China electric supply is in a better position compared to other developed nations.
Power sector carbon neutrality and renewable energy (RE) development targets have been established by China’s government for the long term. Energy prices would rise even if RE technologies have seen a sharp drop in price due to the high external expenses associated with renewables’ unpredictable output and the large expenditures being made to expand their output.
Researchers have proposed a power system expansion model to examine changes in energy supply costs throughout a 30-year transition to carbon neutrality.
To effectively analyze the cost variances, detailed models of RE supply curves, operational security limitations, and the characteristics of different generating units are used.
According to the findings, combined wind and solar photovoltaic capacity of around 5.8 TW would be necessary by 2050 in order to achieve carbon neutrality in the electricity grid. 9.6 CNY/kWh would be added to the power delivery costs.
Investments in renewable energy (RE), flexible generation resources (FGR), and network development are expected to result in a considerable change in costs.
China can achieve carbon neutrality in the power sector by 2050, but doing so would result in a 19.9 percent rise in energy supply prices.
CSP and BESSs, two new low-carbon generating and storage technologies, should continue to receive policy incentives based on feed-in tariffs or renewable energy credits in the early phases of their adoption.
China’s feed-in tariff policies for the wind and PV sectors over the last decade have resulted in significant cost reductions, which have laid the groundwork for the country’s transition to carbon neutrality.
To facilitate a smooth transition to newer technologies while simultaneously keeping costs low, similar policy assistance is required for technical innovation and scaling.
Future research should focus on determining how policy design affects technological and economic performance, as well as how to develop specific policies.
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