NewEnergyNews: New Energy Prices Win China’s Energy Market

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    Friday, April 02, 2021

    New Energy Prices Win China’s Energy Market

    Global Green Energy Transition: China To Ramp Up Local Demand & Supply Of Renewables, Says Credit Suisse

    Tanuvi Joe, March 29, 2021 (Green Queen)

    “…[China can reach] its net-zero carbon emissions goal by 2060 and end dependency on foreign manufacturing…[because] renewable energy sources like solar and wind energy are starting to gain a huge market share in the country, thanks to the drop in pricing for these sources…A recent report showed that between 2009 and 2019 alone, solar energy costs dropped massively, from US$359 per megawatt-hour to a mere US$40, making it the cheapest clean energy source to date…

    …[Global investment bank] Credit Suisse predicts that China’s annual solar installation will nearly triple from an average of 42 gigawatts (GW) per year in the 2016-2020 period to 103 GW per year in the 2021-2025 period…[Solar-generated electricity generated] will on average cost 177% less than the same electricity produced by a new coal facility. In China, over 300 major cities have solar power that is cheaper than electricity supplied by the national grid...[The demand for wind energy is expected to grow from 2016’ 31 GW annually] to 43 GW per year in the next five years with major support from state-owned developers…

    …[According to China’s 14th five-year plan for 2021 to 2025, it will] overachieve its non-fossil fuel energy mix target by 2030, hitting three percentage points above its official target of 25%...[China] is already the world’s largest hydrogen producer with about one-third of the world’s hydrogen production…[and] green hydrogen has the capability to achieve parity with grey hydrogen in the long run, due to an increased carbon price, advancement of electrolysis and reasonable renewable generation…” click here for more

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