China announced new trade plan to support renewable energyNovember 27, 2017
Trade plan aims to boost small and medium-sized clean power projects
China’s National Energy Administration has announced that small and medium-sized renewable energy producers will now be able to sell their electricity directly to buyers. The direct sale of this electricity will mostly be seen in regions where energy demand is high and comprehensive transmission capacity exists. This is part of China’s overarching plan to have renewable energy play a much larger role in its future. The country is working to eventually phase out the use of fossil-fuels in order to significantly reduce the emissions it produces.
Some projects will be receiving subsidies from the Chinese government
Several renewable energy projects will be participating in this new initiative. Eligible projects will be receiving subsidies, which may help speed up the development of some projects. The initiative is meant to aid small and medium-sized renewable energy projects. The National Energy Administration hopes that the support the Chinese government is showing to these projects will also encourage investments from the private sector. If successful, the initiative would also benefit consumers. More people will have access to renewable energy, allowing them to move away from older forms of power.
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Demand for more reliable energy is on the rise
Consumers are looking for new energy solutions that are more reliable than fossil-fuels. In recent years, older forms of power have become much less reliable and more expensive. Fossil-fuels are also becoming a burden on China’s established transmission infrastructure. By embracing renewable energy, consumers may be able to avoid some of the issues associated with fossil-fuels.
Clean power still faces major curtailment problem
China is becoming more focused on renewable energy, but much of the country’s current clean power capacity is going to waste. The Chinese government has had to curtail clean power generation somewhat in order to reduce strain on the country’s aging infrastructure. The government is still eager to see renewable energy replace fossil-fuels, however, and is making efforts to make sure this becomes a reality in the near future.