green certificate income will not be obtained repeatedly. To improve the green power trading policy, the market declaration and transaction price should specify the price of electric energy and the corresponding green power certificate price respectively. The green certificate income of the green electricity transaction quantity is determined according to the principle of taking the smaller of the green electricity contract quantity of the current month, the remaining on-grid electricity quantity deducted from the mechanism electricity quantity, and the electricity consumption of power users. Centralized bidding and rolling matching transactions are not organized separately in green power transactions in the province.
2. Establish and improve the market trading mechanism
adapted to the high-quality development of new energy (1) Improve the medium and long-term market trading and price mechanism . Promote the effective convergence of medium and long-term market prices with primary energy costs and spot market prices. Medium and long-term transactions are reasonably determined by both parties according to actual needs, such as the volume and price of medium and long-term contracts, settlement reference points and other information. The settlement reference point can be any node of the real-time market (or day-ahead market) or the unified settlement point. At the present stage, other forms of price difference settlement will no longer be carried out for the mechanism electricity quantity. The power grid enterprise can sign a medium and long-term contract for the mechanism electricity quantity with the new energy station on behalf of all users. The contract price is clearly defined as the reference settlement price of the contract, and the relevant electricity quantity is synchronously included in the contract proportion of the user side. The upper limit of declared electricity quantity for medium and long-term transactions shall be determined at the present stage according to the on-grid capacity after the corresponding capacity of the electricity quantity of the rated capacity deduction mechanism.
(Two) improve the spot market trading and price mechanism. New energy projects can be quoted to participate in spot trading, and can also accept the price formed by the market. The total electricity quantity in the spot market is settled according to the spot market price, and the medium and long-term contract electricity quantity is settled according to the difference between the medium and long-term contract price and the spot price of the medium and long-term settlement reference point. Support distributed new energy to participate in spot trading directly or through aggregation. In principle, the cost of new energy consumption is not higher than price of new energy on the grid. Relax the spot market price limit appropriately and adjust the upper limit of start-up cost of generating units in time.
New energy projects should fully participate in the day-ahead reliability unit combination and real-time market. New energy projects and users can voluntarily participate in the day-ahead market. When the day-ahead market is not carried out, the day-ahead pre-clearing results shall not be used as the basis for settlement (only disclosed to the business entity). Support the user-side quotation to participate in the day-ahead market. If the conditions are not met for the time being, the user-side is allowed to declare the purchase quantity independently according to the maximum power consumption range, and the deviation income recovery is not carried out.
(Three) improve the market transaction and price mechanism of ancillary services. Scientifically determine the market demand for ancillary services, adhere to pay-for-performance, rationally set up market rules such as paid ancillary service varieties and pricing of ancillary services, and promote the rational formation of ancillary service prices. On the basis of the current transactions of frequency modulation and climbing ancillary services, standby ancillary services transactions should be carried out in a timely manner. The reserve ancillary service market is jointly cleared with the climbing ancillary service market and the spot electric energy market. The cost of frequency modulation ancillary services shall be shared by the user's electricity consumption and the on-grid electricity not traded in the electricity market. We will improve the detailed rules for the implementation of grid-connected operation management of power plants in line with the entry of new energy into the market, strengthen the assessment of grid-connected operation management of new energy stations, and share the cost of assessment of the accuracy of new energy forecasting with all users.
(4) Optimizing the compensation mechanism of generation side capacity. According to the total demand of power load (including reserve capacity) of Shandong power grid, the effective capacity of various types of market-oriented units is compensated. The capacity compensation standard is determined according to the principle of recovering the long-term marginal unit fixed cost of the whole network, and the capacity supply and demand coefficient is set according to the total capacity demand and the total effective capacity of the system. The capacity tariff of the generating unit is determined by the product of the effective capacity that the unit can provide, the standard of capacity compensation tariff and the capacity supply and demand coefficient of the current year.
