China is crafting rules to attract more energy storage investment in order to accelerate a build-out needed to eliminate carbon emissions from its power sector, reports Bloomberg.
The nation’s top economic planner and energy agency will let new energy storage facilities, which mostly rely on batteries, make money from buying and selling electricity, they said in a joint statement posted online this week. They also want regional authorities to create price mechanisms that entice power companies to participate in the market.
The goal is to accelerate the build-out of independently owned battery storage facilities to help balance out the rapidly growing but intermittent generation capacity from wind turbines and solar panels. The country’s biggest grid operator wants 100 gigawatts of storage capacity by 2030, up from 3.3 gigawatts nationally at the end of 2020.
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