During the first half of 2019, Chinese electricity consumption is up 5 percent reaching 3400 TWh. Renewables generated almost 900 TWh of the electricity consumption, thus raising their share to more than 26 percent. The transition of the subsidy scheme and the government’s push for grid-parity solar and renewable auctions instead of feed-in tariffs is however still ongoing.
While renewables were the largest source of new electricity generation on a global level, rising use of gas, oil and coal led to CO2-emissions being two percent higher in 2018 than in 2017. The disquieting truth about the global energy system: growing energy hunger outpaces renewable expansion. The increasing demand of 2.8 percent was primarily met by fossil fuels. This process puts climate goals to risk with the fastest growth of carbon emission in seven years.
Last year was again a good year in terms of PV expansion in China with now 175 GW. However, also total electricity consumption grew pronouncedly by 540 TWh offsetting gains in the renewable part of the generation mix, while generation from thermal fossil-fueled power plants increased as well. LNG to play a central role to cover China`s gas consumption in the future.
The world’s largest electricity producer reforms its power sector. The development of a provincial spot market is increasingly important to allow for efficient power plant dispatch in China. Zhejiang province aims to introduce a spot market by early 2019.
On behalf of Agora Energiewende and the China National Renewable Energy Centre (CNREC), Energy Brainpool investigated the Chinese power supply. It became clear that the power system is in a significant transition. The increasing regenerative supply is followed by stagnating CO2 emissions since 2013.
The technology giant and the Beijing-based Energy-Blockchain Labs want to use the new platform for allowing its users to manage their carbon assets. With the help of blockchain technology they want to improve efficiency in China’s national carbon market, which will be opened during 2017.