Abolishing the linkage mechanism of coal and electricity price may bring benefit

The executive meeting of the State Council decided to abolish the linkage mechanism of coal and electricity prices from January 1 next year and change the benchmark price mechanism into a market mechanism of "benchmark price + fluctuation". The benchmark price is determined according to the electricity price of each benchmark pole on the grid. The floating range is not more than 10%, and the floating range is not more than 15% in principle. The specific electricity price is determined by negotiation or bidding between the supplier and the demander, but it will not rise for the time being next year. In particular, it is necessary to ensure that the average electricity price of general industry and commerce does not rise.

Guoxin Securities released a research report today that the policy of changing the benchmark price of coal-fired power to floating price will be abolished, and the "coal-electricity linkage mechanism" will be restored to a certain extent, or the new energy generation will be improved.

Guoxin Securities said that if the price of coal-fired electricity pole is cancelled and floating electricity price policy is adopted in the future, the basic electricity price rate will continue to use the "national lock-in price", while the floating part or rapid linkage with coal price will restore the "coal-electricity linkage mechanism" to a certain extent, and coal-fired electricity price essentially has some room to rise.

1. Make good use of new energy power generation subsidies to relieve multi-party pressure. New energy projects such as stocks of photovoltaic and wind power are not expected to be affected (20-year tariff policy status is similar to the Constitution of New Energy tariff). If we adopt the form of electricity price, the price of coal-fired power is not likely to decrease slightly, but to increase because of coal price. That is to say, for the installation of new energy sources in the future, the rise of coal-fired power price means that the gap of subsidies is reduced, the pressure of financial subsidies is reduced, the pressure of cash flow in the industrial chain is reduced, and the overall benefits are from many sides.

2. Make good use of the user-side parity process. If the price policy of coal-fired benchmark is abolished and converted to floating price policy, and the subsequent policy can be coordinated with the supporting distributed market-oriented transaction (partition electricity sales) policy, the bottleneck of user-side parity will be broken by distributed new energy in a large area and high efficiency, and the demand for domestic market-oriented parity new energy will be triggered again (after the abolition of both overseas parity countries), and the domestic market will be available.

3. Bidding mode opens up space for new energy consumption. Priority of power generation projects in bidding mode is determined by marginal cost, and marginal cost of new energy is the lowest. The overall goal of electricity reform is to improve energy efficiency and reduce system energy consumption cost. One of the ways to achieve this goal is to consume more new energy.