China will cease to provide subsidies for new solar power stations, distributed solar power projects by commercial users, and onshore wind power in 2021, the National Development and Reform Commission (NDRC) said in a statement on June 11.
Power generated from these renewable projects will be sold on par with benchmark coal-fired power prices or at market prices, the statement said.
Power price for offshore wind and concentrated solar power projects that receive approvals in 2021 will be decided by the provincial governments where they are located. The new rule will take effective from August 1st.
The rule came after a drastic fall in manufacturing costs for solar and wind devices amid surging renewable capacity in China, and will ease a backlog of subsidy payments that had exceeded 400 billion yuan ($62.64 billion).
(Writing by Lilya Li Editing by Emma Yang)
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