China’s largest grid company will set up a forum that will facilitate widespread trading of energy between provinces, part of the government’s attempts to level out supply and increase access to clean energy, reports Bloomberg. The new spot market to allow generators and their customers to buy and sell electricity will be hosted on the Beijing Power Exchange Center, State Grid Corp of China said Wednesday.
State Grid is seeking to build “a new power system dominated by new energy” that can help China achieve its carbon targets, the government-owned company said in a statement. It didn’t give a start date.
The market will let clean energy companies freely sell their electricity, which after years of government subsidies is now competitive with coal, the nation’s mainstay fuel. It should also help customers better deal with power shortages, which have wracked the economy this year.