On March 5, 2025, the third session of the 14th National People's Congress (NPC) opened at the Great Hall of the People.

The "Notice on Establishing a Coal-fired Power Capacity Tariff Mechanism" (Reform and Development Price [2023] No.1501, hereinafter referred to as "Document 1501") issued by the National Development and Reform Commission and the National Energy Administration stipulates that from January 1, 2024, coal-fired power units will implement the capacity tariff mechanism.

Against the backdrop of high inventory in terminal power plants and a strong bearish market atmosphere, downstream procurement attitudes are relatively negative; At the same time, the recovery progress of the non electricity industry is not as expected, and the demand for coal purchases is also limited. The market trading situation continues to be cool. Due to the downstream trend of 'buying up but not buying down', they refuse to purchase market coal and even decline high priced long-term contracts, which further exacerbates the downward momentum of the Bohai Rim port market and accelerates the decline of spot coal prices.

Electric power is the "barometer" of national economic development, which can directly reflect the operation of the national economy. 2024 is a key year to achieve the goals and tasks of the "14th Five Year Plan" electric power planning, as well as a year of great development and breakthroughs in electric power. The overall balance of power supply and demand throughout the year is basically balanced, and the green and low-carbon transformation continues to advance. By the end of the year, the country's cumulative installed capacity of power generation had reached 3.35 billion kilowatts, an increase of nearly 15% year on year, reaching the "big pass" of 3 billion kilowatts installed capacity for the first time, achieving a historic leap, and the background of going green and becoming "new" has become increasingly strong. 2025 is the end year of the 14th Five Year Plan and the layout year of the 15th Five Year Plan. In the face of the increasingly complicated international situation, the increasingly arduous domestic reform and development tasks, and the increasing uncertainties and other challenges, China's power development is still full of expectations. New energy is still the "main force" of power development. The annual scale of new power generation is expected to be more than 400 million kilowatts, and China's power will usher in a greener, smarter and more sustainable future, In order to achieve the perfect "end" of the high-quality development of the "14th Five Year Plan" energy and power planning.

The weekly report of CECI Index Analysis (the 8th issue in 2025) released by the preparation office of China Electricity Coal Purchase Price Index (CECI) shows that the spot transaction price of high calorific value coal in the CECI Coastal Index continues to decline significantly. The Caofeidian index continued to accelerate downward. The spot transaction price of import index high calorific value specification coal increased. The CECI purchasing managers' index has been in the contraction range for eight consecutive periods. In sub indexes, all sub indexes continue to be in the contraction range. The supply, demand and shipping sub indexes have increased month on month, while the inventory and price sub indexes have decreased month on month.