(Five) standardize the cost compensation mechanism of the electricity market. Define the principle of cost compensation for units that must be started due to system safety reasons, for their own reasons (such as heating needs, etc., according to the self-dispatching curve), and for non-necessary units. The cost compensation shall be settled on a daily and monthly basis, and shall be determined according to the difference between the sum of the start-up cost, no-load cost and marginal cost of electric energy of the unit on the day and the market income (no compensation shall be made when the difference is negative). The unit cost compensation fee shall be borne by the electricity consumption on the user side, the on-grid electricity quantity not participating in the electricity market transaction and the on-grid electricity quantity not executed according to the real-time clearing results.
3. Establish and improve the risk provention and control mechanism
to adapt to the high-quality development of new energy (1) Improve the information disclosure mechanism of the electricity market. Establish and improve the information disclosure system of "whole market, whole variety, whole cycle and whole subject" electricity market, covering medium and long-term, spot, ancillary services, retail and other markets, electric energy, green certificate trading and other trading varieties, year, quarter, month, week, day and other time dimensions. Power generation, power consumption, power sales, new business entities, power grid enterprises and market operators.
(Two) improve the price monitoring system of the electricity market. We will improve the multi-dimensional and multi-index price monitoring system covering power generation enterprises, power selling companies and power users. Strengthen the monitoring of price information such as medium and long-term, spot and ancillary service market related transactions, settlement subjects, scale of various costs, income and cost sharing of various subjects, and market price limits. When abnormal price fluctuations occur in the electricity market, early warning should be started in time, abnormal causes should be analyzed, and disposal plans should be studied to ensure the smooth and orderly progress of electricity price reform.
(3) Establishing a cost investigation system for generating units. According to the energy structure characteristics of Shandong power grid, the cost model, investigation system and accounting rules of all market-oriented units involving coal, gas and new energy are formulated. Carry out regular surveys on start-up costs, variable costs and fixed costs of different types of units. The cost level and fluctuation trend of start-up cost, no-load cost and marginal cost of electric energy of various types of units are classified and calculated, and the unit cost curve declaration mechanism is established to support the smooth operation of Shandong power market and the continuous optimization of electricity price mechanism.
(Four) improve the price supervision mechanism of electricity retail market. The electricity trading platform shall provide users with standardized retail package price comparison function based on the actual electricity consumption curve, and all kinds of retail packages shall be set with capped settlement price terms, which shall be chosen by users independently. The capped price of the retail package is calculated according to the time-sharing reference price of the retail market, the floating coefficient, the market operation cost sharing of the power selling company and other factors, and the time-sharing reference price of the retail market is calculated and released according to the natural month. The Provincial Development and Reform Commission timely announces the ranking according to the level of price difference between power selling companies, improves market transparency, and guarantees the right of retail users to know and choose.
4. Safeguard measures
The Provincial Development and Reform Commission, together with the Shandong Energy Regulatory Office and the Provincial Energy Bureau, is responsible for formulating supporting implementation rules in accordance with this implementation plan, defining the time node for the full amount of new energy to enter the market, and promoting the orderly development of various work. The State Grid Shandong Electric Power Company is responsible for setting up a bidding platform to cooperate with the bidding work of incremental new energy projects; adding the subject of "price difference settlement cost of new energy sustainable development price settlement mechanism" in the system operation cost, publishing the average market transaction price of different types of new energy projects on a monthly basis, and timely carrying out the settlement work of mechanism electricity charges; Optimize the way of purchasing electricity for residents, agriculture and other indemnificatory electricity agents. When there is still surplus or insufficient after the optimal power generation matches the indemnificatory electricity, give priority to the market-oriented way to trade the difference electricity. According to their work functions, all units should strengthen communication and exchanges with various market players, make full use of portals and collective discussions, organize and carry out policy publicity and interpretation work, actively answer policy issues of concern to market players, and form a consensus on reform.
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