Industry calls another "window period" of power system reform

The upcoming Third Plenary Session of the 18th CPC Central Committee in November will generate major economic decisions and directions. Among them, the reform of resource prices is expected to be more expected. The reform of the power system including the reform of the electricity price system is highly anticipated. One of the content.

Recently, media reported that a new draft of the electric reform has been formed and will soon be submitted to the National Development and Reform Commission. The new draft mainly has two major aspects: promotion of direct purchase of electricity, and gradually forming a market-based electricity price formation mechanism; the reform of power grid companies, the income of power grid companies will be approved by the state, and no longer assume the role of buying and selling electricity.

“The overall direction of reform of the new draft is marketization. The core of the power system reform is the reform of electricity prices, so that electricity prices can truly reflect the supply and demand of energy, scarcity and cost composition, and in deeper terms it is necessary to break the monopoly pattern of the electric power industry in China. The introduction of more competitive players,” Lin Boqiang, director of the China Energy Economic Research Center at Xiamen University, said in an interview with this reporter.

Under the current background of low coal prices and relative abundance of electricity supply, the industry generally believes that this is another “window period” for power system reform.

The best time to come?

"Since there are many shortcomings in China's electricity market mechanism, the power reform will sooner or later. From the current point of view, the external conditions for power reform have become the best." Zhou Yanchang, analyst at Dongfang Securities Power Industry, said that with China's economic growth Slow, low CPI and PPI operations have greatly reduced the negative impact on inflation after the power reform. At present, power supply is also relatively loose. In addition, with the economic slowdown, the decline in coal prices caused by coal prices fell sharply, the thermal power industry's profitability level is close to historical highs, and improved industrial profitability will greatly reduce the range and likelihood of power price increases after power reform.

In fact, since the beginning of this year, a series of policies introduced by the government have revealed signs of an accelerated restart of the power system reform.

The “Opinions on the Key Work of Deepening Economic System Reform in 2013” ​​promulgated in May this year clearly stated “promote the reform of electricity prices, simplify the classification of sales tariffs, expand the scope of implementation of the same price of electricity for industrial and commercial use, improve the coal price linkage mechanism and hydropower, nuclear power "Internet price formation mechanism" and "promote large-scale user direct electricity purchase and electricity sale side power system reform pilot". The document was regarded as the historical starting point for China's relaunching of a new round of overall design work for the power system reform. In June, the NDRC adjusted and standardized the sales price classification structure, merging the original 8 major sales tariffs into 3 categories. In the same month, the NDRC was When deploying the nationwide power work in summer 2013, it was clearly stated that “proactively promote the market-oriented reform of electric coal and the pilot system for power system reform at the power sales side”.

Some industry experts believe that from the current point of view, as China's economic growth has slowed down, CPI and PPI have been operating at a low level, which has greatly reduced the negative impact on inflation after the power reform, and the external conditions for power reform have become the best.

"The facts prove that the 2002 power system reform plan has not been considered successful so far. Why can't it be implemented? I think that the reason may be that the program may not be suitable for the development stage of the electricity market at that time, because the reason for electric power reform at that time was There is a serious shortage of electricity, and how can it be promoted or realized when the market is still unable to guarantee supply? Therefore, the price reform of resource products must be commensurate with the current stage of economic development.” Institute of Finance and Economics, Chinese Academy of Social Sciences Shi Dan, deputy dean and member of the National Energy Commission's expert advisory committee, said.

He believes that taking the reform of electricity prices as an example, the government's pricing method must be changed first because after the government's pricing, it does not see the correct market signals. For example, all five major power groups have losses, but the reasons for the losses have all been pushed to national policies. You do not know. The actual operating conditions of these companies, so we must open the pricing, the government must get a normal market signal to adjust. Previously, the fixed electricity price was to ensure that residents use electricity and ensure stable production in the downstream of the industry. Now it is necessary to make changes.

“Currently, China’s power installation and construction speed is very fast, and a 600,000-kilowatt installed thermal power unit can be completed in a year, which used to take five years. So now that the economic situation and the degree of development of the industry are allowed to be liberalized, it is necessary to Let's relax, this, I think is the first to be implemented." Stan said.

How to advance is the key

In fact, the release of electricity prices and the formation of electricity prices in a market-oriented manner have always been considered by the industry as the major direction of electricity reform. In 2002, the State Council issued a document No. 5 ("Electric Power System Reform Plan"). At that time, the idea of ​​electric power reform was to separate the plant and network, separate the main and auxiliary industries, separate and distribute the transmission and distribution, and bid for the Internet to finally realize the market-based electricity price formation mechanism.

