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TABLE OF CONTENTS CHAPTER I GENERAL PROVISIONS CHAPTER II MARKET PARTICIPANTS AND TRADING INSTITUTIONS CHAPTER III TRADING TYPES AND WAYS CHAPTER IV TRADING OF POWER ENERGY CHAPTER V SERVICES OF POWER DISTRIBUTION CHAPTER VI AUXILIARY SERVICES CHAPTER VII MEASUREMENT AND SETTLEMENT OF POWER ENERGY CHAPTER VIII SECURITY OF THE SYSTEM CHAPTER IX RISK MANAGEMENT CHAPTER X DISCLOSURE OF INFORMATION CHAPTER XI SUPPLEMENTARY PROVISIONS CHAPTER I GENERAL PROVISIONS Article 1. The present Rules are formulated according to the Regulation on Electric Power Supervision and the relevant laws and administrative regulations for the purpose of regulating the acts in the electric power market, safeguarding the legitimate rights and interests of the participants of the electric power market, and guaranteeing the uniformity, openness, competition and orderliness of the electric power market. Article 2. The present Rules shall apply to the regional electric power markets. Article 3. The State Electricity Regulatory Commission (hereafter "SERC") and the dispatched offices thereof (hereinafter referred to as the electric power regulatory body) shall take charge of the supervision and administration of the operation of the regional electric power markets. CHAPTER II MARKET PARTICIPANTS AND TRADING INSTITUTIONS Article 4. The participants in the electric power market include the power generation enterprises, power distribution enterprises and power supply enterprises that have obtained the Electric Power Business License according to the relevant provisions as well as the users that have been verified by the electric power regulatory body. The trading institutions for dispatching electric power include regional trading centers for dispatching electric power and the trading institutions for dispatching electric power of the provinces, autonomous regions and municipalities directly under the Central Government concerned. The term "power supply enterprises" as mentioned in the preceding paragraph herein refers to the independent enterprises of power distribution and power sale. The term "regional trading centers for dispatching electric power" includes regional electric power dispatching centers and regional electric power trading centers. Article 5. A power generation enterprise, power distribution enterprise or power supply enterprise shall obtain an Electric Power Business License according to the relevant provisions before applying for entrance into a regional electric power market or engaging in any trading activity in the regional electric power market. A user may engage in the trading activities in a regional electric power market upon the examination and approval of the electric power regulatory body. Article 6. The trading institution for dispatching electric power shall take charge of electric power dispatching, trading in the electric power market as well as metrological settlement. CHAPTER III TRADING TYPES AND WAYS Article 7. The trading types in the electric power market includes the trading of power energy, trading of the power distribution rights, auxiliary services, etc.. Article 8. Any trading of power energy shall be carried out by such means as agreement-based trading, spot-goods-based trading and futures-based trading. The term "agreement-based trading of power energy" refers to a trading of power energy that the participants of the electric power market conduct by means of concluding a purchase and sale contract of power energy. The power price as stipulated in a purchase and sale contract of power energy may be worked out through the negotiation of both parties or through market bidding, or may be decided according to the relevant provisions of the state. The term "spot-goods-based trading of power energy" as mentioned herein refers to a trading of power energy on the following day after a power generation enterprise works out the price through market bidding or in the future 24 hours therefrom, or refers to a real-time trading of power energy which is carried out for the purpose of guaranteeing the up-to-the-minute balance of supply and demand of electric power. The term "futures-based trading of power energy" as mentioned herein refers to a trading of power energy that the participants of the electric power market conduct through concluding a futures contract in a prescribed trading place. The term "futures contract of power energy" refers to an agreement whereby the power energy is purchased or sold at a fixed price on a fixed day in the future. The trading of power energy shall be conducted mainly in the form of agreement-based trading, or in the subsidiary form of spot-goods trading, or in the form of futures-based trading at a proper time. Article 9. The electric power market that meets the relevant prescribed requirements may, upon the approval of the electric power regulatory body, carry out the trading of the power distribution rights and the trading of auxiliary services, etc.. CHAPTER IV TRADING OF POWER ENERGY Article 10. An agreement-based trading of power energy may be specifically organized and implemented by a trading institution for dispatching electric power or may be carried out through the negotiation between two subjects of the electric power market. Article 11. The trading institution for dispatching electric power shall, according to the operating rules of the regional electric power markets, carry out the decomposition of agreed power volume. The measures for decomposition thereof shall be publicized to the participants of the electric power market. Upon decomposition, where the power volume as stipulated in a contract requires revision due to any reason, the trading institution for dispatching electric power shall inform all the parties concerned to the contract of the relevant reasons in a timely manner. Article 12. A power supply enterprise shall, according to the provisions of laws and state policies, give priority to an enterprise of power generation from renewable energies that has obtained an Electric Power Business License according to law and purchase