China's Offshore Wind Power Prices to Undercut Coal This Year
China's energy sector sees offshore wind power prices dropping below coal-generated electricity, driven by government-approved projects. A 306MW wind farm near Shanghai offers electricity 27% cheaper than coal. Plans aim to triple offshore wind capacity by 2030, aligning with China's renewable energy goals.
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China is set to witness a significant milestone in its energy sector as the price of offshore wind power is expected to drop below that of coal-generated electricity for the first time this year. The government's approval of various renewable energy projects is driving this shift, with a 306-megawatt wind farm off Shanghai securing permission to supply electricity at a price 27% lower than the coal power benchmark. This development is part of a larger trend, with multiple projects in the pipeline aiming to triple the country's offshore wind generation capacity to 129 gigawatts by 2030. This information comes from a report by industrial news outlet BJX.com and is supported by data from BloombergNEF. The move towards cheaper offshore wind power signals a significant step in China's renewable energy transition and underscores the country's commitment to reducing reliance on coal for electricity generation.
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