Wind Power in China: Current State and Future Outlook
In recent years, rapid wind power development in China has attracted worldwide attention. China has been ranked first in both cumulative installed wind power capacity and newly installed wind power capacity for several years in a roll (including 2016) and is the largest wind power market in the world. The year 2016 saw further improvement in the policy framework for wind power in China. However, the massive unused wind power capacity and subsidy arrears remain a huge challenge. The prices of electricity from wind farms are still high while the exports of wind turbines as percentage of China’s total exports remain relatively low. The wind power sector faces unprecedented challenges from the decline in the benchmark prices for grid-connected wind power. Under the guidance of the 13th Five-Year Plan, China’s wind power sector has placed an increasing emphasis on quality than merely quantity. To pave the way to sustainable development of China’s wind power sector, it is recommended that Chinese policymakers should innovate and improve the policy frameworks for renewable energy certificates (RECs) trading, grid parity of wind power, reform in the electric power sector, wind power finance and insurance, and global trade in wind power goods and services.
KeywordsWind power Renewable energy certificates (RECs) Renewable energy
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