China’s energy regulator has ordered 11 provinces to stop more than 100 coal-fired power projects, with a combined installed capacity of more than 100 gigawatts, its latest dramatic step to curb the use of fossil fuels in the world’s top energy market.
In a document issued on Jan. 14, financial media group Caixin reported, the National Energy Administration (NEA) suspended the coal projects, some of which were already under construction.
The projects worth some 430 billion yuan ($62 billion) were to have been spread across provinces and autonomous regions including Xinjiang, Inner Mongolia, Shanxi, Gansu, Ningxia, Qinghai, Shaanxi and other northwestern areas.
Putting the power projects on hold is a major step towards the government’s effort to produce power from renewable sources such as solar and wind, and wean the country off coal, which accounts for the majority of the nation’s power supply.
“Stopping under-construction projects seems wasteful and costly, but spending money and resources to finish these completely unneeded plants would be even more wasteful,” said Greenpeace in a statement.
The move follows similar initiatives last year and comes after the government said in November it would eliminate or delay at least 150 GW of coal-fired power projects between 2016 and 2020 and cap coal power generation at 1,100 GW.
To put it in perspective, some 130 GW of additional solar and wind power will be installed by 2020, equal to France’s total renewable power generation capacity, said Frank Yu, principal consultant at Wood Mackenzie.
“This shows the government is keeping its promise in curbing supplies of coal power,” Yu said.
Some of the projects will still go ahead, but not until 2025 and will likely replace outdated technology, he said.
China’s annual demand growth for power will slow to 3-4 percent, according to Wood Mackenzie, down from double-digit growth in recent years as energy intensive industries like glass and metals contract.
Originally published by Reuters.
Remember, no problem has a quick fix solution. Thus, always ensure to consult highly knowledgeable group of professionals whom would provide you with a collective advice, never individual advice. This group advise and approach is unique with CWIIL Group and is based on the overall Management Philosophy of all CWIIL Group Companies.
Consulting CWIIL Group of Companies, for any / all investment matters ensures advice based on highest level of knowledge which are given to you by a team of select research-oriented experts whom each will do their own assessing of your matter, and also assess it together, thus ensuring that in case a mistake has been made by one, it will be noticed and corrected even before it is being passed on to you. Receiving incorrect and unknowledgeable investment advice can be disastrous and thus should be avoided.
CWIIL Group of Companies is a global group of multi-specialized units with diversified interests and activities, wherein each company is a separate legal entity registered under prevailing laws in different parts of the world. CWIIL Group of Companies Products, Services, Project and Solutions are in a multitude of Verticals including, but not limited to, Infrastructure, Power, Oil & Gas, Legal, Media, Technology, ITES, HR, Shipping, Aviation, Real Estate, Hospitals, Health and Medicine, Education, Funding & Investment, Business and Legal Consultancy, and Public Private Partnerships, and other CWIIL Group Units, worldwide, to name a few.
For Further Queries Feel Free to Contact :
For Any / All Other Queries :
CWIIL Group Global Regional Headquarters Denmark,
Address : No. 1, Klokkebjergevej, DK6900 Skjern, Denmark
Voice : +45.5148.3608
Fax : +45.7014.1498
Email : email@example.com
Web : www.cwiilgroup.eu
Connect : LinkedIn – Twitter – Facebook
Office Hours :
Monday to Friday : 10.00 – 17.00 CET.
Saturday : 10.00 – 14.00 CET.
Sunday : Closed.
The Corporate Communications Team would require minimum a fortnight for Reviewing & Responding to Queries, which please note.
Tagged: China, coal, coal fired power plant, coal industry, coal power, coal projects, construction, CWIIL Group Companies, energy, fossil fuels, Gansu, Inner Mongolia, National Energy Administration, NEA, Ningxia, power project, Qinghai, renewable energy, renewable energy sources, renewable power, Shaanxi, Shanxi, solar energy, Solar Power, under-construction, wind energy, wind power, Xinjiang