BUSINESS China promotes grid price parity for renewable energy

BUSINESS

China promotes grid price parity for renewable energy

Xinhua

09:07, August 06, 2020

Aerial photo taken on Aug. 5, 2020 shows a photovoltaic power station at the green industrial development park in the Tibetan Autonomous Prefecture of Hainan, northwest China's Qinghai province. (Photo: Xinhua)

China will strengthen the construction of projects that facilitate wind and photovoltaic power to connect to the grid with price parity, China's National Energy Administration (NEA) said on Wednesday.

The country will implement subsidy-free projects for wind and photovoltaic power to further increase installed capacity and power output by renewables to boost energy transformation, said a circular jointly released by the NEA and the National Development and Reform Commission.

In 2020, the installed wind power connected to the grid will hit 11.4 million kilowatts, with that of photovoltaic power reaching 33.1 million kilowatts, according to the circular.

These projects will drive investment totaling about 220 billion yuan (about 31.54 billion U.S. dollars) and create new jobs, the NAE said.

To foster a sound environment for the industry, the administration said it will enhance cooperation with related authorities and strengthen monitoring of the development and construction of such projects.

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