They include proposals to prevent blackouts and create more flexible pricing. Read more at straitstimes.com.
BEIJING – China is setting out how it will prevent bottlenecks as it prepares for another record year of renewable power installations.
Most residents and businesses in China pay electricity rates tied to government-set benchmarks, counter to the arguably more robust free market models that prevail in Europe and the US. But the latest moves are still important - if small - steps in the reforms that China has been discussing for over two decades, as it aims to build an integrated power trading market by 2025 that will let supply and demand play a bigger role in setting prices.
Beijing is also working on the other side of the equation. Known as demand response, the idea is to find users who can quickly turn off the lights when demand is rising, saving electricity for others, usually in return for lower rates or other benefits. It won’t be cheap for China to reach its eventual goal of a post-carbon society. BloombergNEF estimates that spending will need to average US$136 billion a year through 2050 to reach net zero emissions by then, compared with a US$75 billion outlay last year. Power grid investment alone will cost US$3.8 trillion by 2050 – or US$2.5 trillion under a less policy-driven transition that puts economics first.
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