May 24, 2019 / 7:12 AM / 4 months ago

China to end subsidies for onshore wind power by 2021

SHANGHAI, May 24 (Reuters) - China will end subsidies for new onshore wind power projects at the start of 2021, with renewable projects set to compete on an equal footing with coal- and gas-fired electricity, the country’s state planning agency said on Friday.

China pays a relatively high tariff per kilowatt hour of electricity produced by wind or solar projects, but it has been promoting what is known as ‘grid price parity’ with traditional sources of power such as coal.

The National Development and Reform Commission said tariffs paid to onshore wind projects will be cut to as low as 0.29 yuan ($0.0420) per kWh in 2020, while grid price parity will apply to all new projects from Jan. 1 2021. ($1 = 6.9044 yuan) (Reporting by David Stanway)

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