Huatai Securities: Document No. 688 promotes the landing of multi-user green power direct connection.

Huatai Securities research report stated that recently, the National Development and Reform Commission and the National Energy Administration issued the "Notice on the orderly promotion of the development of multi-user green electricity direct connection", which further clarified the way for multi-user green electricity direct connection one year after the release of Document No. 650. The scope of application has been broadened from one-to-one in Document No. 650 to one-to-many, providing more flexibility in terms of scope of application, investment models, distribution mechanisms, etc. It provides policy support for green electricity direct connection for zero-carbon parks and other multi-party user scenarios, driving the industry towards coordinated development of generation, network, load, and storage. Huatai Securities believes that Document No. 688 is expected to reduce the customer risks faced by developers of green electricity direct connection, accelerate project implementation, and drive demand for grid equipment and energy storage.