On July 17, polysilicon futures prices opened high and then surged significantly, with multiple contracts rising over 7%, hitting a record high since their listing.

[Odisha Clears ₹1.28-Lakh-Crore Vedanta Aluminium Project] On 16 June 2025, Odisha’s High-Level Clearance Authority approved eight large-scale investments totalling ₹1.51 trn. The flagship proposal is Vedanta Ltd’s ₹1.28 trn plan for a 3 Mt / yr aluminium smelter and a 4,900 MW captive power plant in Dhenkanal, forecast to create 30,000 jobs and significantly expand India’s primary-aluminium supply.

The report of the Third Plenary Session of the 20th CPC Central Committee clearly states that it is necessary to accelerate the planning and construction of a new-type energy system and improve policy measures for the consumption and regulation of new energy. Under the strategic deployment of China's "dual carbon" goals and the construction of a new-type power system, the scale of new energy development in China ranks first globally, with distributed new energy experiencing rapid growth. To further promote the local development and utilization of new energy and meet the green energy needs of enterprises, the National Development and Reform Commission (NDRC) and the National Energy Administration (NEA) issued the Notice on Orderly Promoting the Development of Direct Green Electricity Connection (hereinafter referred to as the Notice). By clarifying the scope of application for direct green electricity connection, standardizing planning and management requirements, and improving market pricing mechanisms, the Notice provides clear guidance for actively promoting the construction of direct green electricity connection projects in various regions in the next step. I. Proposing the Scope of Application and Construction Requirements for Direct Green Electricity Connection 1. Clarifying the definition and connotation of direct green electricity connection. Since the EU issued the EU Batteries and Waste Batteries Regulation and its supporting document, the Draft Rules and Annexes for Calculating the Carbon Footprint of EV Batteries, concepts such as "direct power connection" and "direct green electricity connection" have sparked heated discussions in society. Although the EU's relevant documents have clarified the concept and connotation of direct green electricity connection, China still lacks a clear definition for direct green electricity connection projects. To this end, the Notice clarifies the definition and connotation of direct green electricity connection at the national level for the first time, that is, new energy sources such as wind and solar power are not directly connected to the public power grid but are directly connected to a single power user through dedicated power lines. The new energy sources here can be either distributed or centralized, and after the project is completed, it can choose to operate in either an off-grid or grid-connected mode. 2. Clarifying the construction requirements for project power supplies. Direct green electricity connection enriches the ways for enterprises to achieve clean and green power supply and stimulates the enthusiasm of new energy enterprises for investment and construction. In this context, clarifying the construction requirements for directly connected new energy power supplies is crucial for the orderly development of direct green electricity connection projects. The Notice clarifies four scenarios in which direct green electricity connection can be carried out: Firstly, new loads can achieve direct green electricity connection through the construction of supporting new energy projects; Secondly, for existing loads to carry out direct green electricity connection, certain conditions must be met. On the premise that enterprises' captive power plants fully pay the renewable energy development fund, the power generation space for direct green electricity connection needs to be achieved by reducing the output of captive power plants; Thirdly, export-oriented enterprises can explore the implementation of direct green electricity connection and make full use of surrounding new energy resources; Fourthly, for existing new energy projects, if the construction of power grid connection projects has not yet commenced or if there is insufficient capacity in the local power grid for consumption, direct green electricity connection can also be carried out after fulfilling the necessary change procedures. Thirdly, it clarifies the project investment and operation model. For a long time, China has required that new energy grid-connection projects be uniformly invested in and constructed by power grid enterprises, or invested in and constructed by new energy enterprises and then repurchased by power grid enterprises, with relevant costs recovered uniformly through the state-approved transmission and distribution electricity prices. To better promote the development of green electricity direct connection, the Notice innovates the investment and construction model for green electricity direct connection power supplies and lines. Power supplies can be invested in by load entities, power generation enterprises, or through joint ventures established by both parties. Direct connection lines are invested in by load and power supply entities. If the power supply and load entities are not the same investor, both parties should sign multi-year power purchase agreements or energy performance contracting agreements. To better adapt to the requirements of safe power grid operation and the construction of a unified national electricity market, the Notice proposes that in regions where the spot market operates continuously, projects can feed electricity back into the power grid to participate in the electricity market. However, the overall focus remains on self-generation and self-consumption. It also clarifies that the proportion of surplus electricity fed into the grid should be determined by each region based on actual conditions. This requires regions to fully consider the local