Register

Improve the national unified electricity market! The State Council issued a heavy document!

2026-02-12 09:38:19

The State Council plans to build a unified national electricity market system, with the goal of basically completing it by 2030 and fully completing it by 2035, so as to realize the optimal allocation of power resources nationwide, the market-oriented pricing of multi-dimensional values, and the fair participation of all kinds of subjects.

On February 11, the General Office of the State Council issued the Opinions on the Implementation of Improving the National Unified Electricity Market System. The document clearly States that

by 2030, the national unified electricity market system will be basically established, and all types of power sources and power users except guaranteed users will directly participate in the electricity market. Market-oriented trading accounts for about 70% of the total electricity consumption of the whole society.

By 2035, a unified national electricity market system will be established in an all-round way, the market functions will be further matured and improved, and the proportion of electricity traded in the market will increase steadily. Inter-provincial, trans-regional and intra-provincial transactions are deeply integrated, and the multi-dimensional value of power energy, regulation, environment and capacity is fully reflected by the market; a unified national energy market system with electricity as the main body is initially formed. For the first time, the

document puts forward a new mode of " unified quotation and joint transaction " in the electricity market, explores the establishment of a capacity market, broadens the channels for private enterprises to participate, and other innovative measures. It will break the regional market barriers and realize the national circulation of power resources, and help the construction of a unified national market to advance in depth.

In addition to the guaranteed users, the new main body ( energy, regulation, environment and capacity . Opinions

of the General Office of the

State Council on the Implementation of Improving

the Unified National Electricity Market System No.

4 issued by the General Office of the State Council The people's governments of all provinces, autonomous regions and municipalities directly under the Central Government, All ministries and commissions of the State Council and all institutions directly under the State Council:

In order to further deepen the reform of the power system, accelerate the improvement and adaptation to the " I. General Requirements

Guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, In-depth implementation of the spirit of the 20th and 20th Plenary sessions of the CPC, complete, accurate and comprehensive implementation of the new development concept, in accordance with the requirements of building a unified national market, deepening the reform of the power system and building a new type of power system, adhere to the national unification and smooth circulation, strive to break market segmentation, break down regional barriers, and promote market efficiency. Promote the high-level dynamic balance of supply and demand in the power market as a whole, focus on expanding the scale, improving the structure and expanding the functions, improve the unified and open, orderly competition, safe and efficient, and perfect governance of the power market system, and on the basis of ensuring the safe and reliable operation of the power system, achieve smooth and orderly market operation, unified and efficient trading rules. Energy security, economic and social development and green low-carbon transformation provide strong support.

By 2030, a unified national electricity market system will be basically established, and all types of power sources and power users except guaranteed users will directly participate in the electricity market, with market-oriented trading accounting for about 70% of the total electricity consumption of the whole society. Inter-provincial, inter-regional and intra-provincial joint transactions will be realized, the spot market will be fully put into operation, the basic market rules and technical standards will be fully unified, the market-oriented electricity price mechanism will be basically sound, and a fair and unified market supervision system will be basically formed. By 2035, a unified national electricity market system will be established in an all-round way, the market functions will be further matured and improved, and the proportion of electricity traded in the market will increase steadily. With the organic integration of inter-provincial, inter-regional and intra-provincial transactions, the multi-dimensional values of power resources, such as energy, regulation, environment and capacity, are fully reflected by the market, and the optimal allocation and efficient utilization of power resources are fully realized throughout the country. A unified national energy market system with power as the main body and multi-energy coordination and mutual benefit has initially taken shape.

