中国24小时清洁能源电力行业的电力部门与政策格局

DISCLAIMER This report was commissioned by EnergyTag and prepared by The Lantau Group (TLG). It isintended to contribute to discussion and understanding of evolving power market, clean energy,and electricity tracking developments in China. While reasonable care has been taken in thepreparation of this report, EnergyTag, TLG, and the contributing authors make no representationor warranty, express or implied, as to the accuracy, completeness, or suitability of theinformation contained herein for any particular purpose. The report should not be interpreted aslegal, financial, regulatory, or investment advice. The views expressed in this report are those ofthe authors and contributors at the time of writing and do not necessarily reflect the views of allorganisations, institutions, or stakeholders referenced in the report CONTACT Shailesh Telang| Head of Asia Pacific, EnergyTag | Email: shailesh@energytag.orgDavid Fishman| Principal, The Lantau Group | Email: dfishman@lantaugroup.com TABLE OF CONTENTS Executive Summary09Executive Snapshot1201.China Power Sector Overview151.1.China’s Power Market Today161.1.1.State of Marketisation161.1.2.How Power is Transacted161.2.China Power Market Structure and Operation171.2.1.Governance and Institutional Roles171.2.2.Geographic Hierarchy and Deliverability Boundaries171.2.3.Market Layers and the Buyer Interface181.3.How Power is Traded, Scheduled, and Settled181.3.1.Contracting (MLT, CPPAs, and Retail Products)181.3.2.Scheduling and Dispatch191.3.3.Settlement and Deviations191.3.4.Generation of Records1902.Renewable Power in China202.1.Supply-Side Support for Renewable Energy212.1.1.Subsidy Feed-in Tariff Era212.1.2.Grid-Parity Feed-in-Tariff Era232.1.3.Post FiT Market Pricing and the Introduction of CfDs232.2.Demand-Side Policy Support for Renewable Energy242.2.1.Renewable Portfolio Standard (RPS): Design and Core Implications242.2.2.RPS Structural Limitations, Cannibalisation, and Policy Evolution242.2.3.Green Corporate PPAs252.2.4.Direct Green Power Supply Projects26 TABLE OF CONTENTS 2.3.Challenges for The Renewable Buildout262.3.1.Curtailment272.3.2.Very Low and Negative Market Prices282.3.3.Pressure on Project Profitability and Bankability2903.Green Energy Certificates (GECs)303.1.GEC Policy Reform313.1.1.Historical Development of GECs313.1.2.GECs in the Modern Era323.1.3.GEC Pricing Trends333.1.4.Ongoing GEC Refinement343.2.GEC Recognition Under International Voluntary Standards343.2.1.Unconditional Recognition from RE100343.2.2.Evolving International Standards: Toward Temporal Matching353.3.Integration of GECs and China’s Carbon Market353.4.Supplementing GECs with Granular Matching3604.Energy Storage in China374.1.Current Policy and Market Landscape384.1.1.Why Storage Matters in China384.1.2.Scale and Structure of China’s Storage Buildout384.1.3.Policy Shift from Mandatory Matching to Market-based Integration394.1.4.Implications of Storage for Granular Clean Energy Matching404.2.Storage Market Design and Revenue Mechanisms404.2.1.Energy Arbitrage404.2.2.Ancillary Services414.2.3.Capacity Compensation414.2.4.The Role of Storage Retailers and Aggregators42 TABLE OF CONTENTS 4.3.Granular Matching and The Value of Storage424.3.1.Current Accounting Frameworks Under-Value Storage424.3.2.Granular Matching Regimes Help Storage Capture More Value424.3.3.RTC Clean Power and End-User Storage Solutions4305.Industry-side Drivers For Granular Matching445.1.China’s Exposure to CBAM is Modest but Rising455.2.CBAM Compliance is Becoming More Complex475.2.1.CBAM Compliance Now Mandates Hourly Matching475.2.2.CBAM’s Implications for Chinese Power Market Design475.3.Green Hydrogen Claims Require Hourly Tracking4806.Implementing Granular Matching and Round-the-clock (RTC) Clean Power Markets in China506.1.1.Market Mechanisms: Real-Time Price Signals516.1.2.Physical Infrastructure: Temporal and Spatial Shifting Capacity516.1.3.Accounting Tools: Granular Tracking Systems526.1.4.Policy Coordination: Mandated Demand and Value Recapture536.2.Granular Matching can Support Renewable-friendly System Design546.2.1.Addressing Solar-Driven Intra-Day Ramps556.2.2.Reducing System Balancing Actions (and Costs)556.2.3.Enabling Firmed Renewable Products556.2.4.Improve Transparency on Specific Investment Needs556.2.5.Improving MRV Data Credibility566.1.Status Of Round-the-clock (RTC) Clean Power In China51 6.3.Granular Matching as a Key Milestone in Market Maturation56 TABLE OF CONTENTS 6.4.Practical Recommendations for RTC Adoption in China576.4.1.Phase 1 - Define Scope, Claims, and Governance576.4.2.Phase 2 - Build MRV and Registry Foundations586.4.3.Phase 3 - Enable Commercial Contracting Pathways596.4.4.Phase 4 - Pilot, Evaluate, and Scale Across Provinces606.4.5.Phase 5 - Standardise and Align with External Stakeholders6107.Conclusion62Appendix A:Barrier-and-Solution Register for Granular Accounting64Appendix B:Deep-Dive of China’s Power Market Reform History66B.1.Reform History of Ch