power grid's consumption capacity and the regulatory capacity of green electricity direct connection projects, reasonably set the proportion of surplus electricity fed into the grid, and ensure local self-generation and self-consumption as much as possible without affecting the utilization rate of new energy. II. Improving Safety Operation and Management Requirements for Green Electricity Direct Connection 1. Further clarify safety management responsibilities and boundaries for green electricity direct connection projects. Green electricity direct connection projects feature diversified resource types and investment entities. In addition to load resources, they also include new energy, ESS, and other resources. If various resources are not invested in by the same entity, an aggregated approach is needed to achieve coordinated and optimized operation of various resources, which will bring about internal safety management risks and unclear safety responsibility boundaries with the superior power grid. To strengthen the safety management level of green electricity direct connection projects, the Notice clarifies safety management requirements for green electricity direct connection projects in two aspects. On the one hand, from the perspective of internal management, green electricity direct connection projects should implement various safety production management measures. On the other hand, from the perspective of participating in system operation, grid-connected green electricity direct connection projects should form clear safety responsibility boundaries with the public power grid according to the property rights demarcation point, and reasonably determine their respective responsibilities for safe power supply. 2. Further standardize the dispatching and operation management mechanism for green electricity direct connection projects. As a new business model, green electricity direct connection can possess good regulatory capacity and real-time response characteristics by coordinating and optimizing the operation of internal resources. In the context of the construction of a unified national electricity market, how to align the dispatching management mechanism of green electricity direct connection projects with the market trading mechanism is an important guarantee for enhancing the safe operation of green electricity direct connection projects and the large power grid under market conditions. From the perspective of adapting to system dispatching and management, the Notice proposes that new-type power load management systems or power dispatching automation systems should be connected separately based on the categories of services provided to the system. From the perspective of current policy requirements, green electricity direct connection projects that provide demand response should be connected to the new-type power load management system, while those participating in spot {{spot cargo}} or ancillary services, which have higher real-time requirements, should be connected to the power dispatching automation system. To better leverage the overall regulation capacity of green electricity direct connection projects, the Notice also proposes that dispatching agencies should issue dispatching plans in accordance with the power generation and consumption curves independently arranged by the projects. This means that under normal operating conditions, green electricity direct connection projects will receive dispatching instructions as a unified entity. III. Improving the Market Trading and Pricing Mechanisms for Green Electricity Direct Connection Projects 1. Clarifying the Market Trading Methods for Green Electricity Direct Connection Projects. Considering the uncertainty and intermittency of new energy output, promoting the participation of green electricity direct connection projects in power market trading plays a crucial role in enhancing the level of new energy consumption and utilization, improving the reliability of power consumption for green electricity direct connection projects, and fully leveraging their flexible regulation capabilities. To this end, the Notice explicitly proposes to promote the participation of green electricity direct connection projects in the market as a whole. Even if the power supply and load do not belong to the same investment entity, they can participate in power market trading in an aggregated form after registration, by referring to the virtual power plant model. At the same time, it is also explicitly stated that the project load should not be purchased on behalf of by power grid enterprises. 2. Clarifying the Price Settlement Mechanism for Green Electricity Direct Connection Projects. As a new model that promotes the local and nearby satisfaction of load demand with new energy, green electricity direct connection projects provide high-quality guarantees for users to achieve clean and low-carbon production and transformation development. However, under this development model, they should not evade their social responsibilities due to the nearby utilization of new energy by the load and the reduction of power purchased from the upper-level power grid. On the contrary, promoting their fair assumption of social responsibilities, just like other users, is more conducive to the orderly and sustainable development of green electricity direct connection projects. The Notice explicitly proposes that green electricity direct connection projects should pay transmission and distribution fees, system operation fees, policy-based cross-subsidies, government funds, and surcharges in accordance with regulations. (Fan Pengfei, President of the Energy Policy and Market Research Institute, China Electric Power Planning and Engineering Institute)

