20230919-川财证券-储能行业动态点评_电力现货市场规则促进行业有序发展_3页_204kb

Key Event: The National Development and Reform Commission (NDRC) and National Energy Administration (NEA) released the "Power Spot Market Basic Rules (Trial)", which promotes power system flexibility and supports renewable energy integration.

Main Insights:

• Expands market participants to include energy storage and virtual power plants, creating clearer profit opportunities through participation in power trading and ancillary services.
• Enhances power spot market maturity by increasing transaction frequency and shortening cycles, facilitating accurate valuation of energy storage in peak shaving services.
• Standardizes metering with specific requirements for data acquisition and storage, boosting demand for intelligent meters.

Implications for Storage Industry: The rules clarify dual revenue streams (spot market trading and ancillary services), encouraging greater investment in energy storage infrastructure and driving industry growth.

Additional Effects: Promotes inter-regional power transactions, improving renewable energy consumption and standardizing measurement, which benefits smart meter suppliers.

Stock Recommendations: South Grid Technology, Oster Electronic, Samsung Medical are suggested as potential investments.

Risk Assessment: Uncertainties exist, including slow power system transitions, potential market saturation, declining electricity prices, and possible policy shifts.