the power volume fed into the grids thereof in full amount. Article 13. The trading institution for dispatching electric power shall organize the spot-goods-based trading of power energy according to the operating rules of the regional electric power markets. Article 14. A power generation enterprise shall, when conducting any spot-goods-based trading of power energy, make its bidding on the basis of each single generating units. A centralized bidding may be held for several generating units of a same power generation plant upon approval. A power generation enterprise composed of several power generation plants shall not hold any centralized bidding. Any power generation enterprise is prohibited colluding with each other in bidding. Article 15. The mechanism to work out the price of the electric power market shall be conducive to the fair and effective competition of the electric power market and be conducive to the management of any blocking of power distribution. Article 16. All the trading of power energy shall be carried out only upon the verification of the trading institution for dispatching electric power on security. CHAPTER V SERVICES OF POWER DISTRIBUTION Article 17. A power distribution enterprise shall open its power transmission grids in a fair manner and provide safe, high-quality and economical services for the participants of the electric power market. Article 18. A power distribution enterprise shall strictly implement the power transmission price as prescribed by the state and shall be subject to the supervision and examination of the electric power regulatory body. Article 19. The measures for managing any blocking of power distribution shall be formulated by the electric power regulatory body according to the structure of power grids as well as the trading ways of the electric power market. Article 20. The electric power market may, due to the requirement of avoiding any blocking risk of power distribution and upon the approval of the electric power regulatory body, organize the trading of power distribution rights. CHAPTER VI AUXILIARY SERVICES Article 21. A participant of the electric power market shall, according to the relevant provisions, provide the auxiliary services in respects of maintenance of stable voltage, stable frequency and recovery of any malfunction of any power grid. Article 22. The auxiliary services shall be divided into basic auxiliary services and paid auxiliary services. The term "basic auxiliary services" refers to the auxiliary services that shall be provided by the participants of the electric power market free of charge. The term "paid auxiliary services" refers to the auxiliary services that are provided by the participants to the electric power market other than the basic auxiliary services. A compensatory mechanism shall be adopted for the paid auxiliary services in the early stage of construction of the electric power market. A competition mechanism shall be adopted after the electric power market operates in a sound way. Article 23. The specific contents, technical standards, methods of provision and form of examination of auxiliary services shall be separately formulated by the SERC in collaboration with the relevant departments. Article 24. The trading institution for dispatching electric power shall carry out testing on the competency of the participants of the electric power market in providing auxiliary services on a periodic basis. The testing results shall be publicized and be reported to the electric power regulatory body. Where any participant of the electric power market fails to provide auxiliary services according to the relevant provisions, it shall report it to the trading institution for dispatching electric power in a timely manner and shall be subject to an examination according to the relevant provisions. CHAPTER VII MEASUREMENT AND SETTLEMENT OF POWER ENERGY Article 25. A participant of the electric power market shall install the devices of power energy measurement that comply with the state standards, which may be put into use upon the examination and affirmation of the testing institution of power energy measurement. The term "testing institution of power energy measurement" as mentioned in the present Rules refers to a testing institution of power energy measurement that has been recognized by the administrative department of measurement of the government as well as be confirmed by both parties to a trading of power energy. Article 26. The testing institution of power energy measurement shall carry out verification on the devices of power energy measurement on a periodic base. A participant of the electric power market may apply for the verification of power energy measurement devices. Upon verification, where the error of any power energy measurement device fails to reach the prescribed precision, the expenses as incurred therefrom shall be borne by the party owning the property right of the problematic device of power energy measurement. Where the error of any power energy measurement device reaches the prescribed precision, the expenses as incurred therefrom shall be borne by the applicant party. Article 27. The metering points of power energy shall be clearly indicated in a trading contract of power energy as concluded by and between both parties thereto. Where any metering point is laid on the separation of the property right of both parties to a trading and if no power energy measurement device may be installed on the separation point of the property right, the metering point of power energy may be determined through negotiation by both parties. The power energy as measured through the metering points as legally provided for or as stipulated shall be the basis for settlement of power price. The participants of the electric power market shall, based on the boundary line of metering points, bear any loss of power energy as well as the relevant liabilities. Article 28. The trading institution for dispatching electric power shall establish and maintain a database of power energy measurement and publicize the relevant data of power energy measurement to