A Chinese government agency told that the cost lowering and new regulations in the field of solar energy will allow this sector to grow stronger and more profitable. The consequence of these events, China is currently climbing its 2015 objective on solar-energy capacity by 40% (approximately 21 GW). This country is the biggest exporter of PV (photovoltaic) products (looking at worldwide scale) it also houses important companies like Suntech Power and LDK Solar as well. The Chinese government decided to reduce the cost for energy fed inside the national grid (measures taken in 2011) this will result in lower expenses for solar-energy developers. That aided a projected quadrupling of installed capacity (solar power) to a value that exceeded the 2 GW in the last year (2011).
The government media stated that the most important energy producers and grid companies as well, would be subject to only a few (and minimal) requirements to use renewable sources. This will surely help solar firms. The NEA (the Chinese National Energy Administration) is aiming to a much bigger objective (concerning installed solar-energy capacity) than those 15 GW reported by government media. The NEA’s goal is to achieve more than 20 GW of installed solar capacity. The target was established after the well-know nuclear crisis in Japan last year.
In a publication on its own website, the National Energy Administration said that renewable energy in 2015 would be equivalent to 478.000.000 tons of oil; doing the math this will result in more than 9.5 percent of the total consumption of China’s energy. The goal for hydropower capacity remains the same (290 GW in 2015); 260 GW would come from regular hydropower plants; the others 30 GW would come from pumped storage hydropower facilities. Wind power (on-grid) targets also remain the same (100 GW in 2015); 5 GW will come from wind farms located on the sea.