2. Promoting the optimal allocation

of power resources nationwide (1) Optimizing the realization path of the national unified power market system. Strengthen central-local linkage and government-enterprise coordination, promote cross-provincial, cross-regional and intra-provincial transaction convergence and integration under the framework of unified power market, further break down market barriers, and promote inter-provincial power mutual benefit and mutual protection. Promote the convergence of cross-provincial and cross-regional transactions and intra-provincial transactions in terms of participants, spatial scope, time division, organizational timing and deviation handling, and organically integrate the registration of subjects, transaction declaration, tra nsaction clearance and information disclosure, so as to gradually carry out cross-provincial and intra-provincial transactions from the main business entities to the provincial level. Transition to the joint trading mode in which the operators only need to put forward the demand of quantity and price at one time, and the electricity market can decompose and match the supply and demand nationwide. To study and explore the feasible ways of voluntary joint or integrated organization of electricity trading in neighboring provinces. We will further promote the interconnection of power trading platforms, the sharing and mutual recognition of trading information, and the "one-place registration and nationwide sharing" of power market operators. When conditions are ripe, we will study the establishment of a national power trading center.

(Two) improve the inter-provincial and inter-regional electricity trading system. Open up the market-oriented trading channels between the State Grid and the Southern Power Grid operating areas, unify the trading organization, promote information exchange, and realize the normal trading across the operating areas as soon as possible. Construct transmission channels and main grid structure with more sufficient capacity and more reasonable flow direction, and continuously increase the scale of inter-provincial and inter-regional transmission and the proportion of clean energy transmission. On the premise of ensuring safety, we should scientifically arrange cross-provincial and cross-regional priority power generation scale plans, rationally expand the scale of inter-provincial autonomous market-oriented power transmission, and strengthen multi-channel centralized optimization. Integrate the construction and operation of the southern regional power market, improve the Yangtze River Delta power mutual aid, and explore the regional synchronous grid power mutual aid transaction under the framework of inter-provincial transactions.

3. Improve the functions

of the electricity market (3) Build a spot market with better price discovery and supply and demand regulation in an all-round way. Give full play to the important role of spot market in discovering real-time prices and accurately reflecting supply and demand, and better guide the optimal allocation of power resources. Promote the spot market to basically achieve formal operation by 2027. Promote all kinds of business entities on both sides to participate in the electricity market. On the premise of clearly implementing the responsibility of all parties to guarantee power supply, we should steadily promote users to participate in inter-provincial spot transactions. Strengthen the connection between spot market and other markets in terms of transaction timing, price and settlement, better guide operators to optimize power generation and consumption behavior through time-sharing price signals, and stimulate the potential of flexible regulation of power system.

(Four) continue to improve the medium and long term market to ensure the safe and stable supply of electricity. Better play the basic role of the medium and long-term market in stabilizing the order of power production and supply and ensuring the smooth operation of the market, and consolidate the basic market of power supply. We will implement incentive and restraint measures for the signing and performance of medium- and long-term contracts, achieve long-term stable allocation of power resources, and enhance risk response capabilities. Promote the refinement and standardization of the medium and long-term market, achieve continuous opening and uninterrupted trading, improve the frequency and flexibility of transactions, covering different cycles such as annual (multi-year), monthly and monthly (multi-day). Establish and improve a standardized, flexible and efficient system for the adjustment and transfer of medium- and long-term contracts. We will promote the full implementation of the inter-provincial and inter-regional priority power generation scale plan through annual medium and long-term contracts. To strengthen the effective connection between the medium and long-term market and the spot market in terms of trading hours and market price limits, the proportion of medium and long-term contract signing and performance of business entities participating in spot market transactions must meet the requirements of national energy security and supply.

(Five) speed up the construction of ancillary services market to support the flexible regulation of the power system. We will standardize the development of the FM auxiliary service market, speed up the establishment of the reserve auxiliary service market, and explore new auxiliary service varieties such as climbing according to local conditions. Speed up the realization of joint clearance of frequency modulation, reserve ancillary services market and spot market. In areas where the spot market operates continuously, the cost of ancillary services is effectively conducted in accordance with the principle of "who benefits, who bears".

