Affected by the COVID-19 epidemic, China's first quarter GDP was down 6.8% from the same period last year, at CNY 206.54 trillion.
SHENERGY’s Q1 2020 power generation was equal to 105TWh, a YoY decrease of 3.16%.
At the beginning of 2020, the Ministry of Finance, the National Development and Reform Commission, and the National Energy Administration together issued “Several Opinions on Promoting the Healthy Development of Non-hydro Renewable Energy”, announcing that the central government will stop subsidizing the construction of new offshore projects beginning in 2022, and instead provincial governments are encouraged but not obliged to provide subsidy for such projects.
Recently, the government of Xinjiang released the “Administrative Measures of Power Generation Energy Storage”, encouraging power plants, power brokers, electricity consumers, and independent power ancillary service providers to invest in power storage facilities.
Recently, Hunan Electric Power Co., Ltd. (subsidiary of SGCC) has announced a list of 28 renewable energy companies that have committed to the construction of 388.6MW/777.2MWh of energy storage systems which are bound to their wind power projects, representing around 20% of the total capacity.