Jiangsu has completed the country's first transmission rights trade between the China Southern Power Grid and State Grid service areas, with seven market participants in the province transacting 622 MWh of green power.

The trade, organized by Jiangsu Power Exchange Center, involved provincial entities participating in August intra-month green power transactions from the southern to eastern grid regions, alongside Yunxiao DC transmission rights trading.

In May, China's top economic planner and energy regulator issued a notice launching transmission rights trading pilots on the Yunxiao DC cross-grid channel from June 1, 2026. The Yunxiao DC project is the country's first direct current transmission link connecting the State Grid and China Southern Power Grid systems.

The pilot prioritizes channel usage for supply security and essential residential demand, with surplus capacity open to competitive bidding nationwide under a coordinated model combining priority plans with market-based incremental competition.

The transaction adopted a mechanism binding power and transmission rights in integrated bidding and clearing. Buyers simultaneously bid for overall green power prices, green certificate prices and transmission rights prices, using time-segmented pre-clearing for power volumes alongside competitive clearing for transmission rights.

A total of 51 power retailers in Jiangsu participated, accounting for 16% of the province's retailers, with declared volumes exceeding 5 TWh.

The launch of transmission rights trading extends power market products from electricity itself to transmission capacity, completing the full chain of generation, transmission, sales and consumption. It also marks Jiangsu participants' breakthrough from intra-provincial and intra-State Grid trading to market-based transactions across two major grid systems.