China's cumulative market-based electricity trades reached 5,254.3 TWh in 2022, up 39% against the volume in 2021, data from the China Electricity Council showed.
The market trades represented 60.8% of the nation's total power consumption last year, with the share up by 15.4 percentage points from the year earlier.
Of all market trades, medium and long-term power supply was 4,140.8 TWh, a 36.2% rise from 2021, the CEC data showed.
In December, the power market trades rose 17.9% year on year to 481.8 TWh, of which 373.1 TWh belonged to medium and long-term power supply, which increased 17.5% from the previous year.
Specifically, within-province trades reached 4,218.1 TWh in 2022, and cross-province trades reached 1,026.2 TWh, the data showed.
By region, trades concluded at exchanges covered by the State Grid totaled 4,161.8 TWh last year, up 42.7% year on year, accounting for 60.8% of power consumption in the region. State Grid supplies power to over 1.1 billion population in 26 provinces, autonomous regions and municipalities, covering 88% of Chinese national territory.
Trades concluded at exchanges covered by China Southern Power Grid rose 27.4% to 853.6 TWh, accounting for 58.35 of use in the region. The southern regional power market covers five provinces – Guangdong, Guangxi, Yunnan, Guizhou and Hainan.
Also, there were 238.9 TWh that happened at Inner Mongolia power exchange center, which increased 24.9% year on year and accounted for 71.9% of power consumption in the region.
The increase in market-based electricity trades signals accelerated power sector reforms and another step toward the creation of a nationwide power market that will underpin the next phase of Beijing's decarbonization agenda.
China aims to build a preliminary uniform power market system by 2025 and have it operational; by 2030, it aims to optimize allocation of power resources and improve the stability and flexibility of the power system, according to the NDRC.
(Writing by Alex Guo Editing by Harry Huo)
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