However, over a decade later, the electric reform was considered to have stalled. In the meantime, power grid companies have also entered the manufacturing industry in contravention of the trend, the acquisition of electrical appliance companies, and even imported contradictions in the coal-fired power industry, the sub-division of electricity prices, and many other new contradictions.

This year, the new government cancelled and decentralized 117 administrative examination and approval projects, including the cancellation of power purchases by power users.

In August, the National Energy Administration issued the “Notice on Current Issues Concerning the Direct Transactions between Power Users and Power Generation Enterprises”. The notice stated that in the future, the relevant national authorities will no longer carry out administrative examination and approval of the pilot projects for direct electricity trading. The notification also requires all localities to speed up the progress of grid transmission and distribution price estimation and approval. The provinces that have approved transmission and distribution tariffs are executed in accordance with the approved standards. The unlicensed provinces shall, according to the calculation formula of the relevant transmission and distribution tariffs of the National Development and Reform Commission, submit the procedures for approval after taking a close look at the calculations.

Prior to this, some people concerned about the power system reform and the construction of the electricity market are looking forward to vigorously promoting direct trading of large users as a breakthrough in the reform of the power system and accelerating the process of power marketization.

In Zhou Yanchang’s view, the reform of direct power purchases proposed by the major users proposed in the new plan for this report is a good way to break the monopoly of the grid, open up the user’s right to choose, and promote the marketization of electricity.

He believes that the power system reform has been progressing relatively slowly, mainly due to the lack of incentives on the power generation side, the opaque transmission and distribution prices, the impediment to the implementation of power grids, and the existence of disguised preferential tariffs. Among them, the opaque transmission and distribution prices, power grid obstruction is the most important reason for impeding direct purchase of electricity, so it can not be completed in one or two years. As for the grid companies no longer buying and selling electricity, the income of the grid companies will be verified by the state, and all of their revenues come from the government's approved net fee. Currently, the difficulty of implementation may be a bit large.

In fact, the direct purchase of electricity pilots has been carried out for many years, but the pilot conditions in various places are not good. According to industry insiders, for more than a decade after the electricity reform, the effective incentive, restraint and sustainable development mechanisms of the power industry have not yet been formed. The institutional obstacles to monopoly power management have not been completely eliminated, and the electricity market is still in a chaotic order. Distribution, project administrative approval, and electricity price plan management are still playing a leading role.

“On-grid tariffs and sales tariffs are subject to government approval. At present, power plants are not allowed to directly sell electricity to enterprises, but only through the power grid. The spread between on-grid tariffs and sales tariffs is the source of income for power grid companies, and grid companies have the incentive to maintain sufficient spreads. Lin Boqiang said that at the initial stage of reform and opening up, due to the immaturity of the market, it was reasonable for the state-owned enterprises to have important energy such as electricity to "combat the world", but one of the biggest problems in this system was to curb the market. The competition mechanism allows power companies to obtain stable profits in the monopoly market, and on the other hand, they can reach out to the state for subsidies.

A research report from China Investment Advisors shows that direct purchase of electricity by large users is an important measure for the market-oriented reform of the power industry. Since its inception, it has been given an important mission to promote the reform of the power-selling terminal. It was previously carried out in Guangdong and Jilin. The pilot work has already achieved very good results. It is already a matter of course that the promotion will be implemented nationwide. However, factors such as the gray interest chain and administrative intervention have hindered the promotion and popularization of this good policy, and the work to break monopoly and deregulation is extremely difficult.

Wang Shumin, deputy director of the National Energy Administration, had already painted a blueprint for the electricity reform as early as March of this year: The electric reform lies in the dual reform of the system and mechanism. That is to say, the government has formulated the transmission and distribution tariffs. The grid companies are responsible for building the "highway" of the grid and collecting "passage fees" for transmission and distribution tariffs for investment in the grid construction and maintenance. At the same time, gradually release the on-grid tariff and sales price.

"Establishing a market-based pricing mechanism for electricity prices; for the reform of power grid companies, the income of grid companies will be verified by the state and will no longer assume the role of buying and selling electricity. This is the general direction of electric power reform. At present, it seems that power reform is moving in this direction. OK, but how to crack down on the resistance of all parties, how to advance is the key.” Lin Boqiang said.

It is reported that during the cadre meeting convened by the National Energy Administration in mid-September, Wu Xinxiong, deputy director of the National Development and Reform Commission and director of the National Energy Administration, talked about the next phase of work, focusing on the need to “further promote the reform of the energy system and innovative energy management. We will deepen the reform of the power system, strengthen the fairness of the market, the safety of electricity, the satisfaction of the people's electricity use, and the regulation of energy-related laws, regulations, plans, and policies."

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