China's offshore wind power costs set to undercut coal power price

China’s offshore wind power costs set to undercut coal power price

--FILE--Wind turbines whirl to generate electricity at wind farm on Hengqin Island in Zhuhai city, south China's Guangdong province, 31 October 2013. China will become the world's largest renewable energy market by 2030 if it can double the ratio of such sources as solar and wind in the total energy mix to 26 percent, the International Renewable Energy Agency said on Monday (24 November 2014). The agency, in cooperation with the China National Renewable Energy Center, released a report in Beijing titled Renewable Energy Prospects: China, in which it said that using more such energy in China will improve millions of lives and save billions of dollars, taking into account the costs of healthcare and the savings achieved by reducing emissions. In particular, it said, China can double its use of renewables in the power sector to 40 percent by 2030.

For the first time this year, the price of offshore wind power in China will fall below that of coal-generated electricity. The government has approved numerous renewable energy projects, which has caused this change.

A 306-megawatt wind farm off the coast of Shanghai has received official approval to supply electricity at a price 27% lower than the benchmark price for coal-generated power, according to a local media outlet.

China’s offshore wind power costs set to undercut coal power price

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