The document states that the direct connection of green electricity, as referred to in this paper, means that new energy sources such as wind power, solar power, and biomass power are not directly connected to the public power grid. Instead, they supply green electricity to a single power user through direct connection lines, enabling a model with clear physical traceability of the supplied electricity. Standardize project construction. New loads can be supported by the construction of new energy projects. For existing loads, direct connection of green electricity can be carried out on the premise that the existing coal-fired and gas-fired captive power plants have fully paid the renewable energy development fund. By reducing the output of captive power plants, clean energy substitution can be achieved. Export-oriented enterprises with rigid carbon reduction requirements can explore the direct connection of green electricity for existing loads by utilizing surrounding new energy resources. Support is given to new energy projects that have not yet initiated grid connection construction or are unable to be connected to the grid due to reasons such as limited new energy consumption. These projects can proceed with direct connection of green electricity after fulfilling the corresponding change procedures. Encourage model innovation. In principle, the load serves as the primary responsible entity for direct connection of green electricity projects. Various business entities, including private enterprises (excluding power grid enterprises), can invest in direct connection of green electricity projects. The project's power supply can be invested by the load, by power generation enterprises, or by a joint venture established by both parties. In principle, the direct connection line should be invested by the load and the power supply entity. If the project's power supply and load are not invested by the same entity, a multi-year power purchase agreement or an energy performance contracting agreement should be signed, along with agreements on matters such as power facility construction, property rights division, operation and maintenance, dispatching and operation, settlement relationships, and liability for breach of contract. New energy power generation projects within the project are exempt from power business licenses, unless otherwise specified. In terms of trading and pricing mechanisms, encourage participation in the market as a whole. Grid-connected direct connection of green electricity projects enjoy equal market status and should register in accordance with the "Basic Rules for Registration in the Electricity Market." In principle, they should participate in electricity market trading as a whole, arrange production based on market transaction results, and settle accounts according to the exchange power with the public power grid. The project load shall not be purchased by power grid enterprises on behalf of the user. If the project's power supply and load are not invested by the same entity, they can also register separately and participate in electricity market trading in an aggregated form. Pay relevant fees reasonably. Direct connection of green electricity projects should pay transmission and distribution fees, system operation fees, policy-based cross-subsidies, government funds, and surcharges in accordance with the relevant regulations of the price and financial authorities of the State Council. Localities shall not reduce or exempt relevant fees in violation of state regulations.

Recently, the National Development and Reform Commission (NDRC) and the National Energy Administration jointly issued the Notice on Promoting the Orderly Development of Direct Green Electricity Connection (hereinafter referred to as the Notice), which clarifies the specific requirements for developing direct green electricity connection projects from five aspects: scope of application, planning guidance, operation management, pricing mechanisms, and organizational safeguards. I. Defining the Scope of Application for Direct Green Electricity Connection In recent years, there have been preliminary explorations into direct green electricity connection both domestically and overseas. European countries such as Denmark, the Czech Republic, Estonia, Latvia, and Lithuania have successively introduced policies and regulations related to direct connection lines. In 2021, China's 14th Five-Year Plan for Renewable Energy Development proposed the construction of a batch of demonstration factories and parks for direct green electricity supply, as well as the implementation of high-proportion new energy demonstration projects for power generation, supply, and consumption. However, there is currently no unified and clear standard for the definition of direct green electricity connection both domestically and overseas. The Notice clearly defines the scope of application for direct green electricity connection, specifying that it refers to the supply of green electricity from new energy sources such as wind power, solar power, and biomass power to a single power user through direct connection lines without directly connecting to the public power grid. From a technical perspective, direct green electricity connection can be categorized into two types: grid-connected and off-grid. For grid-connected projects, the power supply should be connected to the user side at the property rights demarcation point between the user and the public power grid, ensuring that the entire project is connected to the public power grid as a whole. Compared with power supply forms such as the public power grid and various incremental distribution networks, direct green electricity connection projects enable clear physical traceability of the supplied electricity, better meeting enterprises' needs for green energy consumption and enhancing the local consumption of new energy. II. Strengthening the Management of Direct Green Electricity Connection Projects The development of direct green electricity connection projects involves multiple aspects such as planning, operation, and the market. To achieve an organic unity of systematicness, sustainability, and fairness, project management must be carried out in a solid and meticulous manner. The Notice sets out clear requirements in the aforementioned aspects. In