公用事业行业点评报告：山东发布新能源全面入市细则增量项目分类竞价设置竞价上下限

东吴证券2025-05-11

投资要点事件：山东发改委发布《山东省新能源上网电价市场化改革实施方案（征求意见稿）》、《山东省新能源机制电价竞价实施细则（征求意见稿）》。贯彻落实136 号文，推动新能源上网电价全部由市场形成。山东省风电、太阳能发电上网电量原则上全部进入电力市场，上网电价通过市场交易形成，享有财政补贴的项目，全生命周期合理利用小时数内的补贴标准按照原有规定执行。建立新能源可持续发展价格结算机制，新能源参与电力市场...

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号文，推动新能源上网电价全部由市场形成。山东省风电、太阳能发电上网电量原则上全部进入电力市场，上网电价通过市场交易形成，享有财政补贴的项目，全生命周期合理利用小时数内的补贴标准按照原有规定执行。建立新能源可持续发展价格结算机制，新能源参与电力市场交易后，市场外同步建立差价结算机制，纳入机制的电量由电网开展差价结算，差价费用纳入系统运行费用，由全体用户分摊。存量项目稳定衔接。2025 年5 月31 日前投产的存量新能源项目全电量参与市场交易。机制电价：按照国家政策上限执行，按照山东省燃煤基准价0.3949 元/千瓦时；机制电量：上限参考外省新能源非市场化率，适度优化；执行期限：按照全生命周期合理利用小时数剩余小时数执行。存量机制电价设为政策上限，机制电量稳定衔接，适度优化。增量项目分类竞价，设定竞价上下限。2025 年6 月1 日起投产的增量新能源项目，由省发展改革委会同有关单位明确机制电量规模、执行期限，通过价格竞争方式确定机制电价水平。机制电价：2025 年竞价申报充足率不低于 125%，引导新能源充分竞争，现阶段，原则上按技术类型分别设置机制电量规模，分别组织竞价。后期逐步合并为统一组织竞价，不再区分技术类型。竞价上限根据新能源项目合理成本收益、绿色价值、电力市场供需形势、用户承受能力等因素确定，原则上不高于该类型电源上年度机制电量竞价结果。首次竞价上限原则上不高于该类型电源上年度结算均价，竞价下限根据具体参考先进电站造价水平（仅包含固定成本）折算度电成本（不含收益）合理确定。机制电量：根据年度非水电可再生能源电力消纳责任权重完成情况、用户承受能力等因素综合确定。执行期限：参照同类项目回收初始投资的平均期限合理确定。分不同技术类型分别竞价，设置下限保障收益率。建立健全支撑新能源高质量发展的市场交易体系。文件要求1）完善中长期市场交易和价格机制：推动中长期价格与一次能源价格、现货市场价格有效衔接，适度放宽发电侧中长期签约比例要求，用户侧比例相应调整等；2）完善现货市场交易和价格机制：完善与新能源全电量入市相适应的两个细则管理机制，加大新能源场站并网运行管理考核力度，新能源预测准确率考核费用等返还给全体工商业用。现阶段机制电量不再开展其他形式的差价结算，不参与日前市场的申报、出清、结算等；3）完善辅助服务市场交易和价格机制：科学确定市场需求，坚持按效果付费，合理设置有偿辅助服务品种、辅助服务计价等市场规则，促进价格合理形成；4）优化发电侧容量补偿机制：根据山东电网用电负荷（含备用容量）总需求，对各类型市场化机组的有效容量给予补偿；5）规范电力市场成本补偿机制：合理确定因系统安全原因必开机组、自身原因必开、非必开机组成本补偿原则。成本补偿费用日清月结。投资建议：136 号自上而下推进新能源全部入市，地方细则进一步明确新能源上网电价市场化形成机制，新能源迎来新的发展阶段。项目电价政策的确定性，项目收益的确定性增强。建议关注【H 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公用事业行业点评报告：山东发布新能源全面入市细则 增量项目分类竞价 设置竞价上下限

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公用事业行业点评报告：山东发布新能源全面入市细则增量项目分类竞价设置竞价上下限