China promotes grid price parity for renewable energy

China will strengthen the construction of projects that facilitate wind and photovoltaic power to connect to the grid with price parity, China's National Energy Administration (NEA) said on Wednesday.

The country will implement subsidy-free projects for wind and photovoltaic power to further increase installed capacity and power output by renewables to boost energy transformation, said a circular jointly released by the NEA and the National Development and Reform Commission.

In 2020, the installed wind power connected to the grid will hit 11.4 million kilowatts, with that of photovoltaic power reaching 33.1 million kilowatts, according to the circular.

These projects will drive investment totaling about 220 billion yuan (about 31.54 billion U.S. dollars) and create new jobs, the NAE said.

To foster a sound environment for the industry, the administration said it will enhance cooperation with related authorities and strengthen monitoring of the development and construction of such projects.