By the end of 2023, it is expected that most provinces and regions in the country will be ready for the trial operation of electricity spot markets. This presents new opportunities for renewable energy sources, which can now enter the spot market through the combination of "new energy + energy storage". Efforts will be made to promote the participation of distributed new energy sources in areas with a high proportion of installed capacity. This will involve developing effective mechanisms for trading their grid-connected electricity in the market.

New energy power generation entities that have not yet participated in the spot market will be considered as price takers. They will participate in the clearing of the electricity spot market based on the existing pricing mechanism. However, they will be required to disclose relevant information and work on an equal basis with other business entities to ensure a fair market and bear the associated imbalance costs.

The scope of user-side entities participating in the spot market will also be expanded. Power grid enterprises operating in areas with a spot market will predict electricity consumption and typical load curves for industrial and commercial users. These enterprises will purchase electricity on behalf of these users through centralized transactions on the market, using quoted quantities as prices, rather than individual quotations. The recipients of the electricity will then participate in the clearing and settlement of the spot market.

Efforts will be made to research issues related to user-side participation in inter-provincial spot transactions, in order to develop a more interconnected and efficient spot market across different regions. New entities, such as energy storage systems, virtual power plants, and load aggregators, will be encouraged to participate in the electricity market. Time-of-use price signals will be formed through market-based methods, optimizing power quality and enabling these new entities to actively engage in activities such as peak shaving and valley filling.

To ensure the safety and reliability of the electricity system, operation and management assessments will be conducted using standards and guidelines followed by similar entities in the market. The main dispatching operation mechanism will also be improved to better adapt to the evolving power system's needs. Additionally, the upper and lower limits of spot market clearing prices have been defined. The upper limit will be based on peak demand to encourage regulated power supply and will be linked to the demand-side response price. The lower limit will be based on the average variable cost of local new energy sources, creating a more balanced and predictable pricing structure in the spot market.

In conclusion, significant efforts are being made to develop and expand electricity spot markets across provinces and regions in the country. New energy sources, particularly in combination with energy storage, are encouraged to participate in these markets. Industrial and commercial users are brought into the spot market through centralized transactions, and the participation of new entities enhances power quality and optimizes the grid. These measures aim to create a more transparent, efficient, and balanced electricity market.

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