On December 10, the Southern Regional Power Market officially released the results of its first full-month settlement trial for November 2024.
From People.cn
On December 10, the Southern Regional Power Market officially released the results of its first full-month settlement trial for November 2024. This milestone marks the successful completion of China'ants across the region, with an additional 130 power generation units entering the market. Power generation declarations reached 100%, while user-side voluntary declaration rates peaked at nearly 99%, setting record highs.
Chen Wei, Deputy General Manager of the Guangzhou Power Exchange Center, noted that the trial settlement effectively validated the adaptability of market rules during the dry season, the rationality of key market mechanisms, and the operational capacity of provincial and regional trading institutions. "This also demonstrates improvements in customer service levels and the robustness of platform infrastructure and operational support. The Southern Regional Power Market has reached a new stage of development," Chen added.
The Southern Regional Power Market is unique in China as it operates under a joint spot clearing mechanism. "On the foundation of unified clearing, we innovatively applied a benefit-balancing adjustment mechanism, controlling price volatility within 20% of the benchmark price," said Liang Zhifei, Director of the Development Research Department at the Guangzhou Power Exchange Center. "This mechanism takes into account the development levels and price tolerance of various provinces. After clearing, power volumes that significantly exceed benchmark prices are either recovered or compensated, ensuring a balanced outcome between supply and demand." Liang emphasized that this innovation has successfully broken trading barriers, enhanced market coordination efficiency, and facilitated the integration of renewable energy.
During the trial, the Guangzhou Power Exchange Center issued 344 settlement statements, achieving 100% accuracy and 100% on-time delivery. This ensured seamless financial and physical settlement across the Southern Regional Power Market for the entire month.Looking ahead, the Southern Regional Power Market will aim to achieve long-term continuous settlements, providing valuable insights and experience to support the development of a unified national power market.