Reform of oil prices or take the lead in breaking ice

On November 15, the publication of the "Decision of the Central Committee of the Communist Party on Several Major Issues Concerning the Comprehensive Deepening of Reforms" once again pointed out the direction for the reform of energy prices. The "Decision" pointed out that "promote price reforms in water, petroleum, natural gas, electricity, transportation, and telecommunications, and let go of competitive prices. The scope of government pricing is mainly limited to important public utilities, public welfare services, and network-type natural monopolies. Improve transparency and accept social supervision."

At present, China’s reform of energy prices such as oil, natural gas, and electricity is a gradual process. The price of coal has been released, but the prices of electricity, oil, and natural gas have still not been fully liberalized.

Industry insiders told the reporter of “Daily Economic News” that the decentralization of product oil pricing rights to enterprises is a key step in the reform of oil prices in order to achieve complete marketization and introduce refined oil futures, but the prerequisite is to gradually release crude oil and The right to import refined oil; the direction of gas price reform is to link the incremental price of ex-factory price with the inventory gas price, improve the quasi-market pricing mechanism in the terminal gas price chain, and launch a stepped gas price; the direction of electricity price reform is expected to accelerate the coal-electricity linkage mechanism. Further linkage with terminal electricity prices, on the basis of safeguarding the electricity supply of residents, agriculture, and public institutions, will open up terminal electricity prices.

The reform of domestic refined oil prices has undergone two major adjustments in 2008 and 2013. The current “4% and 22-day” pricing mechanism has achieved indirect integration with international oil prices.

Wang Zhen, president of the China Energy Strategy Institute, believes that the current pricing mechanism for refined oil products in China is linked to international crude oil. It is not completely market-oriented, and real marketization is a pricing method that requires the supply and demand of the domestic market to be reflected.

Recently, Guo Jianying, deputy inspector of the Development and Reform Commission's Price Division, revealed in an interview with Xinhua.com that after oil prices are completely released to the market, price adjustments may be more frequent. The relevant government departments no longer directly regulate the price of refined oil, and instead adopt temporary intervention measures when there is a large fluctuation in oil prices. It also established a market for oil spot and futures trading that is connected with the international market, has an important pricing influence, and uses Chinese crude oil as the standard product.

Wang Zhen said that the existing oil price mechanism is still not conducive to the settlement of production arrangements, market competition, and environmental issues. After a comprehensive liberalization of marketization, channels for all market participants to access resources are opened.

In July of this year, China introduced a natural gas price adjustment program for non-residential use. The price of incremental valve stations is available in one step. The price increase rate of stock valve stations is no more than 0.4 yuan per cubic meter. The dynamic adjustment of the link between natural gas prices and alternative energy prices is established. mechanism.

According to the idea of ​​the National Development and Reform Commission, the long-term goal of natural gas price reform is that the price of gas resources is completely liberalized by the market. The government only supervises the prices of pipeline transportation and gas distribution with natural monopoly. The reform has always been unwavering toward the goal of marketization, and the current price adjustment is a key step toward full-scale marketization in the future.

Wang Zhen said that, unlike the refined oil pricing mechanism, the gas price has the ex-factory price and the terminal price. The ex-factory price will integrate the stock gas price with the incremental gas in the future. This is expected to be achieved in 2015, but this is a The quasi-market pricing mechanism is a linkage mechanism linked to alternative energy sources.

Guo Jianying believes that this linkage mechanism can actually better reflect the supply and demand of natural gas, including changes in the price level.

In addition to the price, Zhuo Chuang, an information analyst, believes that opening up the main body of market operations is also an important part of marketization. For example, the construction of pipeline networks is opening up to private enterprises.

As the electricity price reform has been considered to be in a stagnant state, it has become a difficulty in reform. “The electricity price has many similarities with the gas price, and the key is the reform of the online and sales electricity price.” Wang Zhen said that the coal-electricity relationship affects the final electricity price, and the coal price has been marketized, but the electricity price has not yet, which affects the enthusiasm of the power generation enterprises. .

The Development Research Center of the State Council proposed to the “383 Plan” submitted at the Third Plenary Session of the 18th CPC Central Committee to implement direct power purchase by large users, establish a real-time competitive power generation market, and launch “bidding for access to the Internet” to form a bilateral contract market, supplemented by competitive markets. The competitive electricity market.

However, the independent transmission and distribution tariff has not yet been formed, and the competent pricing department still needs to approve the transmission and distribution tariffs, and the direct electricity purchase plan can be implemented. At the same time, adjust the new coal-fired linkage mechanism.

Wang Zhen said that the sale of electricity prices is advancing step by step, in the protection of residents, agriculture, public institutions, the minimum demand for electricity, can "open the two, control the middle" and let go of the sale price. However, what is the minimum amount of electricity for residents? How to determine the interests of the grid companies need to be clear. And price regulation also needs to be resolved.