(SeeNews) - Oct 9, 2014 - China aims to double its wind power to 200 GW and to increase its solar capacity five-fold to 100 GW as part of its 2016-2020 five-year plan on energy, China Daily said today.
China plans to cap subsidies to the sector and will rely on technology improvements to lower the prices of equipment and make the industry sustainable, the paper said, citing a senior official with the National Energy Administration (NEA).
The goal is for the renewable industry to achieve by 2020 price parity with the electricity produced by thermal power plants, according to the report. The price of wind power will be equal to the on-grid price of thermal electricity and the solar price will be on par with the grid retail price, an industry insider told the daily.
The Asian country also aims to raise its overall electricity generation and to improve its supply structure, deputy head of NEA's planning department He Yongjian was cited as saying during an energy forum in late September. China will, therefore, also boost its offshore oil and gas operations, as well as its nuclear capacity between 2016 and 2020.