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.
The expansion of renewable energy power stations happens at a faster rate than the electricity network is being built up. The curtailment of wind energy is therefore often the rule instead of the exception.
The National Energy Administration’s announcement of increased investment into renewables comes at a time where the US politically backs away from clean energy sources. China clearly aims to further establish itself as global renewable energy technology leader.
In Europe, more emission allowances are to be taken out of the market in order to allow for higher CO2-prices. China opens its national emission trading market in 2017 thereby creating the world’s biggest carbon market.