China’s Grid Proxy Power Prices Rise in November, Highest Up 79.86%

The signal here is less the headline number than the direction: month-on-month gains across most regions suggest the market-based power price floor may be forming, which matters for anyone holding or financing Chinese power assets whose revenue is tied to grid purchase prices. The two brokerages frame this as a repair story extending beyond summer peak demand, but that view rests on the assumption that 2026 is the bottom — an unproven call. Whether the month-on-month gains broaden through winter, when demand typically softens, is the open question.