terms of planning, firstly, it is necessary to distinguish between existing and incremental loads to standardize project construction requirements. This involves encouraging the construction of new energy projects alongside new loads, while also leaving policy windows for existing loads such as export-oriented enterprises with rigid carbon reduction needs and those supplied by captive power plants, fully reflecting the support for direct green electricity connection projects and the flexibility of the policies. Secondly, it is essential to strengthen overall planning to ensure orderly development, adhering to the principle of "one chessboard" for new energy development, energy and power, and territorial spatial planning. This includes clarifying the requirements for project connection voltage levels and mandating that projects be constructed and put into operation simultaneously according to an integrated plan. Thirdly, it is encouraged to promote the diversification of investment entities through model innovation. Support is given for different entities to invest in the power supply and load of direct green electricity connection projects, with the load serving as the primary responsible entity. Various business entities, including private enterprises (excluding power grid enterprises), are encouraged to invest in direct green electricity connection projects. In terms of operation, first, the operation mode of green electricity direct-connection projects will be determined based on the progress of market-oriented reforms. To fully leverage price signals to guide the optimized operation of green electricity direct-connection projects while minimizing the impact on the public power grid, the Notice specifies that the type and installed capacity of new energy power supplies will be determined in accordance with the principle of "determining the source based on the load." Only projects in regions where spot cargo operates continuously are allowed to feed electricity back to the public power grid. The upper limit of the proportion of the project's on-grid electricity to the total available power generation is generally not to exceed 20%. Considering electricity curtailment, the proportion of self-generated and self-consumed electricity to the available power generation should be no less than 60%. The proportion of self-generated and self-consumed electricity of the project to the total electricity consumption should be no less than 30%, and no less than 35% before 2030. Second, the internal resource coordination and optimization of green electricity direct-connection projects will be strengthened to enhance system friendliness. Internal resources should be observable, measurable, adjustable, and controllable, and connected to the load management system or power dispatching automation system as required, accepting the management of the corresponding dispatching agency. Grid-connected projects should fully enhance their flexible regulation capabilities through reasonable configuration of ESS, tapping into the potential for flexible load regulation, and other means, thereby minimizing system regulation pressure. In terms of the market, the direction of market-oriented reforms in the power sector will be adhered to, promoting grid-connected green electricity direct-connection projects to participate in the power market transactions as a whole. Green electricity direct-connection projects will enjoy equal market status, arrange production based on market transaction results, and settle accounts according to the exchange power with the public power grid. III. Clarify the Main Responsibilities of Relevant Parties in Each Link of Direct-Connection Projects Clarifying the economic, technical, and safety responsibility boundaries between green electricity direct-connection projects and the public power grid is a key link in supporting the development of green electricity direct-connection projects and achieving their implementation and operation. The Notice clearly defines the responsibility boundaries in accordance with the principles of safety priority and equal rights and responsibilities. In terms of economics, green electricity direct-connection projects are required to reasonably pay relevant fees, including transmission and distribution fees, system operation fees, policy-based cross-subsidies, government funds, and surcharges. Localities are not allowed to reduce or exempt relevant fees in violation of national regulations. In terms of technology, green electricity direct-connection projects should be equipped with various secondary equipment such as relay protection. The grid-related performance of internal facilities should meet relevant standards. The internal power generation, plant power consumption, self-generated and self-consumed electricity, ESS, and other gateways should have the conditions for separate and bidirectional metering. The public power grid should provide fair and non-discriminatory grid access services to projects that meet grid-connection conditions, using the project's access point as the reference point for metering and settlement, and conducting electricity bill settlement as required. In terms of safety, grid-connected green electricity direct-connection projects and the public power grid form a clear and definite safety responsibility interface based on the property rights demarcation point, with each party fulfilling its corresponding power safety risk management and control responsibilities within the safety responsibility interface. The green electricity direct connection project should strictly implement various safety production management measures, promptly carry out risk control and hidden danger investigation and governance, independently declare grid connection capacity based on the internal power balance situation, and ensure proper internal power generation and load regulation. The public power grid should fulfill its power supply responsibilities in accordance with the declared capacity of the project and relevant agreements.

