Huatai Securities pointed out that this round of adjustment of transmission and distribution prices in the fourth regulatory cycle shows the structural characteristics of “increasing pressure and lowering, reducing losses and stabilizing the base”. Essentially, it is a policy arrangement where grid efficiency dividends are skewed towards high-voltage users and cross-provincial green power delivery scenarios under the “permitted cost+reasonable return” regulatory framework. At the national level, electricity prices for the two systems have declined at all levels, line loss rates have been fully optimized, and basic electricity costs have remained stable. The combination of the three has opened a window for large industrial users to reduce the double cost of “transmission and distribution electricity price+line loss”; while the slight increase in medium and low voltage in the single system puts slight cost pressure on distributed industrial and commercial energy storage. The core of electricity price regulation in most regional power grids is to recover the cost of building UHV construction, while most provincial transmission and transmission prices drop when operations have reached maturity and concessions have given way to inter-provincial transactions. Overall, the competitiveness of outbound electricity prices in the Sanbei region, Sichuan, and Yunnan has increased, which helps promote the consumption of new energy sources across provinces. According to Huatai's judgment, this round of price adjustments is beneficial to new energy delivery and high-voltage side energy storage across provinces.

Huatai Securities pointed out that this round of adjustment of transmission and distribution prices in the fourth regulatory cycle shows the structural characteristics of “increasing pressure and lowering, reducing losses and stabilizing the base”. Essentially, it is a policy arrangement where grid efficiency dividends are skewed towards high-voltage users and cross-provincial green power delivery scenarios under the “permitted cost+reasonable return” regulatory framework. At the national level, electricity prices for the two systems have declined at all levels, line loss rates have been fully optimized, and basic electricity costs have remained stable. The combination of the three has opened a window for large industrial users to reduce the double cost of “transmission and distribution electricity price+line loss”; while the slight increase in medium and low voltage in the single system puts slight cost pressure on distributed industrial and commercial energy storage. The core of electricity price regulation in most regional power grids is to recover the cost of building UHV construction, while most provincial transmission and transmission prices drop when operations have reached maturity and concessions have given way to inter-provincial transactions. Overall, the competitiveness of outbound electricity prices in the Sanbei region, Sichuan, and Yunnan has increased, which helps promote the consumption of new energy sources across provinces. According to Huatai's judgment, this round of price adjustments is beneficial to new energy delivery and high-voltage side energy storage across provinces.