CHINA China's energy giant SPIC eyes better profits through clean energy drive in 2020

CHINA

China's energy giant SPIC eyes better profits through clean energy drive in 2020

Xinhua

11:42, January 29, 2020

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File photo: CGTN

BEIJING, Jan. 29 (Xinhua) -- State Power Investment Corporation (SPIC), a top Chinese power generator, seeks to reap a higher net profit in 2020 amid the country's efforts to promote energy transition.

Established in 2015 through a merger of the China Power Investment Corporation and the State Nuclear Power Technology Corporation, the SPIC pledged a net profit of 12 billion yuan (about 1.74 billion U.S. dollars) in 2020, higher than the record 10.8-billion-yuan mark in 2019.

It will add 171 million kilowatts of energy capacity by the end of 2020, with the installed capacity of clean energy accounting for no less than 54 percent.

China has adopted a slew of measures to encourage the development of clean energy with aims to make non-fossil energy meet 20 percent of its energy needs by 2030.

In 2019, the proportion of China's clean energy sources in the total energy consumption mix rose to 24 percent, up from 23 percent in 2018.

While subsidies to the new energy power generation sector are slumping, photovoltaic power, wind power and even offshore wind power generation will still become cheaper in the future, according to the president of the SPIC, Jiang Yi.

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