水力发电2026，Vol.52Issue(10)：1-8,69,9.
"114号文"背景下抽水蓄能盈利策略研究
Pumped Storage Profitability Strategies in the Context of Document No.114
摘要
Abstract
The issuance of the National Development and Reform Commission(NDRC)"Document No.114"has profoundly influenced the traditional revenue mode of pumped-storage hydropower(PSH).This paper systematically investigates the potential impact of Document No.114 on the profitability of PSH projects by reviewing the evolution of pricing policies for pumped storage and the development of electricity market systems.A combined approach of policy comparison analysis and a dual-level clearing game simulation of an energy-regulating-reserve joint market are employed.The results show that:(a)Document No.114 marks a critical transition of the PSH pricing mechanism from"government-determined pricing"to"market-driven mechanisms",and the revenue structure of PSH has gradually evolved from a single capacity charge-based compensation to a dual-track model comprising"guaranteed capacity revenue"and"market-based flexible revenue";and(b)during the transitional period of rapid electricity market development,the profitability of PSH faces significant short-term challenges,however,in the long run,as market mechanisms mature,the diversified value of PSH in providing flexible regulation and ancillary services will be fully realized.Using the dual-level clearing game model,the optimal profit-seeking strategies of PSH stations controlled by grid companies versus non-grid enterprises are derived for three distinct future stages of electricity market system development.关键词
抽水蓄能/盈利策略/"114号文"/双层出清博弈模型/政策对比Key words
pumped storage/profitability strategy/Document No.114/dual-level clearing game model/policy comparative analysis分类
建筑与水利引用本文复制引用
任爱武.."114号文"背景下抽水蓄能盈利策略研究[J].水力发电,2026,52(10):1-8,69,9.基金项目
国家自然科学基金资助项目(52409099,52409163) （52409099,52409163）
