Renewable Energy Target: Key to Energy Growth in 14FYP
Source: Mysteel
Mar 27, 2023 10:26
SUMMARY
- The role of renewable energy changes from a marginal supplier to a dominant proportion in China's energy increments in the 14FYP (2021-2025). Total renewable energy consumption to reach about 1 billion tonnes of standard coal by 2025, an increase of 47% compared with 2020, while accounting for more than 50% of the increment in total primary energy consumption.
- Compared with the 13FYP, which sets the installed capacity and power generation targets, the "Plan" has not published a specific volume target by 2025. reflects the renewable energy industry has entered a subsidy-free phase, and the development model has changed from policy-driven to market-driven.
- Local governments have made ambitious plans. There are totaling 790GW of newly installed targets of wind and solar capacity over the 14FYP in plans from 29 provinces, accounting for 1.5 times the existing capacity as of 2020.
- Central SOEs are the first tier of owners of large solar capacity with fast growth, with growth rates from 2019 to 2021 reaching 69% and 45%, respectively. Provincial SOEs are active in the market, of which installed capacity of solar power stations doubled to 25GW YoY in 2021.
- Offshore wind power will become a cornerstone of new capacity in 14FYP, while distributed solar projects are popularized with diversified business models.
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Written by the GL Consulting team (Mysteel's consultancy arm on energy transition): glconsulting@mysteel.com
Edited by Navy Liu: liuchuanjun@mysteel.com
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