Recently, the State Development and Reform Commission and the State Energy Administration issued the Notice on the Signing and Performance of Medium and Long-term Electric Power Contracts in 2026, giving relevant requirements for the signing of medium and long-term electric power contracts in 2026.
The document points out that the total amount of annual medium and long-term electricity contracts signed by coal-fired power generation enterprises in the provincial market should not be less than 70% of the actual electricity on the grid in the previous year, and should be signed through follow-up contracts. Guarantee that the proportion of electricity contracted in medium and long-term power contracts per month and above is not less than 80% of the expected market-oriented on-grid electricity. Under the condition of ensuring the balance of power and electricity, local governments can appropriately relax the requirement of annual medium and long-term contract signing ratio of coal-fired power generation enterprises with the increase of coal-fired capacity tariff standard, but in principle , it should not be less than 60%.
Clarify the requirements for the proportion of contracts signed on the power side. The proportion of annual medium and long-term contract signed electricity quantity on the user side of each region shall be determined by scientific and quantitative calculation, taking into account factors such as transmission/reception, annual medium and long-term contract signed proportion requirements of various types of local power sources, concentration of power generation, and new energy mechanism electricity quantity, so as to ensure the overall matching of supply and demand on both sides of power generation and consumption. At the same time, through the signing of follow-up contracts, the proportion of electricity contracted in medium and long-term contracts on the power side is guaranteed to be no less than 80% of the estimated electricity consumption.
Standardize cross-provincial and cross-regional contract signing. For trans-provincial and trans-regional power transmission arrangement with clear priority power generation scale plan, both parties shall strengthen coordination, sign annual medium and long-term power contracts in full, and define monthly plans and power transmission curves to form a stable inter-provincial power flow. The power transmission curve shall meet the relevant operating power requirements of supporting power sources and channels. Combining with the construction process of power market, on the basis of meeting the demand of power supply guarantee, we can explore and improve the contract performance mechanism of cross-provincial and cross-regional priority power generation scale plan. All localities should make clear the supporting new energy sources for trans-provincial and trans-regional transmission projects. We will encourage the implementation of cross-provincial and cross-regional priority power generation scale plans through green power trading. Establish and improve the trading mode of all power sources within the large base to participate in the electricity market as a whole.
The document proposes to improve the time-sharing and curvilinear contract signing mechanism. All localities should realize the medium and long-term time-sharing trading of electricity in the annual medium and long-term trading organization. Electricity spot market formal operation and long-term trial operation areas should effectively link up the medium and long-term market with the spot market, and the number of trading periods should not be less than 24; Other provinces should guide both suppliers and demanders to continuously optimize and refine the division of medium and long-term trading periods and clarify the decomposition and adjustment methods of medium and long-term contract curves according to the actual power operation, especially the change of net load curve (total load curve minus the output curve of uncontrollable power sources such as wind and solar power).
Optimize the medium and long-term price formation mechanism of electricity. All localities should do a good job in linking up the peak-valley time-of-use electricity price policy with the market transaction price, and in principle, directly participating in the market users will no longer implement the time-of-use electricity price stipulated by the government. Both parties to the medium and long-term contract are encouraged to sign a flexible price mechanism that changes with the market supply and demand and the cost of power generation. Local governments are not required to sign a fixed price compulsorily. According to the situation of power supply and demand and market structure, a certain proportion of electricity in the annual medium and long-term contract of coal-fired power is required to implement a flexible price reflecting real-time supply and demand. See below for
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