(Six) improve the green power market to better realize environmental value. We will improve the national unified green certificate market and further play the role of green certificate as the basic certificate for the identification of renewable energy power production, consumption and environmental attributes. We will expand the scale of green electricity consumption and accelerate the establishment of a green certificate consumption system that combines compulsory consumption with voluntary consumption. We should strengthen the monitoring of green certificate prices and guide the operation of green certificate prices at a reasonable level. Promote the signing of medium and long-term purchase agreements for green certificates between the issuing and using sides. We will encourage the implementation of the inter-provincial new energy priority power generation scale plan in the form of green power trading, and promote a variety of green power trading modes, such as multi-year trading contracts and aggregate trading. To study the participation of agricultural and forestry biomass power generation projects in the national greenhouse gas voluntary emission reduction trading market. We will accelerate the establishment of a certification mechanism for green power consumption, introduce blockchain and other technologies in an all-round way, and carry out full-chain certification for green power production and consumption. Continuously strengthen the traceability of green power consumption, and study the feasible path of incorporating green certificates into carbon emission accounting. We will improve the green power standard system, strengthen international communication and dialogue in the application and accounting of green certificates, and promote the transformation of China's green power consumption standards into international standards.

(7) Establish a reliable capacity market to support the construction of regulated power supply. We will further improve coal-fired power, pumped storage and

(Eight) create a standardized, orderly, convenient and efficient retail market. Smooth wholesale-retail price transmission, on the premise of protecting the reasonable rights and interests of end users, through time-sharing price signals to guide demand-side resources to actively participate in system regulation. To formulate rules for retail market transactions, strengthen the supervision, information disclosure and risk control of the whole process of the retail market, and foster a healthy market ecology. Strengthen the standardized management of power selling companies, revise the management measures of power selling companies, and guide the transformation and upgrading of power selling companies to integrated energy service providers.

4. Promoting the equal and extensive participation of all kinds of business entities in the electricity market

(9) Further promoting the participation of power generation side business entities in the electricity market. We will implement the price settlement mechanism for sustainable development of new energy and encourage new energy enterprises to conduct multi-year transactions with users. Promote the overall participation of all types of power sources in the power market of the "Shagehuang" new energy base, and strengthen the overall planning of cross-provincial, cross-regional and provincial consumption. Promote distributed generation to bear the cost of system regulation fairly, and support distributed new energy to participate in the market in the mode of aggregate trading and direct trading. Further optimize the operation mode of coal-fired power units, reasonably determine the start-up mode and peak shaving depth of units, all on-grid electricity will participate in the electricity market, and obtain benefits through a variety of transaction types to cover construction and operation costs. On the basis of ensuring energy security, we will promote the entry of gas, hydropower, nuclear power and other power sources into the power market in a rhythmic manner. Explore the establishment of a system that reflects the low-carbon value of nuclear power, and encourage coal-fired power units to reduce the amount of electricity traded during the warning period of heavy pollution weather.

(10) Expanding the scope of participation of user-side operators in the electricity market. We will improve the settlement and assessment system for the deviation of power purchasing agents, gradually reduce the scale of power grid purchasing agents, and promote the direct participation of users of 10 kilovolts and above in the power market. We will intensify the development and utilization of demand-side resources and encourage and support demand-side resources to participate in the electricity market according to their endowments.

(11) Promote the participation of new business entities in the electricity market in an orderly manner. On the premise of ensuring safety, we should adhere to the principle of inclusiveness and prudence, promote the flexible participation of new business entities such as virtual power plants, smart micro-grids and adjustable loads in the power market, and accelerate the formulation and revision of standards for operation monitoring, grid-connected operation, two-way measurement and information exchange of new business entities. Promote new business entities to fairly bear transmission and distribution costs, system regulation responsibilities and social responsibilities, pay government funds and additional fees according to regulations, and guide new business entities to invest rationally, operate regularly and develop healthily.

5. Constructing a unified national electricity market system

(12) Unifying the rules of the electricity market. We will continue to improve the basic rules system of the electricity market, which is based on the basic rules of the operation of the electricity market and supported by the rules of all aspects of various transactions, and strengthen the overall coordination among the rules. Local governments should be guided to formulate implementation rules according to local conditions, and strengthen the docking and unification of local rules and national rules. Standardize the operation procedures of drafting, revising, deliberating and issuing the rules of the electricity market, and establish a regular revision system.

