Local government interests have impeded the development of an effective nationwide power market. Read more at straitstimes.com.
SINGAPORE - China’s plans for some 100 new coal-fired power plants to back up wind and solar capacity have sparked warnings that the world’s second-biggest economy is likely to end up lumbered with even more loss-making power assets.
“The reality is that China has more coal power capacity than it needs,” said Zhang Shuwei, director at Draworld Energy Research Centre. “It doesn’t make sense to give more incentives for more coal-fired power investments.” That’s equivalent to about a hundred large coal-fired plants and enough to supply the whole of Britain. At least 50 GW of that capacity began construction in 2022, the report said.
The CREA-GEM report says it won’t necessarily mean the sector’s coal use or carbon emissions will climb. But for China to make good on its goals - namely a peak in emissions before 2030 and becoming carbon neutral by 2060 - the loss-making sector’s plant utilisation rates will probably have to slide further.More On This TopicLoss-making, under-utilised
Analysts note existing coal plants could provide sufficient backup for renewables if they were plugged into a nationwide market, but China’s power sector remains fragmented. The NDRC has been working on capacity payment mechanisms that compensate coal power plants for the decline in earnings as they adjust to their new role as backup suppliers.
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