{
  "as_of": "2026-01",
  "name": "Coal power capacity-price mechanism (煤电容量电价)",
  "source": "National Development and Reform Commission (NDRC), NDRC Pricing [2023] No. 1501, \"Notice on Establishing a Capacity Price Mechanism for Coal Power\", in force from 2024-01-01",
  "fixed_cost_yuan_per_kw_yr": 330,
  "recovery_band": {
    "typical_pct": 30,
    "transition_pct": 50,
    "typical_yuan": 100,
    "transition_yuan": 165
  },
  "from_2026": {
    "min_recovery_pct": 50,
    "min_yuan": 165,
    "rule": "From 2026 every province must recover at least 50% of coal units' fixed costs through the capacity price, at least 165 yuan/kW-year on the 330-yuan standard, and may go higher where coal plants run few hours.",
    "publisher": "National Development and Reform Commission (NDRC) and National Energy Administration (NEA)",
    "title": "Notice on improving the generation-side capacity price mechanism (NDRC Pricing [2026] No. 114), signed 27 January 2026",
    "url": "https://www.ndrc.gov.cn/xxgk/zcfb/tz/202601/t20260130_1403524.html",
    "published": "2026-01-30",
    "confidence": "secondary",
    "read_via": "Notice text as reprinted by CLS (https://www.cls.cn/detail/2275613, 2026-01-30) and summarised by CREA/GEM, H1 2026 coal power review, p.12 ('at least 50% ... equivalent to RMB 165 per kilowatt per year'). The NDRC page itself was not reachable.",
    "excerpt": "将通过容量电价回收煤电机组固定成本的比例提升至不低于50%，可结合当地市场建设、煤电利用小时数等实际情况进一步提高。"
  },
  "provinces_100_yuan": [
    "Beijing",
    "Tianjin",
    "Northern Hebei",
    "Hebei",
    "Shanxi",
    "Shandong",
    "Western Inner Mongolia",
    "Eastern Inner Mongolia",
    "Liaoning",
    "Jilin",
    "Heilongjiang",
    "Shanghai",
    "Jiangsu",
    "Zhejiang",
    "Anhui",
    "Fujian",
    "Jiangxi",
    "Hubei",
    "Shaanxi",
    "Xinjiang",
    "Ningxia",
    "Gansu",
    "Shenzhen",
    "Guangdong",
    "Hainan",
    "Guizhou"
  ],
  "provinces_165_yuan": [
    "Henan",
    "Hunan",
    "Chongqing",
    "Sichuan",
    "Qinghai",
    "Yunnan",
    "Guangxi"
  ],
  "mechanism": "The coal capacity price is set to recover a fixed share of coal units' fixed costs. The uniform national fixed-cost standard is 330 yuan/kW-year (tax included). In 2024–2025 the share recovered through the capacity price is about 30% in most places (about 100 yuan/kW-year) and about 50% (about 165 yuan/kW-year) where coal is shifting faster from bulk energy to a backup role.",
  "notes": [
    "The capacity-price mechanism took effect on 2024-01-01 and runs alongside the energy price: it pays for coal's capacity (backup) value, not just the value of the energy it generates.",
    "Fitch comment: the mechanism is credit-positive for coal-fired generators because it improves revenue visibility.",
    "Levels shown are the capacity price for each provincial grid (annex to NDRC Pricing [2023] No. 1501)."
  ],
  "generated_at": "2026-10-14T10:17:16"
}