Progress in Electricity Market Construction and Reform

The document outlines the progress in electricity market construction in China, starting with key policy documents like the 2015 reform opening and subsequent notices on market-oriented pricing for coal-fired and new energy generation. By 2024, national market-based trading electricity reached 6.18 trillion kWh, accounting for 62.7% of total consumption, with 33 provinces engaged in direct trading. The '1+6' basic rule system provides a framework including rules for medium and long-term trading, spot markets, and ancillary services. The spot market is being accelerated, with full coverage expected by end of 2025. The Notice No. 136 promotes full marketization of new energy on-grid prices to support high-quality development and dual carbon goals. Market entities include power generation enterprises, grid companies, electricity sales firms, users, and new-type participants, with trading types covering electric energy, ancillary services, and capacity.