The document points out that efforts should be made to vigorously develop offshore wind power and hydrogen energy equipment. Taking the Fujian Three Gorges Offshore Wind Power Industrial Park as the main cluster area, efforts will be made to fill in the gaps in the upstream industry chain, such as reinforcing fibers, resins, castings and forgings, and bearings, as well as in the midstream, such as submarine cables, to create a complete industry chain for wind power equipment. Large-power offshore wind power equipment will be developed, and Fuzhou will be built into a national-level offshore wind power detection center and a manufacturing base for wind power equipment along the southeast coast. Relying on the hydrogen energy demonstration circle in the Fuqing Port-Industrial Zone, efforts will be made to promote the integrated development of hydrogen production, storage, refueling, and hydrogen energy equipment, and to advance the large-scale and high-end manufacturing of hydrogen energy equipment across the "entire chain." Actively develop clean energy sources such as hydrogen energy, offshore wind power, and PV power generation. Encourage enterprises and industrial parks to utilize clean energy sources nearby, explore direct supply of green electricity, and support qualified enterprises in constructing captive power plants and power supplies, such as those integrating "PV + ESS." Build a zero-carbon energy supply system, develop the "direct green electricity supply model," establish a multi-energy complementary energy supply system integrating "electricity, heat, cold, gas, and hydrogen," encourage the configuration of new-type energy storage on the user side, enhance the capacity for local grid connection and consumption of new energy, and promote the cascading utilization of energy, the recovery of waste heat and pressure, and green cooling and heating. Encourage qualified enterprises to use renewable energy sources to produce hydrogen and optimize the hydrogen production structure from raw materials for synthetic ammonia. Encourage the lawful and regulated import of recycled raw materials to enhance the supply capacity of recycled resources. Guide and support innovative entities such as local universities, scientific research institutes, and high-tech enterprises to strengthen the R&D of key technologies for low-carbon, zero-carbon, and negative-carbon technologies. Deploy a number of scientific and technological projects in key areas such as large-capacity wind power, high-efficiency PV, high-efficiency ESS, hydrogen production from renewable energy sources, carbon capture, utilization, and storage (CCUS) technologies, and the resourceful utilization of carbon dioxide under mild conditions. Relying on R&D institutions such as the Dongfang Electric Innovation Research Institute, the National Engineering Research Center for Fertilizer Catalysts at Fuzhou University, and the Hydrogen Power Equipment Engineering Research Center of Fujian Province at Snowman Co., Ltd., accelerate the R&D of core equipment components such as proton exchange membrane fuel cells, fuel cell engines, hydrogen circulation pumps, diaphragm compressors for hydrogen refueling stations, high-pressure hydrogen storage pressure vessels, and heat exchangers. Strengthen the construction of platforms for low-carbon technological innovation carriers. Promote the establishment of a low-carbon, zero-carbon, and negative-carbon technological innovation system with enterprises as the mainstay, featuring collaboration among industry, academia, and research, as well as coordination between upstream and downstream sectors. Deepen innovation-driven development, construct multi-level and diversified innovation platforms, accelerate the aggregation of innovative elements such as talents, technologies, and funds, support the construction of a hydrogen energy industry technology and product analysis and detection service platform, and cultivate and establish a number of leading national and provincial key laboratories, engineering research centers, manufacturing innovation centers, and enterprise technology centers in fields such as next-generation information technology, new materials, new energy, NEVs, biomedicine, and marine high-tech, to enhance low-carbon technological innovation capabilities. Green and low-carbon products support the low-carbon development of the transportation sector. We will vigorously promote energy-efficient and new energy vehicles (NEVs), strengthen technological innovation in vehicle integration, and enhance the concentration of the NEV industry. We will encourage enterprises to update and use NEVs, promote the electrification of freight, urban public service, and industrial and mining enterprise internal vehicles, drive enterprises to use electric transport vehicles, carry out the R&D and application of electric heavy-duty trucks and hydrogen fuel cell vehicles, encourage individuals to consume NEVs, and increase the proportion of NEVs. We will accelerate the construction of charging piles and innovation in battery swapping models, and build a convenient, efficient, and moderately advanced charging network system. We will vigorously develop green and intelligent ships, strengthen the R&D of low-carbon and clean energy equipment such as marine hybrid power, LNG power, battery power, ammonia fuel, and hydrogen fuel, promote the renewal and transformation of old inland and coastal ships, and accelerate the development and application of a new generation of green and intelligent ships.