the participants of the electric power market according to the relevant provisions. Article 29. The settlement of the electric power market includes the settlement of agreement-based trading of power energy, settlement of spot-goods-based trading of power energy, settlement of futures-based trading of power energy and settlement of auxiliary services as well as the settlement of compensation and fine for breach of contract. Article 30. A participant in the electric power market shall settle the power price according to the method and term of settlement as prescribed by the operating rules of the regional energy power markets. CHAPTER VIII SECURITY OF THE SYSTEM Article 31. A participant in the electric power market shall implement the procedures for and provisions on the administration of operation of the relevant power grids, be subject to uniform dispatching, intensify the maintenance of equipments, and set up the necessary security facilities according to the agreement on grid combination, provide auxiliary services, and maintain a sound and stable operation of the electric power system. Article 32. The trading institution for dispatching electric power shall strictly implement the rules on electric power dispatching, arrange the ways of system operation in a reasonable manner, forecast or notify the information of any impact on the sound operation of the electric power system to the participants of the electric power market in a timely manner so as to prevent any accident of power grids and guarantee the sound operation thereof. Article 33. The trading institution for dispatching electric power shall take charge of the security verification on the trading of the electric power market and publicize the measures for and parameters of verification. Article 34. The trading institution for dispatching electric power shall, according to the situation of supply and demand of electric power, operation of equipment, restriction conditions of security and system operation, make an overall plan for maintenance of electric power equipments. The measures for the examination of power generating units shall be subject to the examination of the electric power regulatory body and shall be implemented by the trading institution for dispatching electric power. Article 35. The construction of the technical supporting system of the electric power market shall comply with the prescribed indicators of performance. The technical supporting system of the electric power market includes such functionary modules as energy management, trading management, measurement of power energy, settlement system, contract management, quotation handling, market analysis and forecast, trading information and supervisory system. Article 36. The construction of the technical supporting system of the electric power market shall be based on the operating rules of the electric power market. Within a same electric power market, the technical supporting system of the electric power market shall be subject to uniform planning, uniform design, uniform management, synchronized implementation, and separate maintenance. The technical supporting system of the electric power market shall be renovated in a timely manner according to the requirements of the electric power market development. The electric power regulatory body shall carry out examination on the planning as well as designing scheme of the technical supporting system of the electric power market. The participants to the electric power market shall set up the relevant supporting facilities according to the relevant provisions and take charge of the daily management of maintenance thereof. CHAPTER IX RISK MANAGEMENT Article 37. The administrative department of price of the State Council and the SERC shall formulate the ceiling price and floor price of the electric power market so as to maintenance the soundness of the market. Article 38. The electric power regulatory body shall, according to the requirements of maintaining the sound operation of the electric power market as well as the security of the electric power system, formulate measures for interference with or termination of the electric power market and prescribe the conditions for any interference with or termination of the electric power market as well as the relevant measures for handling. Article 39. The relevant department of the State Council and the SERC shall, before the opening to the relevant users, establish a power price balancing mechanism and formulate the specific measures for interaction of power sales price and grid power price. CHAPTER X DISCLOSURE OF INFORMATION Article 40. The participants of the electric power market shall provide the relevant information to the trading institutions for dispatching electric power according to the relevant provisions. Article 41. A trading institution for dispatching electric power shall, based on the principles of being timely, authentic, accurate and complete, disclose the information on the operation of the electric power market to the participants of the electric power market as well as to the general public. Article 42. The electric power regulatory body shall formulate the measures for the administration of the publicity of information on the electric power market and supervise the implementation thereof. CHAPTER XI SUPPLEMENTARY PROVISIONS Article 43. Before the licensing system for electric power operation is implemented, the qualification for an electric power enterprise to enter into the electric power market shall be subject to the examination and approval of the electric power regulatory body. Article 44. The regional regulatory bureaus under the SERC shall draft the operating rules for the regional electric power markets according to the present Rules and report it to the SERC for approval before implementation. Article 45. The present Rules shall come into force as of December 1, 2005. The Basic Operating Rules of the Electric Power Market (for Trial Implementation) as promulgated by the SERC on July 24, 2003 shall be simultaneously abolished. |
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