【SMM Analysis】 Power Prices Fall, Shandong Sees Frequent Negative Prices as Coal Drops and LNG Rises

From October 26 to November 1, power spot prices declined across most covered markets. Shandong’s real-time average fell 7.7% to RMB 363.41/MWh, although negative prices occurred on six consecutive days and the maximum reached RMB 1,500/MWh. Guangdong’s day-ahead and real-time averages dropped 18.9% and 14.8%, respectively, while Inner Mongolia and Shanxi recorded the largest declines.



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