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China will start building pilot wind and solar power projects that won’t receive national government payments as it pushes to improve the competitiveness of renewable energy and rein in subsidy bills. Shares of solar manufacturers surged in New York and Hong Kong.
Power prices from these pilot projects will be the same or lower than from coal-fired plants, the National Development & Reform Commission said in a statement laying out the policy on Wednesday. Subsidy-free plants may be exempt from participating in some power market transactions and will sign long-term power purchase agreements with grids at fixed tariffs, it said.
Regulators are seeking to cut the nation’s surplus renewable power capacity, as well as its hefty subsidy bill, which followed its green energy investment boom. The government rattled the market last year when it decided to curb financial aid to solar developers to slow record growth rates and integrate existing capacity into the grid.
CHINA HAS TEMPER TANTRUM CONDEMNING CANADIAN TO DEATH: LIKE AN ADOLESCENT BOY WHO DOESN’T GET HIS WAY, CHINA LASHES OUT AT CANADIANS EVEN SENTENCING ONE TO DEATH. SO MUCH FOR STATESMANSHIP AND RULE OF LAW. AT LEAST WE NOW KNOW WHAT KIND OF GOVERNMENT WE ARE DEALING WITH. HOW MUCH THIS WILL DAMAGE CHINA’S REPUTATION AS A GOOD PLACE TO INVEST REMAINS TO BE SEEN. IT MAY EVEN ALTER OPINIONS OF CHINA AS RELIABLE TRADING PARTNER,