(Thirteen) improve the governance system of the electricity market. We will improve the governance system of the power market, including the planning and design of the competent government departments, the independent supervision of the power regulatory agencies, the consultation and self-discipline of the power market coordination organizations, and the service monitoring of the power market operation agencies, so as to comprehensively improve the governance level. Strengthen multi-sectoral coordination of the whole process of supervision, and promote the organic convergence of market supervision, industry supervision and state-owned assets supervision. To rectify improper local interference in electricity market transactions, efforts should be made to eliminate local protection and market segmentation. Comprehensive use of digital and other regulatory means to rectify price collusion, abuse of market power and other acts that disrupt the order of the electricity market. Power market access conditions shall not be set in violation of regulations outside the negative list of market access.

(Fourteen) improve the electricity price formation mechanism. Improve the formation mechanism of electricity price mainly determined by the relationship between supply and demand, and promote the market price to reflect the multi-dimensional value of power resources. Establish and improve a unified national electricity fee settlement policy and market price risk provention and control system. To further standardize the management of local electricity prices, all localities shall not introduce preferential electricity price policies in violation of laws and regulations. Strengthen the price supervision of natural monopoly links, improve the transmission and distribution price system of regional and provincial power grids, standardize the transmission price of trans-provincial and trans-regional special projects, and explore the implementation of two-part tariff or single capacity tariff when conditions are ripe.

(Fifteen) unify the technical standards of the electricity market. Unify the key technical framework, core data model, information disclosure subjects, information exchange standards and management system norms of the electricity market, and promote the interconnection and interoperability of the electricity market infrastructure. We will continue to improve the basic standards of the electricity market and the standards of general, access, business, operation and evaluation, and standardize the access of business entities, market information disclosure, transaction settlement and data model formulation.

(Sixteen) establish a unified national power market credit system. To formulate a unified catalogue of credit information, evaluation criteria and list of application measures for the electricity market, and to promote the unified collection and sharing of credit information and system interconnection. Under the guidance of relevant departments, power trading institutions, industry associations and third-party credit service institutions are encouraged to carry out credit evaluation for power generation enterprises, power selling enterprises, power users and new business entities in accordance with unified evaluation standards, so as to jointly create an honest and trustworthy power market environment.

6. Strengthen policy coordination

(17) Strengthen the coordination between power planning and power market. Promote the power planning system to adapt to the market environment, fully consider the balance of power supply and demand when formulating and adjusting the planning, and effectively guide the coordinated development of power planning, especially the layout of renewable energy projects and power grid planning. Local electric power planning shall be formulated in accordance with the national electric power planning.

(18) Strengthen the construction of emergency response and risk provention and control system. Establish a power market emergency response system, determine the power trading organization scheme, adjustment and settlement methods of existing transactions when emergencies occur in the power system and abnormal situations occur in the power market, and clarify the applicable circumstances, scope and methods of the power market operation agencies authorized by the competent government departments and power regulatory agencies to intervene in the market when necessary. In view of accidents and disasters, severe disturbance of power balance, and price disruption by business entities, we should improve risk monitoring, early warning and control processes, and formulate emergency measures such as power generation transfer and load control.

(19) Establishing a power market evaluation system. To formulate quantitative indicators and evaluation methods for power market evaluation, encourage third-party independent institutions and power trading institutions to participate in power market evaluation, publish the construction and operation of power markets in different regions, strengthen the horizontal comparison of power markets in different regions and the vertical analysis of the progress over the years, do a good job in experience exchange, and continuously improve the national unified power market system according to the evaluation results.

7. Strengthen organizational leadership

under the centralized and unified leadership of the Party Central Committee, strengthen coordination and cooperation, and firmly promote the construction of a unified national power market system. The National Development and Reform Commission and the National Energy Administration shall, in conjunction with relevant parties, strengthen overall coordination, improve supporting policies, urge and guide the dispatched regulatory agencies, local authorities, power market operators and relevant power enterprises to actively participate in the construction and operation of the power market, and promote the effectiveness of various policies and measures. Major matters shall be reported in a timely manner according to the procedures. General Office

of

the State Council February 8

, 2026 (this document is publicly released)