China to improve cross-regional power allocation

China will work to improve the nationwide allocation of electricity and further optimize cross-regional power trading, according to guidelines released recently.

The measures aim to basically establish a "unified national power market" by 2030, according to the guidelines issued by the General Office of the State Council. The market is expected to be fully in place by 2035, the guidelines say.

The power market will feature smooth and orderly operations, unified and efficient trading rules, and a fair sharing of benefits, according to the guidelines.

As part of its efforts to build the market, China will develop spot markets that better reflect prices and balance supply and demand, alongside mid to long-term markets that ensure safe and stable electricity supply.

The market will encourage fair and broad participation by all types of market players, while unifying market rules and technical standards, the guidelines say.

Efforts will also be made to better align the market with power planning, the guidelines state, noting that emergency management and risk controls will be strengthened.