About the Global Markets Theatre
The move to renewable energy is gathering momentum across the globe – not just in Europe – and in recent years wind energy has led that charge. RWE, in cooperation with GWEC, is hosting the Global Markets Theatre in Hall 3. You will be able to hear market experts talk about new and emerging markets for wind, and network with potential future markets.
Sessions in the theatre will focus on key global markets, looking at the US and other key countries in the Americas, China and the Asia-Pacific region, a look at the situation in Africa and, of course, a session on the state of the market in Europe. There will also be a look at some central challenges for the industry, as well as a lookahead to COP27.
China in pole position for global wind power growth
After a decade of rapid growth, China’s renewable market has entered a new stage. Support for renewables has shifted from a FiT model to a “grid parity” model, where renewable-generated electricity will receive the same remuneration as coal-fired power plants.
Starting from 1 January 2021, all onshore wind projects shall reach grid parity. From 2022, the central government will cease subsidies for offshore wind, although a small portion of financial support will be offered by provinces like Guangdong and Zhejiang for the next 3-4 years to support offshore wind’s journey to grid parity by 2025.
In certain sea areas, the government is confident that grid parity can be achieved even before 2025.
China is also the world’s largest wind turbine manufacturing hub, accounting for 60-65% of global production of turbine nacelles and key components including gearboxes, generators and blades. There are still 20 turbine manufactures active in the Chinese wind market today. During the transition to the era of grid parity, manufacturing competition in China has become increasingly fierce, reflected in record-low bidding prices in 2021.
At the start of 2022, price competition has become even more intensive with turbine prices including towers dropping to $316/kW for onshore wind and $632/kW for offshore wind.
This session will explore how China has delivered so quickly, and Are there lessons we can learn along the way? Will the market, especially offshore wind, continue to grow in the ear of “grid parity”? And what is the tier 1 Chinese turbine OEMs’ internationalisation strategies?
Moderator: Feng Zhao, Head of Strategy and Market Intelligence at GWEC
Mr. YU Guiyong, Director of Industry Research Department and General Manager of International Cooperation Department at Chinese Wind Energy Association (CWEA)
Mr. YIN Taofeng, Director of Solution Center, Offshore Business Unit at Shanghai Electric Wind Power Group
Dr. CHEN Wei, General Manager of European Business & Engineering Center at Mingyang Smart Energy